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Press release content from Newswire. The AP news staff was not involved in its creation.

How to Find Out When Your Credit Card’s Annual Fee is Charged

November 16, 2021 GMT

NEW YORK - November 16, 2021 - ( Newswire.com )

iQuanti: Nothing is more annoying than checking your credit card statement and seeing a new charge that you didn’t know about.

Not fraudulent charges, either — but annual fees. Since you only pay these once a year, it’s easy to forget they exist, let alone when you’re charged the fee.

But finding out when your credit card company will charge you is easier than you think. Learn more below.

What Is a Credit Card Annual Fee?

A credit card annual fee is what it sounds like — a yearly fee your card company charges you for having your credit card account. Some card issuers offer credit cards with no annual fee, but not all cards will fall into this category. If your card has an annual fee, you can expect to see it on your statement labeled as an annual fee.

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These generally start around $95 but can get up to a few hundred depending on how exclusive the card is and its benefits.

Why Do Credit Card Companies Charge Annual Fees?

Credit card companies generally charge annual fees to help cover the costs of offering their cardholders perks and benefits.

For example, a high-level travel credit card might offer travel statement credits, access to lounges, TSA Precheck or Global Entry reimbursement, and excellent cashback or miles rates on various travel-related purchases.

That’s a lot of benefits for each cardholder. Therefore, the credit card company charges an annual fee.

Finding Out When Your Annual Fee Is Charged

Most card companies charge the fee upon activation or within the first few weeks of activating. That said, some have welcome bonuses where they waive the first year’s fee.

After that, annual fees are generally charged in the same month every year — and that month is often the month in which you opened the card.

For instance, if you opened a new card in January of 2021, you can likely expect your annual fee to hit in January of 2022.

Therefore, to find out, you can check your credit card statement to find when you were last charged it. Alternatively, you can call your credit card company and ask.

Avoid Annual Fees with a No-Annual-Fee Credit Card

You can save some money and avoid the hassle of knowing when the fee will hit entirely with a no annual fee credit card.

Many of these credit cards still offer great benefits, but you never have to worry about a $95+ charge you completely forgot about hitting your account.

To see if a credit card charges an annual fee, simply read its details on the cardholder’s website and/or in any preapproved credit card offers you receive.

Press Release Service by Newswire.com

Original Source: How to Find Out When Your Credit Card’s Annual Fee is Charged