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Question By
lkhedrick

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Monthly Credit Card security fees
I have a credit card that charges a card security fee of $37.50 per month, is this something that is optional? $450 a year seems VERY steep!

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Top Contributor
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if you've just started building credit

Theres sumetimes a cost to that. 

It is very steap.  You don't give much info, but I assume its a "secured" type of card. 

I would consider closing that account, But before you do, get a card to replace it. I would suggest saving up some cash, then set up a secued card with your local credit union.  You can ususally find a local "Community" CU that  you cna be a member of.

You deposit the money in a savings account with the credit union and they issue a credit card that is secured by the account. Its easy to do and they are in the business of helping people with their credit.  

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Reply by
EddyTX

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forgot to mention, 

Close the other account once you have a new line of credit. 

And if you already have other credit cards, then by all means close the account.

I make it a rule not to accept any credit card that has any annual fees.

Cards with Fees that have lots of perks should be reserved for buisness travel and expenses. 

Top Contributor
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Holly Cr*p,

Find another Secured Credit Card ASAP  and Close this one as soon as you have the other one in your hand.

Can you Also Post what Campany is Charging this High Rate.

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