There are several different types of credit card fees you may encounter along the way as you get started on your credit card journey. However, as each credit card is different to begin with, the types of credit card fees you need to watch out for can be different from those that other credit card holders have to be mindful about. Below, we at, will elaborate more on common credit card fees savvy consumers should all know about.

Annual fee: The annual fee is the cost the card issuer charges you for using the credit card for an entire year. Some credit cards have no annual fees while others come with annual fees. Many of those that come with annual fees offer annual fee waivers for the first year while some offer annual fee waivers for the first two years. Of course, there are also those that do not offer any annual fee waivers.

Balance transfer fee: Balance transfer fees apply when you use your credit card to make balance transfers. Most credit cards charge either a certain percentage (say, 3%, 4% or 5%) of the amount of each transfer or a certain dollar amount (say, $5 or $10), whichever is greater. Read the fine print to see if your credit card charges this particular fee if you intend to make balance transfers.

Cash advance fee: Cash advance fees apply when you use your credit card to get cash from the ATM. Most credit cards charge either $10 or 5% of the amount of each cash advance transaction, whichever is greater. Unless you really need the cash urgently, it is a bad idea to get cash from an ATM using your credit card. Not only are the cash advance fees hefty, the interest rate that kicks in at the moment you make your cash advance transaction is usually also very high.

Foreign transaction fee: Foreign transaction fees apply when you use your credit card to shop online in a foreign currency or use your card overseas. Some credit cards have no foreign transaction fees at all. If you travel abroad frequently or if you tend to shop from international websites regularly, using a card that has $0 foreign transaction fee can go a long way in helping you avoid extra charges. For those credit cards that do come with a foreign transaction fee, this fee usually stands at around 3% of each purchase transaction in U.S. dollars.

Late payment fee: Late payment fees are some of the most common charges incurred by credit card users. This fee kicks in when you pay your credit card bill after its due date. Most credit cards usually charge up to $37-$39 when you make a late payment. There are, however, some credit cards that do not charge a late payment fee.

Returned payment/check fee: This is a charge incurred when a credit card holder bounces a payment. Payments could be returned due to inadequate funds in the credit card holder's account or closed accounts. While not all credit cards charge this fee, those that come with this fee usually charge up to $39, depending on the card you hold.

Denise Bay is a staff writer at Email: