May 15 2008 by Ellen Roseman
Not only do most credit cards still charge 18 to 20 per cent interest rates, but they pile on fees for all kinds of transactions. The Financial Consumer Agency of Canada has a bulletin on service fees on credit card transactions that lists more than a dozen.
If you think paying service fees is bad, just think of what happens if you fall behind in making your credit card payments. The FCAC makes sure we understand the impact.
Credit card issuers usually treat fees in the same way as they treat purchases. If you do not pay your balance in full, and on time, you may have to pay interest on these fees. If you are not sure how your credit card issuer handles fees, contact the credit card company or your financial institution.
Complaints about credit cards come in fairly regularly. Here are a few I received recently (below).