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When it comes to using a credit card, one of the most important factors to take into account is the fees associated with it. Different cards come with different fees, and understanding the fees charged by your card can be key to avoiding costly credit card mistakes.

The most common credit card fees are annual fees, late payment fees, balance transfer fees, foreign transaction fees, and cash advance fees.

Annual Fees

An annual fee is charged every year as a subcription fee for using the credit card. These fees usually range from $50 to several hundreds of dollars. Premium credit cards tend to have a higher annual fee.

Late Payment Fees

Late payment fees are charged when you don’t make your payments on time. Depending on the credit card, the late payment fees can range from $25 to $39.

Balance Transfer Fees

Balance transfer fees are charged when you transfer your balance from one credit card to another. These fees are usually a percentage of the total balance, with a minimum fee of around $5.

Foreign Transaction Fees

Foreign transaction fees are charged when you use your credit card to make a purchase in a foreign currency. Most credit cards charge a foreign transaction fee of around 3%.

Cash Advance Fees

Cash advance fees are charged when you use your credit card to take out cash from an ATM. These fees are usually a percentage of the total amount, with a minimum fee of around $10.

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None of the fees listed above is uncommon. However, some cards may also charge other fees such as over-the-limit fees, returned payment fees, and fees for using expedited payments. Therefore, these are not common credit card fees.

It is important to understand the fees associated with using your credit card. When comparing different cards, make sure to read the fine print and determine which card is right for you. That way, you will avoid any unexpected fees and get the most out of your credit card.