Belk Mastercard is a cardholder's paradise. For most of us, having a credit card means having freedom. It lets you do things you would not be able to do if you had cash in hand. However, credit cards come with many fees that can really hurt the good things they were designed to offer. To help you become more educated on these fees, check out our primer on Mastercard and debit card fees.
The annual fee is probably the biggest fee you will encounter when using a credit card. This fee is charged for using your account over a certain period of time. The length of time varies, but is usually around half a year. If you pay off your balance fast, you won't even owe the annual fee. If you don't pay your balance off at all, you will be charged an annual fee regardless.
Another common fee you will encounter is the service charge. This is a percentage of the amount of money your credit card is worth, not including interest. Service charges can really add up if you carry a high balance. When you are looking for a card, consider getting a card with no annual fee and only a one or two point fee to cover balance transfers. These cards will save you money in the long run.
Another fee that can be confusing is the transaction fee. Basically, this fee covers any difference between what your balance is currently at and the amount you plan to transfer to the account. Obviously, paying more money to transfer your balance means you pay more interest, but it is still a useful fee to have.
The debit card fee is pretty easy to understand. If you use your credit or debit card to make a purchase, the company must report your payment to the processing company. From this point, Belk separates your account into two separate accounts. One account is designated for your debit card and the other for your credit card. When you use your debit card, your payment goes directly to the merchant. Your payment for the sale goes to your credit card account.
This process is straightforward and it is reported to the major credit card reporting companies each month. You do not have to be concerned about these fees since you pay the same amount each month. However, it can still be worthwhile to have one just in case. You will get a detailed statement from Belk once you apply for their credit card. This statement will tell you all about your account, including any activity that occurred during the past month.
Remember, if you do use your credit card to pay for something and then pay it off later, you have not paid for interest on that purchase. This is known as a double fee transaction. You can check your statement for this information. Many companies will report this type of fee to the three major credit card reporting companies. However, Belk will not since they call it a “single fee” transaction.
Finally, another Belk MasterCard features you might want to consider is their low interest rate. For a long time, this has been one of the best values available anywhere. If you do use your card a lot, or if you carry a balance from month to month, this could be a great way to keep your balance small and your costs down. Plus, if you pay off your balance quickly, you can reduce your interest rate and the amount of annual fees and charges.
One of the things most credit card users ask about when they are trying to find out more about a credit card company is their reputation. Many people like to see online reviews of the various cards they are interested in. The same applies to Belk. Go online and read some of the customer reviews for this particular Belk MasterCard. This will give you a good idea of what to expect if you use this card. Do not be mislead by statements about “free,” “low rates,” or “no annual fee.”
If you pay your balance off at the end of each billing cycle and in full, you will likely qualify for a zero percent interest rate. However, if you carry a balance from month to month, you will need to pay at least a portion of your balance before your introductory rate expires. There are other fees associated with this type of card.
Also, make sure you understand any fee that might be incurred if you decide not to pay your balance in full at the end of each billing cycle. Some fees can accrue as late fees and may make it more expensive than it would have been to begin with to transfer your balance. These fees can also apply if you fail to pay your balance within the specified time period. If you are a student, you might also qualify for a student discount. Speak to a Belk representative to learn more about these benefits.
Visa Inc. is an American multi-national financial organization headquartered in Foster City, California, United States, commonly known as Visa Incorporated. It facilitates electronic transfers across the globe, most frequently through Visa-brand credit cards, pre-paid cards and debit cards. The company has branches in over 60 countries worldwide. Visa accepts payments through credit and debit ...
Mastercard sign in pages are a great way for any person to enter their name and password on a website. They are generally very easy to use and can help you get into your account on any credit card website. These pages normally have a tab called “My Account” or “Myeller”. You simply click ...