Credit Cards and Charge Cards can have fees associated with them. These will depend on the type of Card you have, and how you use it. Here's what you need to know.
Some Credit Cards charge an annual fee in return for richer rewards, features and benefits.The amount, as well as the value of the rewards, varies from Card to Card.
Credit Card fees may also refer to amounts added to your balance in certain situations, like if you withdraw cash or miss a payment.
Try these tips to help you avoid additional Card fees:
Using your Credit Card effectively can make payments more manageable, but it’s important to be aware of the Card’s terms to avoid additional charges and negative financial impact.
If you do incur additional fees, try to settle them as soon as possible to avoid any further damage to your credit score, or bigger charges.
A Card surcharge is a fee that a business adds to the amount of a purchase when a customer uses a Credit or Charge Card.
As of 13 January 2018, the government banned surcharging of consumer payment products in the UK, meaning that businesses can no longer add a fee to the purchase amount when consumers use a Credit or Charge Card.
American Express welcomes the ban and believes this decision will create a level playing field for consumers and will give them the confidence to use the payment method of their choice.