If you have noticed a Halo Branded Solutions credit card charge on your account statement, and don’t remember processing such transaction, then read this to the end.
Here are the possible reasons why your Branded Solutions and any other credit card could be charge without you initiating a transaction.
Payment of an annual charge
Many credit cards impose an annual fee just to keep the card. Annual membership fees typically vary from $95 to $500. Most cards carry the same annual cost year after year, while others may waive the price the first year you have the card.
If you don’t pay off your credit card debt in full each billing cycle, you’ll be charged interest. Your annual percentage rate (APR) is indicated on your cardholder agreement as the amount of interest you’ll be charged (APR).
The majority of credit cards have variable APRs that fluctuate with the prime rate, but others have fixed APRs that do not alter with the prime rate. However, because your APR is likely fluctuating, check your online account and/or most current bill each billing cycle to see what APR you’re being charged.
Keep in mind that some acts, such as taking out a cash advance, are not covered by the grace period. In this situation, you’d start accumulating interest the day you took the money out.
Fee for late payment
You’ll be charged a fine of up to $29 for the first offense and up to $40 for additional offenses within six billing cycles if you don’t pay your credit card account on time.
Fee for international transactions
You may be charged an extra fee each time you swipe your card when making purchases outside of the United States. This cost is usually around 3% of each transaction.
Fee for transferring balances
When you transfer debt from one credit card to another, you’ll usually pay a cost of 3% to 5% every transfer, with a $5 or $10 minimum fee.
Charges for cash advances
Cash advances may appear to be a convenient way to get money quickly, but they come with a hefty price tag. Card issuers normally impose a fee of 3% to 5% each cash advance, which can add up quickly if you withdraw large sums of money.
Fee for exceeding the limit
Card issuers may charge you a fee if you go over your credit limit, but it can’t be more than the amount you spend. According to the CARD Act of 2009, you must opt in to approve this cost, which makes it different from others. When you try to spend more than your credit limit, your creditor will usually deny your transaction, but you can pay a fee of up to $35 to have these transactions accepted. If you don’t opt in, any transactions you try to make over your limit will be declined by your card issuer.
Fee for returned payments
Your payment may be refunded if you arrange a payment for your credit card bill but don’t have enough money in your bank account. As a result, you may be charged a returned payment fee of up to $40 by your card issuer.
For example, if you pay a $750 bill with only $500 in your checking account, your card issuer may charge you a $40 fee, which would be added to your bill.
Credit cards impose a slew of fees that may appear insignificant in the short term, but add up over time. It’s a good idea to become familiar with the fees we’ve discussed so far, as well as the steps you may take to prevent them. Paying on time, double-checking that you have enough money in your bank account, and staying below your credit limit are just a few easy strategies to avoid paying high fees.
If you believe you have been a victim of credit card fraud or a scam, you should contact your banking institution as soon as possible.