What You Should Know About Mastercard Fees

2007-11-29 15:53:38

( Financial )



Background of Mastercard

Originally known as Mastercharge, Mastercard is a New York-based multinational corporation that provides access to use of credit cards to pay for purchases and services. Mastercard is currently issued by more than twenty-five thousand banks and intermediaries worldwide, and is currently one of the three major credit cards.

Through its intermediaries, Mastercard offers a whole line of benefits and privileges for cardholders.

Basic Features of Mastercard

Mastercard is best known for its zero liability policy on unauthorized purchases, which protects cardholders from suffering debt liabilities because their cards were stolen and used to make purchases.

It is accepted at most establishments which may not accept some other major credit cards. Apart from your purchases, you can also pay your bills and taxes through your Mastercard. You can also make cash advances or transfer some of your liabilities from other lenders onto your Mastercard account, as long as you don't exceed the credit limit.

Mastercard also provides global service in case of lost or stolen cards, where you can get emergency card replacement.

And depending on what type of Mastercard you have, you can discounts or other perks from specific establishments.

Mastercard Fees

One of the most basic Mastercard fees is the service fee, which is charged to you either monthly or annually for the use and maintenance of your credit card account. The service fee may be higher under Gold and Platinum Mastercards. You may also have the chance to waive the fee under some specific promotions offered by the card provider.

Mastercard also charges balance transfer fees for some liability transfer transactions. Sometimes, the balance transfer fee is waived or deferred for a certain period, usually a few months to a year.

There may also be other fees that your Mastercard service provider might charge, depending upon the nature of the service. You may need to pay for extra copies of statements, or for special services that are not part of your regular Mastercard benefits.

And like other credit card companies, Mastercard charges interest and penalties for outstanding balances beyond your payment deadline.

Waiving Mastercard Fees

There may be certain circumstances where you can waive some or even all fees.

Some banks offer the Mastercard no annual fee credit card to some qualified cardholders. You can also waive the annual fee even for any card extensions. The only condition is that you must pay all of your card liabilities on time and leave no unpaid balance. Otherwise, you will have to pay a high APR.

Cardholders of Platinum or Gold Mastercard may also have some free services included as benefits.

To get complete information about Mastercard fees, just inquire through the toll-free number or visit the website directly.


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