Entries from October 2008 ↓

Credit card fees blows.

To add insult to injury, when you get hit with a credit card late fee or a over-the-limit fee, your mistake will also be reported to the credit reporting agency, dinging your score and worsening your chance to get approval for lending. So much for that yacht you want to build from scratch via plastic bottles!

Here’s four easy ways to avoid credit card fees:

1. Setup an online account for your credit card. Most major credit card providers will have extra features for their online access, giving you email or text message alerts when your bills are due. What’s that? A message from Jenny, wanting to hook up for the weekend? Nope – just your credit card company reminding you to pay your freaking bill. Nice!
2. Pay Online! As with online access, one convenient feature is the ability to setup your account so that you can pay your credit card online. Slap in your routing number, checking account number, and bam – online payment saves the day.
3. Change your due date! Many major banks allows you to change your date to fit your busy lifestyle. After all, there’s parties to crash, Guild raids to run, and exams to fail. Chase allows you to set your due date to the specific day you want in the online account access. Don’t see such an option? Phone your credit card company and see if such an option is available.
4. Don’t get a credit card! Hah. If you have trouble managing credit card fees, find yourself constantly getting hit with an over-the-limit fee, then perhaps a check/debit card may work better for you. Or heck, good old fashion cash doesn’t hurt either.

Remember, each time you’re hit with a credit card fee due to a mistake you make, whatever purchase you’ve made on the card just became extra expensive. Save yourself money that can be better spend elsewhere, and take responsibility for your credit card. Use the tools available and combat those fees!

Ah. The Citi mtvU. Very cool and “hip” card, if you’re from 1990s. Regardless of the MTV co-branding, the Citi mtvU is indeed a great card choice for college student.

Why? Here’s a list of reasons:

• 5 points for every $1 spend at restaurants (including fast food), bookstores, music stores, video rental store, and movie theater. College necessity spendings? You bet. 1 point for everything else.
• Points can accumulate to exchange for gift cards to numerous nation wide retail stores, essentially making this a 5% cashback card on restaurants, bookstores, music stores, video rental, and movie theater.
• Up to 2,000 points per semester for maintaining good GPA. Two semesters of good GPA? That’s an easy $25 gift card to the Gap, Old Navy, Banana Republic, and more. Three semester? Make it $50 gift card.
• 25 additional points per moth for paying on time and not going over limits. That’s an extra 300 points per year just for doing what you’re suppose to be doing already.

But what about the fees?

Here’s the list of fees you should watch for:

Annual fee: None! Huzzah!

Foreign Transaction Fee: 3% for each purchase after its converted into US dollars. Aka = Don’t bother using this abroad.

Balance Transfer Fee: 3% of each balance transfer; $5 minimum

Cash advance fee: 3% of each cash advance; $5 minimum (never use cash advance!)

Late Fee: $15 on balance up to $100, $20 on balance of $100 to $250, and $30 on balance of $250 and over. Don’t pay late! Use automatic bill payment to avoid paying needless late fees!

Over-the-credit-line Fee: $39. Don’t go over your credit limit! You’ll not only get hit with a pointless fee, but you’ll also put a ding on your credit history! The same goes for paying late!

Got a question about a fee on the card? Leave a comment.