Using a cashback credit card or a credit card for online shopping can be a great way to maximise value for money. It helps users pre-plan their daily purchases and offers a variety of benefits including cashback, airline miles, health discounts, insurance perks, and more. However, credit card users must also keep tabs on hidden credit card fees and extra charges that can lead to financial crunch.
Hidden fees of a credit card can automatically lower the value of your purchases and lead to higher costs in the long run. In this comprehensive guide, our credit card experts in Canada have presented tips and tricks for protecting your wallet from credit card hidden fees.
Understanding Credit Card Reward Programs
Credit card issuers design different types of reward programs for their different products. For example, you can check our Walmart Canada cashback credit card or the Scotia cashback credit card on our website. Each of the credit cards available on our website comes with unique perks and benefits for the users.
These reward programs allow users to enjoy discounts on travel, food, grocery, online shopping, and more.
The Promise of Credit Card Rewards and Its Cost
Credit cards are undeniably a fantastic money management tool, but it also comes with certain perils, such as annual credit card fees and hidden charges. Hidden fees may include interest payment terms, minimum payment fees, foreign transaction fees, balance transfer fees, and more.
You may also be charged for conducting cash advance transactions, late payments, and returned payment transactions.
Tips for Preventing Mounting Credit Card Hidden Charges
Follow the tips mentioned below to protect yourself from unforgiving credit card charges:
- Always read and compare different credit cards on a reliable website such as Great Canadian Rebates before applying. Read the fine print very carefully to make sure you understand the payment structure and terms.
- Monitor your statement every month to uncover potential discrepancies.
- Set payment reminders to avoid being late, which usually leads to hefty penalization.
- Always try to pay the outstanding balance every month instead of making a minimum payment. The latter might sound like a favourable choice, but it can be a very itchy trap for credit card holders.
- Always stay informed about new promotions, and discount offers to maximise your credit card usage.
Explore Our Wide Range of Cashback Credit Cards and Sign Up Today!
Great Canadian Rebates is proud to be Canada’s top platform for finding and signing up for the best credit cards. Whether you’re planning to get a credit cardfor online shopping or benefit from an airline credit card, we’re here to help.
If you’re looking for the best credit card with no fee, try out the SimplyCash® Card from American Express and the Scotiabank American Express® Card. You can also explore more options on our website.