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Credit Card Annual Fee - Resurgence

A credit card annual fee is the yearly fee charged by the issuer to provide you with the convenience of the credit card. Annual fees range from $15 to $300. Some fees can also go up to $450.

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Many lenders waive the fee the first year to get you to sign up

Reward credit cards, premium credit cards, and secured credit cards typically have an annual fee.

The new credit card rules have been enacted to protect the consumers from the arbitrary and often unfair practices of some credit card companies.

No one disputes that any service comes with a fee. However some unscrupulous agencies would take advantages of heretofore loopholes in the laws to hike up fees and interest rates, often without notice, and exorbitantly. The suddenness of these hikes would leave the consumers floundering.

The new laws have ensured that the interest of the consumer is protected. Under the new law, if your credit card issuer decides to impose a new annual fee or raise the current one, they're required to notify you 45 days before the new annual fee becomes effective. On notice, you may choose to reject the hike but you will have to close your card.

Not all cards come with fees; it is generally the cards that are loaded with reward programs of all sorts that come with annual fees. This is because the company has to offset the rewards against some steady income from other sources.

The annual fee will become a regular fixture with the new law in place. That is because the issuing company is trying to make up for lost revenue. Cards without annual fees are now going to become a rarity.

However, you should not think of this as a negative development, because the clarity and transparency that the new laws bring into place means you will not be caught off-guard with sudden increases.

There may be certain ways in which you may still avoid paying annual fees but you will have to check with the issuing agency.

Click here to find out how to save money on credit cards

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