Specific fees depend on the bank offering the Visa card and the type of card it is; however, some common costs include the annual percentage rate, or APR, for purchases, cash advances and balance transfers; an annual fee; late payment and returned check fees; and transaction fees, notes Wells Fargo. Cardholders can avoid several of these fees by paying off the card's balance before interest accrues, paying on time and avoiding cash advances.Continue Reading
Interest rates for a Visa card can depend on factors like the cardholder's creditworthiness at the time of approval, the type of balance the card has, the prime rate and the type of card itself. For example, some banks offer Visa cards with no interest for a period of time and then charge an interest rate that depends on whether the card is a classic, platinum or Visa Signature, suggests Bank of America. In October 2014, the national average interest rate was 15.07 percent for all credit cards, explains CreditCards.com.
Some cards come with an annual fee that varies based on the card type. Visa cardholders who use their cards for foreign purchases, withdraw money using an ATM or send wire transfers typically pay a fee of a set amount or a percentage of the transaction, usually paying whichever is higher, notes Bank of America. Those who don't pay their payments on time or have returned payments usually pay dollar amount fees.Learn more about Credit & Lending