Fee Roundup Survey Interview with KGMI Radio Bellingham, WA

By Media Relations

CreditCards.com Senior Industry Analyst Matt Schulz spoke on Friday, July 17, 2015, with Joe Teehan of KGMI Radio Bellingham, WA about the July 2015 Fee Roundup survey. The interview and transcript are below.

TRANSCRIPT

Joe Teehan: When we think of credit card fees we think of annual fees, but there are a lot of other fees that credit card companies charge and CreditCards.com has taken a look at those fees and joining us now is Matt Schulz. He’s CreditCards.com Senior Industry Analyst. Good morning, Matt.

Matt Schulz: Good morning.

Teehan: I mean, most cards will have fees, some as many as 12 different fees?

Schulz: Yeah, we looked at 100 popular cards from major issuers and found that the average card has about 6 different potential fees, but we found cards that had as many as 12 and we found one that had absolutely none.

Teehan: Really? A late payment fee – that I think most people can expect to have to pay if they miss that payment, but what are some of the others?

Schulz: The late payment fee was the most common one that we saw on 99 of the 100 cards that we looked at. Other common ones were fees for cash advances, for balance transfers, and foreign transaction fees.

Teehan: Hmm, wow. And as many as 12 on some cards, but an average of six. Now you said that PenFed Promise Visa card has no fees whatsoever so you have a late payment, that sort of thing, they don’t charge you?

Schulz: That’s correct, it’s very unusual.

Teehan: Yeah. Now is that card readily available to most anybody, if you googled it, could you apply for that card?

Schulz: No, like most credit unions they have their own set of membership rules and that’s largely for military families and folks related to other kind of governmental organizations.

Teehan: Ok, are credit union card generally carry less fees or fewer fees than say a big bank card?

Schulz: They can, it’s certainly worth considering credit union cards when you’re shopping for cards, but there’s such a wide range of fees and the way banks and credit unions make decisions about these cards that it’s hard to make a blanket statement about that.

Teehan: There are so cards though that look pretty good as well with just three fees.

Schulz: Yeah, we found the Exxon Mobile Smart Card from Citi only has three and then three Capital One cards: the Spark Classic, the Spark Cash Select for Business, and the Spark Miles Select. So they only have three potential fees and that’s a lot fewer than some of the others we saw on the list.

Teehan: I take it folks could visit your website and get a list of these cards as they’re shopping for a new card.

Schulz: Yeah, exactly. We have all the details on this survey at CreditCards.com and you can also shop for hundreds of different cards of all different types at our site.

Teehan: Matt Schulz at CreditCards.com. Thanks for being with us today.

Schulz: Thanks for having me.


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