Are You Saving Money By That Promise of “No Fees,” Or Are You Getting Ripped Off?
Do your research first before you sign up for that special promotion
A lot of companies will promise you the world these days. You might see signs for no fees on this, no extra charges on that, and how their package is the best thing since toast and jam.
But there is always the fine print and the devil is in the details. You may get this good thing, but it comes with that bad thing. The promotion may sound wonderful, but it could come with a long list of conditions and end dates.
It’s very great that there are these promotions that banks and credit card companies offer to current or future customers. But before you leap, you need to look. That means read the fine print and due your due diligence.
I have some advice when it comes to promotions that promise no extra fees or special charges. Here are some of my recommendations:
- Read the whole deal from top to bottom
- Write our the pros and cons on a piece of paper
- Pay special attention to the deadlines
- Make sure you qualify, or that you can get approved without a big hit to your credit for just inquiring about it
- See if the deal is right for you and your family
- Consider the time commitment involved in setting up everything
What kind of deals could make sense to save money? Yes, there are some that are great, and maybe some that are too good to be true.
- There are online savings accounts with better-than-average interest rates
- You might be able to refinance your mortgage at a lower rate or lower APR, but make sure related costs or points make financial sense
- There are brokerages with no-fee-trading, though I have not read the fine print on these myself
- You might be able to get a better deal and lower interest on credit cards
Remember what it feels like to find a great deal, take advantage of it, and then obtain the savings. It is a great thing, to research and offer and save money from it.
Always make sure you review all of the details first. If needed, you might want to seek financial advice or guidance on very large decisions. But, yes, make sure you are always trying to save money and reduce costs whenever and wherever you can.