The Cost of Hiding Your Card Away

Some credit cards charge fees if unused

04 - credit debtGeneral wisdom might suggest that tucking your credit card in your sock drawer will protect you from any new charges.  People can get carried away with credit cards, and some might be happy to never use them again.

Unfortunately, this strategy could cost you as well.  Even if your card is sitting quietly with a balance of zero, after a certain period of time, you could be charged with an “inactivity fee.”  The cost is small- usually around $10 – but the annoyance can be large.

Jeff Schwartz, executive director of Consolidated Credit Counseling Services of Canada, recently spoke to CreditCard.ca’s Carmen Chai about the fee and what you can do about it.

To read the article, click here.

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