Prepaid cards
Prepaid cash cards are easy and convenient, especially if you want to control and monitor your kids’ spending. But there’s a catch. “Almost all prepaid cards come with some sort of activation fee, swipe fee, or monthly maintenance fee. While they may seem inconsequential at first, these fees can often pile up,” warns Wang. The good news is that there are also a few prepaid cards with no fees. “Only use prepaid cards when you have to, and be sure to read the fine print or do some research online regarding what fees may be potentially involved,” recommends Wang.
Airline tricks
No matter how much they deny it, it’s common practice for airlines nowadays to sneak in hidden fees for services that were initially free in the past, such as luggage, changing your seat or receiving food. When it comes to reward points, things become even trickier. “Fees to redeem reward points are sneaky. These fees most often occur when redeeming reward airline miles,” says Bobbi Rebell, a personal finance expert with TransferWise. He suggests carefully checking the fine print when signing up for a card, redeeming rewards, and requesting for fee waivers only when needed.
Speaking of airlines, discover 11 Things You’ll No Longer See in Airplanes After Coronavirus!
Exorbitant overdrafts
“Overdraft fees are also adding up to more than $30 each time you overdraft. This is another fee that is completely avoidable by setting up alerts with your bank that will warn you when you are getting low on funds,” says Drake. There is something you can do, though. Ask for a grace overdraft. “If you get hit with a fee, call and ask if you can have it waived. Many banks will do that once a year,” says Drake. Here are more Money Secrets Financial Experts Want You to Know ASAP.
