Credit Cards and You: Service Fees on Credit Card Transactions

Introduction

Just as different credit cards have different interest rates, as well as rewards and benefits, the service fees charged on credit cards can vary from one credit card issuer to another.

That is why it is important to understand how service fees work, so you can shop around for a credit card that suits your needs, and save money at the same time.

Credit card issuers are required by law to tell customers about the service fees they charge. The application forms they distribute must include this information. Also, when you enter into the contract, the credit card issuer must inform you, in writing, about these fees in your credit card agreement. The issuer must also inform you in writing each time it makes changes to the fees.

This publication provides information about credit card service fees and explains how these fees work. You can compare fees for different cards using the table at the end of this publication to find the credit card that best suits your needs.