If you're wondering why you were charged a certain amount on your most recent credit card statement, there are a few things that could be going on. First, let's take a look at some of the most common charges and their explanations:
- Annual Membership Fee: Many credit cards come with an annual fee, which is typically around $100. This fee goes towards maintaining your account and providing you with perks and rewards.
- Foreign Transaction Fee: If you made a purchase in a currency other than the US Dollar, you may be charged a foreign transaction fee. This is usually around 3% of the total purchase price.
- Balance Transfer Fee: If you transferred your balance from another credit card to your current one, you may be charged a balance transfer fee. This is typically around 3% of the total amount transferred.
- Cash Advance Fee: Taking out cash from your credit card comes with its own set of fees. There's usually a flat fee (around $10 or 5% of the advance, whichever is greater) as well as a higher APR (annual percentage rate).
Now that we've gone over some of the most common charges, let's take a look at how to find out exactly why you were charged what you were on your most recent statement. The best way to do this is by logging into your account online or calling customer service for help. Once you're logged in or on the phone with customer service, they'll be able to pull up your account and explain any and all charges that may have been incurred.