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

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

Discover the pros and cons of credit cards that help you build credit.
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By Beth Braverman

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)

Trump and Schumer Will Try to Scrap the Debt Ceiling

By The Fiscal Times Staff

The president and the Senate Democratic leader agreed to seek out a more permanent debt ceiling solution that would end the perpetual cycle of fiscal standoffs. “There are a lot of good reasons to do that, so certainly that’s something that will be discussed," Trump said Thursday. It might not be easy, though, as conservatives see the borrowing limit as a way to keep government spending in check. Paul Ryan said Thursday he opposes doing away with the debt ceiling.

Is a Fix for Obamacare Taking Shape?

By The Fiscal Times Staff

Senators on the Committee on Health, Education, Labor and Pensions heard from governors Thursday in the second of four scheduled hearings on stabilizing Obamacare. The common theme emerging from the testimony was flexibility: "Returning control to the states is prudent policy but also prudent politics," said Utah Gov. Gary Herbert, a Republican. He was joined by Democrat John Hickenlooper of Colorado, who said that states need room to innovate and learn from their mistakes. Much of what the governors said was in line with what the Senate panel is already considering, including the continuation of cost-sharing subsidies to insurance companies. (CBS NewsAxios)

Senate Approves Trump's Deal with Dems. Will the House Go Along?

By The Fiscal Times Staff

The Senate on Thursday voted to fund the government and increase the federal borrowing limit through December 8 as part of a deal that also included $15.25 billion in hurricane disaster relief funding and a short-term extension of the National Flood Insurance Program. The bill passed by a vote of 80-to-17, with only Republicans voting against the bill. 

The package now goes back to the House, where it likely faces more strenuous resistance. The Republican Study Committee, a conservative caucus with more than 155 members, on Thursday announced it opposed the deal because it does not include spending cuts. Rep. Mark Walker, the group's chairman, sent a letter to House Speaker Paul Ryan listing 19 policy changes to "address the growing debt burden" or "begin draining the swamp" that could win conservative support for raising the debt ceiling. Some Democrats may also vote against the deal to signal their frustration with an agreement that they say weakened their hand in trying to protect undocumented immigrants who were brought into the country as children.

White House Backs Off Shutdown Threat…for Now

By The Fiscal Times Staff

“Believe me, if we have to close down our government, we’re building that wall,” President Trump said of his planned border wall with Mexico 10 days ago. Just two days later, though, White House officials told Congress that a short-term spending bill to fund the government into December wouldn’t have to include $1.6 billion for the wall, The Washington Post reports.

Trump still wants money for the wall to be included in a December budget bill, and he could follow through on his shutdown threat at that point. For now, though, an agreement on a “continuing resolution” to keep the government running after September 30 seems likelier, allowing Congress to deal with some of the other pressing issues it faces this month.

Chart of the Day

Which Trump Agenda Items Are Companies Talking About With Wall Street?

Chart of the Day
By Yuval Rosenberg

Hamilton Place Strategies, a public affairs consulting firm, analyzed transcripts of earnings calls by publicly traded U.S. companies over the last three quarters. They found that tax reform was the policy issue companies discussed most on those calls with Wall Street analysts — but that mentions of the subject dropped by 38 percent from the fourth quarter of 2016 to the second quarter of 2017. Overall, the percentage of earnings calls mentioning government or policy issues fell from 41 percent to 16 percent. Health-care reform saw the largest increase.

Does this mean that businesses have given up on tax reform this year? Perhaps. More likely, it's simply the result of a lack of action on the tax overhaul. Hamilton Place notes that mentions of tax policy peaked in February just after the Senate Finance Committee advanced Treasury Secretary Steven Mnuchin's nomination and have spiked after other tax-related announcements. So mentions of tax reform on earnings calls could surge again the fall.

One other note about what businesses have been discussing: Calls mentioning President Trump fell by 84 percent from January to late August.

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