Learn how to add fees and pay nothing for your credit card. Using a credit card can be expensive for a fee and interest, but you can use the credit card for free if you do it the right way. Follow these seven steps to get your credit card free.
01 Choose a credit card with no annual or monthly fees.
When your credit card has annual or monthly maintenance fees, you end up paying for the credit card, whether you use it or not. Some credit cards have annual fees that are waived when you make a certain dollar amount of the fee within a year. If this minimum amount is beyond your normal charging limits, you will have difficulty retaining a credit card.
02 Make sure your credit card has a grace period.
Pay your balance in the grace period to avoid paying interest on your balance. The second most common charge for credit cards is the financing fee that is added every month when you make your balance. Grace period is the period of time when you have to pay your balance and avoid the expense of financing. If your credit card does not have a grace period, you will never be able to have a free credit card, as you will be charged interest starting on the day you make the payment.
03 Always pay on time.
If you make a late payment on your credit card, you will have to pay a late fee. Paying on time means sending at least your minimum payment before the due date. But remember, if you want to keep your credit card free, send in the full amount before the deadline.
04 Do not exceed the credit limit.
Your credit limit is the maximum amount you can charge without a penalty. Some credit card issuers have eliminated cross-border fees that are charged when you exceed your credit limit. If you have excluded charges across the border, any transaction that exceeds your credit limit will be declined. However, don’t gamble. Fighting below your credit limit also ensures that your balance is small enough that you can pay it in full.
05 Check if your checking account can cover the payment.
If you write a check for credit card payment and that check declines, your credit card company will charge you a refund. This fee is $ 35- $ 39 for many credit cards. Before you write your credit card payment check, confirm that there will be enough money in your checking account to pay for the check even after transactions have been completed.
06 Avoid cash advances and balance transfers.
Cash advances and balance transfers are transactions that receive fees automatically. When you make a cash advance or switch balance, you will be automatically charged a fee, which is usually a percentage of the transaction. Rarely do credit card issuers give up these fees. Another reason to avoid cashbacks is that they do not have a grace period – you started taking interest on cash stocks immediately.
07 Read the card agreement to find out all your fees.
Credit cards may come with other fees, such as a credit limit increase fee, which is charged when you request a credit limit increase. The best way to find out the cost of your credit card fee is to read the credit card disclosure included with your credit card application or your credit card.