When It Comes to Fees, These Credit Cards Are the Worst

Two credit cards from First Premier Bank have the most fees of 100 cards researched for a CreditCards.com report released today.
The average number of fees per credit card analyzed was six, but the First Premier Bank Credit Card and the First Premier Bank Secured MasterCard carry 12 potential fees each. The PenFed Promise Visa Card was the only one in the survey that levied no fees at all.
A quarter of the cards surveyed charged an annual fee, although 10 percent waived that fee for a consumers’ first year. All cards except for the PenFed Promise Visa Card charged a late payment fee, which can run up to $25.
Related: What to Know Before Your Teen Gets a Credit Card
Penalty fees tend to be easier for consumers to avoid (don’t make late payments), and it’s worth shopping around for cards that don’t have fees for the transactions you need.
Most cards carry a cash advance fee, typically the greater of either $10 or 5 percent of each cash advance. Among cards that allow balance transfers, 90 percent charge a fee for doing so, typically $5 or 3 percent of the transfer.
Another common fee was the foreign transaction fee, typically about 3 percent per transaction, charged by 77 percent of cards. “If you travel internationally a lot, a credit card that doesn’t charge foreign transaction fees is a great value,” CreditCards.com senior industry analyst Matt Schulz said in a statement.
If you’re hit with an unexpected, one-time fee, try calling your issuer and asking them for a refund. Often customer service reps are authorized to do so on a case-by-case basis.
MOST POTENTIAL FEES
- First Premier Bank Credit Card (12)
- First Premier Bank Secured MasterCard (12)
- Credit One Visa Platinum (9)
- Fifth Third Bank Platinum MasterCard (9)
- Navy Federal Credit Union Platinum (9)
- Navy Federal Credit Union Cash Rewards (9)
- Regions Visa Platinum Rewards (9)
FEWEST POTENTIAL FEES
- PenFed Promise Visa Card (0)
- ExxonMobil SmartCard from Citi (3)
- Spark Classic from Capital One (3)
- Capital One Spark Cash Select for Business (3)
- Spark Miles Select by Capital One (3)
Quote of the Day: A Big Hurdle for the Tax Cuts

“He goes in and campaigns on an issue, and the challenge is he then talks about executing drug dealers. Why do you think the press is going to cover the tax cuts if you’ve given them the much more exciting issue?”
-- Grover Norquist, president of tax-cutting advocacy group Americans for Tax Reform, on President Trump’s failure to sell the tax law.
The Obamacare Mandate That Could Produce $12 Billion in Fines in 2018
Republicans effectively eliminated the individual Obamacare mandate in the tax package signed late last year. Although the new regulation reducing the mandate penalty to zero doesn’t take effect until 2019, President Trump has cited the rule change as a victory over the health law so many conservatives oppose. “Essentially, we are getting rid of Obamacare. Some people would say, essentially, we have gotten rid of it," Trump told a crowd in Michigan two weeks ago.
However, many parts of the Affordable Care Act are still in effect and will continue to operate even after the individual mandate is eliminated in 2019.
In particular, the employer mandate, which requires companies with more than 50 employees to offer health benefits or face fine of roughly $2,000 per worker, will continue to play a significant role in the Obamacare system. The Congressional Budget Office estimates that the mandate will produce more than $12 billion in fines in 2018 alone.
Some conservative groups are pushing lawmakers to stop enforcing the employer mandate, but the IRS is still working to enforce the law. According to The New York Times Monday, the IRS is sending out notices to more than 30,000 businesses that have failed to comply.
Chart of the Day: It’s Still the Economy, Stupid

Security may be the top policy issue for Republican voters, but the economy is the top concern for Democrats, independents and voters overall, according to Morning Consult’s latest polling on the midterm elections. Health care is third on the list, followed by “seniors’ issues.” The results are based on surveys with more than 275,000 registered U.S. voters from February 1 to April 30.
Number of the Day: $13 Billion
An analysis by Bloomberg finds that the roughly 180 companies in the S&P 500 that have reported earnings for the first three months of the year saved almost $13 billion thanks to the corporate tax cut enacted late last year. Those companies’ effective tax rate dropped by more than 6 percentage points on average. About a third of the tax savings went to 44 financial firms.
How a Florida Doctor with Social Ties to Trump Delayed a $16B Billion VA Project

A West Palm Beach doctor who is friends with Ike Perlmutter, the chairman of Marvel Entertainment and an informal adviser to President Trump on veterans’ issues, has held up “the biggest health information technology project in history — the transformation of the VA’s digital records system,” Politico’s Arthur Allen reports. Dr. Bruce Moskowitz “objected to the $16 billion Department of Veterans Affairs project because he doesn’t like the Cerner Corp. software he uses at two Florida hospitals, according to four former and current senior VA officials. Cerner technology is a cornerstone of the VA project. … Moskowitz’s concerns effectively delayed the agreement for months, the sources said.” Read the full story.