Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Something to Be Thankful For: Many Credit Card Issuers Abolishing Fees

Something to Be Thankful For: Many Credit Card Issuers Abolishing Fees

By
Add to Favorites:
Something to Be Thankful For: Many Credit Card Issuers Abolishing Fees

Yielding to overwhelming consumer outcry, big banks such as Wells Fargo and Bank of America abandoned plans to implement a monthly fee on consumers who use their debit cards for transactions beyond ATM use. This may have started an avalanche of fee reductions, suspensions and eliminations by some of the other large credit card issuers in America.

Across the country, big banks have become increasingly vilified over the past few years by consumers and Congress alike. The CARD Act that was passed in 2009 was a step taken by politicians to reform unfair credit card practices, and recently frustrated consumers took matters into their own hands by orchestrating “Bank Transfer Day” during which many moved their money and accounts from larger retail banks to regional banks and credit unions offering more personalized services and fewer fees.

Some credit card issuers seem to be extending an olive branch of sorts to consumers by eliminating some of the fees attached to their accounts. Some of the changes include:

Bye-bye Balance Transfer Fee

There is a new version of the Chase Slate card available that does not charge the typical 3% balance transfer fee, as long as the balances are transferred within 30 days of the account being opened.

No more Foreign Transaction Fee

Chase did away with the 3% foreign transaction fee on the Sapphire Preferred credit card earlier in the year. Likewise, Citibank eliminated their 3% foreign transaction fee from their ThankYou cards, both Premier and Prestige. The most recent credit card company to follow suit is Discover, who just did away with their 2% foreign transaction fee. These changes will not only benefit travelers but also anyone who purchases an item from a different country or who has a purchase routed through a bank on foreign soil.

Ramping Up Rewards

In their efforts to attract new accountholders with good or better credit scores, many credit card issuers have bulked up their rewards programs. These programs are designed to incentivize spending and regular usage of the card, as well as to reward cardholders for their loyalty. Large cashback bonuses, generous airline mile matching programs and enticing retail promotions are just a few examples.

Add to Favorites:

Related News:

MasterCard Send Makes a Splash

By Dar Dowling, Posted: September 28, 2016

MasterCard and Stripe have teamed up so that U.S. sellers using Stripe marketplaces, like Postmates, Instacart and iCracked, can opt to make instant payouts via the Stripe interface, using MasterCard Send. Continue reading
Discover Nabs Three Spots on Money Mag’s Best Credit Card List for Third Consecutive Year

By Elizabeth Nelson, Posted: September 27, 2016

The Discover it Card, Discover it Miles Card, and Discover it Secured Card were all listed among the best credit card products on the market by MONEY Magazine, which recently released its Best Credit Cards report for 2016-2017. Continue reading
Frugal Fashionistas Rejoice: Century 21 and Alliance Data Launch New Credit Card

By Elizabeth Nelson, Posted: September 26, 2016

New York City-based bargain department store Century 21 is partnering with Alliance Data to launch a new credit card program. A favorite of fashionable bargain-hunters, Century 21 operates 10 stores across the greater New York City area ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
1% cash back on select purchases, terms apply
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit