PITTSBURGH (NewsRadio 1020 KDKA) – First Commonwealth Financial Advisors President & CEO and host of KDKA’s Moneytalk Rick Applegate joins KDKA’s Mike Pintek Thursday to discuss the new fees credit card companies may start charging on Monday, Feb. 4.
New regulations that capped certain credit card fees, coupled with a dip in card usage, have resulted in paying millions less in penalty fees over the past three years.
This leads to new fees to make up for the shortfall. Applegate says, ” Only credit card users will have the new fees, not debit card users.” He also says if these fees are charged they “must be identified on the receipt” and they may also charge an inactivity fee for not using the card for awhile.
Applegate says to be careful and to read everything you get from the bank, don’t go over limits, and pay on-time.
Listen to Mike Pintek every weekday from 1 p.m. to 3 p.m. on NewsRadio 1020 KDKA.