Tag Archives: fees

Travel Cards – Don’t get Stung – Don’t Use Them in my Opinion

 

I know from experience with these cards and so does my Grandson,  who is in Holland at the moment.

Inactivity fees are number one. If you don’t use your card for some time they charge you inactivity fees. I mean how stupid is that.

Not just one charge  by the look of this statement the charge was every day. Robbery thats what I say.

This person took their eye off the ball as she said. “Time went by, the cards stayed in a bottom drawer and in the end I lost more than €36.00 from one and US$24 from the other in inactivity fees”

“That was back in 2013 when I was using Travelex Cash Passports and the monthly fees were €2 and US$2 after a year of inactivity. Today Travelex has Travel Cards instead, and their inactivity fee is $4 a month after 12 months of no usage. They also have a 2.95 per cent domestic withdrawal fee if you try to get your money out in Australia and a $10 fee to move any money you have left to your own bank account when you close your account”.

In my experience just using your own credit card is the most efficient and quickest card to use. 

“You do need to pay attention to what you’re agreeing to, and do the maths on any card purchase fees, loading fees, reloading fees, transaction fees, ATM fees (remembering ‘free ATM’ doesn’t cover what the local ATM operators charge), negative balance fees and closure fees before making any decisions”

 

For a card with 500 dollars in you can pay up to 30 dollars exchange rate which is a lot. So do your due diligence when choosing a travel card if you have to. Otherwise just use your credit card.

Another word of caution is that my Grandson found it was not always accepted in all place and that can be embarrassing especially if you do not have the cash.

Source – Escape.com.au

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Saving Tip For Today 08/30/2012 – Avoid Foreign Transaction Fees

To Avoid fees for overseas purchases while traveling, check out credit cards that waive those fees.

Go to Creditcards.com and Cardhub.com 

Make sure that the benefit of those credit cards that waive the fee, are not outweighed by higher interest or higher annual fees. 

I stumbled upon this website that offers some very good advice on this matter so is worth checking out –  ehow.com

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Watch For Hidden Fees In Your Car Payments!

I was watching a recorded program from KHOU this morning and the reporter Jeremy Roglasky was discussing research he had done on a particular fee that car dealers charge unknown to its customers.

Interesting and also rather distressing especially for those making payments on their car.

This fee is usually charged to those with no credit, spotty credit or a checked credit history..

The banks or lender charge the dealers thousands of dollars to approve risky loans. It is called an acquisition fee and is not supposed to be passed on to the customer. Most of the time it is, and the customer is never told. You end up paying thousands of dollars more than you agreed to.

Jeremy investigated two transactions and found the following:

Ford Focus – $21,925 – undisclosed fee $2,865 and the advertised interest rate went from 18% to 25%.
Ford Edge –    $33,998 – undisclosed fee $7500 and the advertised interest rate went from 18% to 35%

So as you can see this is how the fee is added in to the cost of your vehicle without you knowing.

One way of protecting yourself from this fee is

  • Do not let the dealer run your credit before negotiating a price.
  • Examine your contract closely before you sign and make sure it is the deal that you and the salesman agreed to.
  • Check the figures
Example of Finance Contract
In a standard vehicle finance contract you’ll see a box titled “Federal Truth-in-Lending Disclosures.” This box will show five small boxes below the title with the following headings: Annual Percentage Rate, Finance Charge, Amount Financed, Total of Payments, and Total Sale Price. You can check to see whether there are any hidden fees by calculating how much the payments would be if only the agreed price was financed and compare it to the numbers on the contract.Example:Vehicle Purchase Price: $30,000
Disclosed Annual Percentage Rate: 10%
Number of Payments: 60
Amount of Payment: $637.41If there are any hidden fees the payment amount will be higher and/or the number of payment will be greater. For example, if the payment is $648.40 and the number of payments is 72, it means there is a $5,000 hidden fee included amount financed.

Therefore, you should always calculate the correct payment of the amount financed before simply trusting that the dealer has entered the right numbers.

If the figures on your contract do not add up to the original deal and the dealer is not willing to change it.  WALK AWAY. WALK  A-W-A-Y!!

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Are You About To Buy An Airline Ticket?

Up until now when you bought your airline ticket you got hit with other unforeseen charges after you purchased your ticket.
Not anymore. The new Federal rule is that the airlines must inform you about all the airfare charges, before you buy the ticket.

1. The airline must fully disclose all fee’s and taxes when you purchase your ticket.
2. If you get bumped your compensation will be increased.
3. Lost Bag? Your baggage fee’s will be refunded.

For your information and consideration when buying a ticket:

Southwest – Has no fee’s for the first two bags.
I notice that Southwest has an EarlyBird Check-In. They assign your boarding position in advance of general check-in time, so you don’t have to worry about it. For only $10 one-way, you get an improved boarding position and earlier access to overhead bins.
Do you need this service? I personally would begrudge paying the $10, but it maybe important to you or anyone that has a rather large carry on bag.
To me it is an unnecessary fee.

Jet Blue – Has no fee’s for the first bag.

All other airlines charge for your checked in bags.

Solution – Have a single carry on bag. It will force you to learn to pack well

Source: 

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Overdraft Protection And More…

Love your money!

I was listening to the Gale King show this morning for the first time and Suzie Orman was a guest. Suzie was also promoting her new book ‘The Money Class

Her advice this morning was “Do not ever sign up for overdraft protection“. Her reason is that it is just another reason for the banks to charge you more fee’s. You may only be a few cents over but you will be charged for it. It also enables you, to disregard the responsibility of spending within your means.

Make sure you know about money and don’t use the excuse of financial ignorance. Know what that student loan, buying a car, buying a house is going to cost you right to the last cent.

Another subject that she spoke about was infidelity spending. The person that she was speaking to had a 12,000 dollar credit card debt that the spouse knew nothing about.
The next question Suzie asked, blew me away. She asked “Are you about 24 lbs overweight”. The reply was “yes”.
Suzie said that with her experience in the business she found that those that were in debt were often 1-2lbs overweight per thousand dollars in debt.

Suzie of course recommended that they come clean with the spouse, even though there was a fear of divorce as a result.

I thought this was interesting, wanted to share and of course Suzie always has great, sound information to give.

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Getting into (or Out of) a Car Lease

This is an article from AARP which I think could be useful if one is found wanting to get out of a car lease.

ARTICLE:

It’s the vehicle version of online dating. Sites such as LeaseTrader.com and Swapalease.com match people eager to escape an auto lease (without paying thousands of dollars in dealer termination fees) with bargain hunters who avoid dealer fees and a down payment by assuming a lease for its remaining term.

Both sites have seen a surge in traffic. Here are some need-to-know facts before you make a deal.

FOR SELLERS. Brokerage fees run from $100 to $240 on the sites. But watch out for this hazard: some lease companies will hold you liable for damage and unpaid fees even after the transfer.

FOR BUYERS. Some sellers will pay you to take over the lease – an incentive that may cover the leasing company’s transfer fee and what you may owe in state taxes. Before you sign, check the mileage allowed on the lease and get the vehicle inspected.

Source: Don Beaulieu

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Overdraft-Fee Revenue Up 35 Percent, Study Says:

bad-banks

This is an article I found in the Washington Post.

I wrote about these bank fees in my Book: Simply Fantastic: Living Better on less.

It is criminal, the charges that Banks make on their customers accounts and get away with it.
As I said in my book they are not there to help, In my opinion they are there to crush and be greedy.

This article is very much to the point and my sentiments exactly.

Some Banks have made concessions after much uproar but believe me they are not much.

Bank Customers Paid $23.7 Billion In Charges in 2008

By Nancy Trejos
Washington Post Staff Writer
Tuesday, October 6, 2009

The revenue that banks and credit unions generate by letting customers overspend their accounts, then charging them a fee, increased 35 percent in two years, the Center for Responsible Lending reports in a study released Tuesday.

Culling figures gathered by the Federal Deposit Insurance Corp., the consumer advocacy group found that customers paid $23.7 billion in overdraft fees in 2008, up $6.2 billion from two years before.

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