A World of Fees
Most products and services seem to come with monthly fees. For instance, there are monthly fees for electricity and gas, as well as for garbage pick-up and mobile phone services.
Sometimes you can purchase items and instead of paying the entire amount, you can amortize the cost on a monthly basis.
Fortunately, certain products or services come with no monthly fees. Many of them are special promotions offered only during a specific period. Knowing which ones these are will enable you to save a lot of money and hassles.
Web Hosting
If you need to open a website to promote your own business, you'll be glad to know that some web hosts give you that option to either pay a one-time set-up fee, or to pay in monthly installments. You can even select the number of months you would like to pay for the fee.
Credit Cards
When you apply for a new credit card account, or have to renew one, you need to pay the credit card processing fees annually. Amortizing it into equal monthly payments is an option. Certain types of credit card accounts, particularly Platinum or Gold cards, generally waive the annual fees as well.
As a long-time customer, you may also expect the credit card company to offer you a new or supplementary credit card with no monthly fees as their gesture of gratitude for your business.
Banking Services
Banks charge one-time loan fees when your loan application is approved. After that, you will pay only the monthly interest and principal.
To encourage depositors to maintain high balances on savings and checking accounts, banks will charge monthly service fees if your account balance falls below a specific amount. Service fees normally cost about fifteen to twenty dollars. As long as you maintain the required balance, or have other accounts with the same bank as compensating business, you pay no monthly fees.
Medical Alert and Alarm Systems
These are devices to install in your home and are convenient for contacting the hospital or police in case of emergency. You can choose to waive the monthly fees by paying for both the activation and maintenance fees fully at the time you purchased the system. You not only waive the monthly fees but may also receive additional discounts for early payment.
Other Payment Options
There are many other products and services that come with no monthly fees, or give you the option to pay a one-time fee at the time of purchase. Information technology and telecommunications services usually offer you options to pay annually, quarterly, or monthly.
Each mode of payment comes with its own pros and cons. Deciding whether to pay now or later depends on your personal budget as well as your discipline in coping with your payment obligations.
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