Savings on Credit Card and Banking Fees
Credit card and banking fees are probably some of the toughest areas of your budget to save money. The way to avoid credit card fees is to simply not have a credit card, but that is not always possible. As for banking fees, you should be able to organize the way you use your banking facilities in such a way that you will never pay any fees.
Contact your financial provider to avoid going over your limit
Both credit card and banking fees can be a pain when they allow you to withdraw more money than is available.
With credit cards, you are charged extortionate rates for going over your limit; while going into an unarranged overdraft with your bank can mean additional fees added to your account.
By telling your bank to decline your card, in writing, if they still allow you to go over your limit or go into debt you can produce the letter you previously sent and argue they refund any charges.
When making regular transfers, physically go to the bank
Unfortunately, these days the convenience of telephone and internet banking can mean we get lazy and are willing to pay the extra fees so we don’t have to leave our home.
If you have to constantly make bank transfers to another bank other than your own, the chances are that you have to pay additional fees.
If it is possible to actually physically get to your bank and withdraw the cash, then go to the bank you are transferring the money to and physically pay it in.
Avoid using credit cards you have 0% transfer balances outstanding
Using a 0% interest balance transfer to other credit cards is all very well; however, this also means that you can end up paying more interest.
When you make a transaction on that card after the transfer, the transaction is stuck behind the balance transfer, and so you will be paying interest on those purchases until the original 0% balance transfer has been paid.
Only use accounts that give you free banking
Some banks will charge for particular accounts. The card may look good, and you may look flush because you have a specialized card, but unless you are using the benefits that come with that account, then there is no point in having that account. If possible downgrade the account.
On the other hand, if there is an account that provides additional benefits that require a monthly fee for all the added benefits, get your calculator out and start to analyze if the additional features will benefit your finances.
In addition, some accounts such as these will also give you points for usage such as those that regularly travel.
Make You Always a Secure Connection
When you log on to any banking website for financial reasons make sure you use a VPN.
If you want to understand what a VPN server is, then check out the explanation of this website – mikä on VPN palvelin.
This is a Finnish site that specializes in VPN software so you will need to use Google Translate to convert the information into English.
The reason we have mentioned this website’s financial information is that you can make sure that you are able to log on to your internet banking from anywhere in the world safely and securely.
Category: Credit Card
