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5 ways you may get nicked by bank fees

Credit card fees on the rise
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Credit card fees on the rise

The cost to aquire new credit card accounts has risen dramatically over the past several years.

"As a result of that and the imposition of new credit card regulation, especially on APRs, banks have necessarily focused on fees. (They are adding) new fees where none existed previously, and raising fees where they did exist before," Hammer says.

For instance, annual fees ranging from $29 to $99 have been applied to a variety of Bank of America credit card accounts, dating back to 2010. Cash advance fees are rising as well; they are currently as high as 5 percent with no cap, Hammer says.


 

 

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