By federal laws, credit card fees cannot actually be “hidden” from consumers, but that doesn’t mean that all credit card users fully understand how they are charged or what instances will result in fees or increases to existing rates. Sometimes, the fees are provided in the small print of the back of your statements, or only in the account disclosure statement you receive when you first open the account- so it’s easy to over look the fine details of credit card fees- and that is how they got the name “hidden”.
The only sure way for someone to skip the sometimes ridiculously high fees associated with credit cards is to pay their bill before it’s due, each and every month. In 1998, cardholders paid about $4.8 billion in penalty fees- which seems like a lot until you consider the fees of 2005- a whopping $12 billion. This leads to the conclusion that people are not paying their credit card bills on time and are not avoiding the penalties associated with late payments!
You’ll want to take a close look at your card member agreement. Some credit card companies are now recording receipt of payments received in envelopes...
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