A Brief Guide to Credit Card Fees and Penalties
Banks and credit unions in O’Fallon can be incredibly helpful when it comes to storing money and accessing online banking systems. Credit cards can also be convenient, but it is important that you know how to use them responsibly in order to avoid unnecessary fees. Here is a brief guide to credit card feeds and penalties.
Going Over the Limit
It is important to pay close attention to your credit card activity because you may be hit with fees if you exceed your credit limit. Your credit card will typically allow you to spend up to a certain amount of money, or a credit limit. You may not necessarily be penalized on the first time, but exceeding your credit limit two or three times is not a good idea if you want to avoid fees and maintain your good credit score.
Your checkbook is kind of like an alternate credit card, and bouncing checks comes with its own penalties. Fees that are imposed due to bounced checks may be relatively substantial when you consider the ability of both your credit card issuer and your bank to issue them.
Missing payments is bad for your credit score and bad for your wallet. Late payments trigger penalty rates, meaning that your outstanding payment will begin to incur interest. Be sure to make your payments on time in order to keep up your credit score and avoid the extra hassle – and burden – of paying interest.
For more information about credit card fees and penalties, call GCS Credit Union at (618) 797-7993. We serve the O’Fallon area with online banking and bill paying, auto loans, and credit cards. For more information about our credit union and membership, visit our website or stop in and see us today.