Chase credit cards are useful in many situations, whether for personal rewards, business, or traveling. However, no matter the situation, it is crucial to understand and prepare for the transaction fees that correlate to each credit card Chase provides.
Chase credit card transaction fees include balance transfers, returned payments, and foreign transaction fees. In addition, other fees featured with their credit cards include late fees, card replacement fees, over-limit fees, cash advance fees, and transaction fees through their app.
The combination of these fees can be quite overwhelming. However, by simplifying all this information, we can produce a good plan to prepare for these future payments. In addition, we will provide optional solutions to avoid these fees entirely!
Chase Credit Card: Balance Transfer Fees
By transferring an outstanding balance from one account to another, you probably be issued a balance transfer fee between 3% and 5% of the transferred amount.
Transferring a balance assists with settling debt by moving a balance from a high-interest account to a low-interest account. In most circumstances, this transfer fee is covered by the interest earned.
How To Avoid Balance Transfer Fees
You can search for a card that provides the owner a $0 intro period/introductory balance transfer fee.
Chase Credit Card: Returned Payment Fees
This fee is when the company associated with your credit card initiates a fee to your account for either insufficient funds or your account’s inability to process a transaction. For credit cards, the expected returned payment fee equals $40.
How To Avoid Returned Payment Fees
Ensure that the funds left over in your account cover the amount needed to pay any with credit card payments. If your account already shows insufficient funds, depositing money into the account before the payments get extracted can help you avoid a returned payment fee.
Foreign Transaction Fees
When traveling or shopping online, we occasionally deal with purchasing in a foreign currency. Chase offers a process for these exchanges at a foreign transaction fee of 1% to 3% of your purchase(s).
How To Avoid Foreign Transaction Fees
Discovering a credit card with no foreign transaction fee would be the best choice for avoiding this fee, especially if you travel frequently. Luckily, most of Chase’s credit cards associated with travel don’t include this fee.
Chase Credit Card: Late Fees
This fee gets charged if you don’t provide the minimum payment required by your card’s due date. The fee amount can fluctuate based on how often you’ve paid late. Should your payment be outstanding for over 60 days, your account could receive a penalty APR which increases the overall interest on the card.
How To Avoid Late Fees
Ensure that your monthly bill gets paid on time each month. A process to assist in these payments is to form an automatic payments system, set to at least the minimum amount, that ensures you never miss a due date.
Chase Credit Card: Card Replacement Fees
Certain credit card companies will issue a fee should you misplace your card and request a replacement. Most of these companies are generous and provide a new physical card without extra charges. However, if there is a charge, you can expect it to be between $5 and $15.
How To Avoid Card Replacement Fees
Should you lose your card, you can ask your credit card company if they’ll be generous enough to offer you a one-time replacement with no charges.
Chase Credit Card: Over-limit Fees
This fee gets charged should your balance exceed your credit card limit. Over-limit transactions receive consent from your credit card lender before processing. If this agreement isn’t settled, then the transaction could be declined.
How To Avoid Over-limit Fees
You can avoid this fee by ensuring you don’t exceed the card’s credit limit. For example, Chase provides alerts that notify you when you’re approaching the credit limit. In addition, certain credit cards don’t charge any over-limit fee.
Chase Credit Card: Cash Advance Fees
This fee gets deducted upon withdrawing cash from your credit card. This cash advance fee is between 3% and 5%. You’ll also receive a deduction of interest on the amount taken out.
How To Avoid Cash Advance Fees
Instead of extracting cash from your credit card, use an emergency fund or a savings account.
Final Thoughts
Most of these transaction fees associated with Chase credit cards can be avoided by remaining vigilant and responsible for your finances. However, certain credit cards exclude certain fees due to the category (traveling or business).