Americans may soon be facing a monthly fee for using their debit card based on what bank they have. Certain banks including Bank of America, Wells Fargo and Citibank will be adding a monthly fee ranging from $3 to $15 for use of the debit card associated with customer accounts.
New laws are scheduled to go into effect that put limitations on what banks can charge merchants for their service and the money will have to be made up – unfortunately at the expense of many Americans like you.
What can you do to protect yourself from these fees? Some have gone as far as closing their account while others are simply voicing their disapproval. “It’s okay to charge for some fees, but I am against the debit card. Because if it’s there, you should not charge for taking my own money,” said bank customer, Carolyn Day.
Some experts suggest switching to another bank or opting to use a credit card instead. Bank accounts like Perkstreet Financial actually pay you for spending your money instead of the other way around and as for credit cards, they don’t cost consumers a penny as long as the amount due is paid in full before the billing cycle ends plus some offer you the chance to earn rewards points. These points can be redeemed for extra cash, airline miles and more.
Bert Costa, a certified financial player confirmed this advice saying, “Use a credit card. Because a credit card is something you can pay off monthly, and not only are you not going to pay fees on that, you get a chance to earn points, miles, etc.”
Also worth checking into is the credit union. The Pentagon Federal Credit Union offers a fee free credit card called PenFed Promise that eliminates every fee you could think of including late fees, foreign transaction fees, and more.
To learn more about alternatives to these harsh bank fees which are scheduled to go in effect, click the links below to learn more about each one.
PenFed Promise Fee Free Credit Card
Perkstreet Financial Debit Card- Earn Up to 5% Cash Back on Purchases
Blue Cash Everyday Card From American Express- Earn Cash Back on the Purchases You Make Most
As always, stay tuned to CreditCardsProfessor.com for more of the latest credit card news, special credit card offers and important cardholder updates.
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