Are you thinking of applying for a Wells Fargo credit card? If you are, you should know that there are fees associated with this credit card. These fees are commonly known as overdraft fees and the application fee. Before applying for a Wells Fargo credit card, it is important to understand what these fees are all about. Here is what you need to know.
overdraft fees are fees on the amount of money that you can borrow. When you apply for a Wells Fargo credit card, you will pay an application fee, an annual fee, and a one time, non-refundable transaction fee. With overdraft privileges, you are able to make purchases up to the amount of your balance. You are only charged this fee if you use your credit card to make a purchase.
Annual fees are charged yearly. This fee can accumulate to several hundreds of dollars. In addition to the annual fee, some credit cards require you to pay a deposit, which is refunded after one year. This deposit is usually not refundable. This is one reason why many people will avoid applying for credit cards that charge large amounts of interest. With these types of credit cards, they are better off holding on to their money until their balance goes down lower than the interest rate.
Non-refundable transactions fees are when you are charged for an activity you did not commit. These include any checks that are written out, any cash withdrawals or purchases you make with your card, and any purchases on your card that you do not authorize. These are all considered non-refundable. When you are comparing your interest rates with other offers, make sure that you note the annual fee and non-refundable transaction fee when comparing.
Another thing you should look for when comparing credit card offers is whether or not there are any grace periods offered. Most credit card interest rates are variable and increase at a certain rate annually. If you are in the situation where you need to make large purchases that have a small interest rate, it is a good idea to find a card with a low rate. If you only want to pay a small amount each month, you may want to consider a card that only requires a small monthly payment.
Also, there are some things you can do to get a lower interest rate. One way you can save money is by paying off your entire balance each month. By paying just the minimum payment, you are putting more money into the lenders hands. It is recommended that you start out by paying just the minimum payment. As you prove yourself, you can increase your payments.
Also, look for credit card offers that offer you rewards for being a loyal customer. Many times, credit card companies will reward you by giving you cash back or you can get air miles. A lot of times, you will be able to use these points for spending, traveling, and whatever you feel like spending it on. Look for a credit card company that offers cash back and airline miles for a low interest rate, or you can use the points for whatever you want.
Remember, finding a credit card with no annual fee is not easy. If you have been with the same company for a while, you should have an easier time finding something. If you do a lot of shopping online, it may be even easier. Make sure you compare different offers to find the best deal.
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