Banks often promote an "over limit" fee as a means of avoiding a declination when using your credit card but really just exists to encourage poor spending habits and make them a little extra cash in the process. Daniel Bortz, writing for US News, explains:Jana Castanon, community outreach coordinator at Apprisen, a national nonprofit credit-counseling agency, says some first-time credit users don't understand how overlimit fees work. Unless you opt in for these fees, you can't exceed your credit limit. It's not fun to hear the cashier say your credit card has been declined, but many experts warn against opting in because it puts you at risk of getting hit with extra fees – and you could start a habit of spending beyond your means.Always make sure to opt out of any over limit fees on your cards. If you don't know whether or not your bank assesses this kind of fee, call them up and find out. You can opt-out, so you should. After all, low balances aid your credit score so you shouldn't be pushing up against the limit in the first place.How to Make Sense of a Credit Card's Terms and Conditions | US NewsPhoto by luchunyu (Shutterstock).
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Sunday, July 7, 2013
Don't Opt-In to Over Limit Fees on Your Credit Cards
Banks often promote an "over limit" fee as a means of avoiding a declination when using your credit card but really just exists to encourage poor spending habits and make them a little extra cash in the process. Daniel Bortz, writing for US News, explains:Jana Castanon, community outreach coordinator at Apprisen, a national nonprofit credit-counseling agency, says some first-time credit users don't understand how overlimit fees work. Unless you opt in for these fees, you can't exceed your credit limit. It's not fun to hear the cashier say your credit card has been declined, but many experts warn against opting in because it puts you at risk of getting hit with extra fees – and you could start a habit of spending beyond your means.Always make sure to opt out of any over limit fees on your cards. If you don't know whether or not your bank assesses this kind of fee, call them up and find out. You can opt-out, so you should. After all, low balances aid your credit score so you shouldn't be pushing up against the limit in the first place.How to Make Sense of a Credit Card's Terms and Conditions | US NewsPhoto by luchunyu (Shutterstock).
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