No, you’re probably not imagining it. 69% percent of Americans surveyed by Lending Tree in 2023 reported they’d paid an extra fee when using a credit card for a purchase. A smaller, more recent survey by WalletHub put that figure at 79%, with 85% of the participants saying that credit card charges made them feel “nickel-and-dimed”.
It isn’t just the additional credit card fees that are being tacked on, many are also reporting that their annual fee for just having that credit card has also increased, sometimes without them even realizing it. We suggest you make a note in your calendar for when your annual anniversary occurs for each of your cards and decide prior to that if you need to or want to continue to hold each of them. The money spent on those annual fees can instead be added to your retirement savings for better use. Call us if you need assistance. We’re always here to help.