Kohl’s Capital One Card: How to Avoid Fees
The Kohl’s Capital One Card is an excellent way to earn rewards while shopping at one of the most popular retail chains.
From exclusive discounts to earning Kohl’s Cash and points with every purchase, this card offers numerous benefits. However, just like any credit card, there are certain fees that you should be aware of to ensure that you make the most of your card without unnecessary costs.
In this article, we’ll explore how you can avoid fees when using your Kohl’s Capital One Card, ensuring you get all the perks without the additional charges.
Whether you’re new to the Kohl’s Capital One Card or have been using it for a while, knowing how to avoid fees can make a huge difference in your overall experience. From late payment fees to interest charges, we’ll cover all the key fees associated with this card and provide practical tips on how to steer clear of them.
Types of Fees on the Kohl’s Capital One Card
Before we get into how to avoid fees, it’s important to understand which fees you might encounter when using the Kohl’s Capital One Card. These fees are common on many credit cards and can add up quickly if you’re not careful.
- Late Payment Fees: If you miss a payment or fail to pay at least the minimum payment by the due date, you may incur a late payment fee. This fee can range from $25 to $40, depending on the terms of your cardholder agreement.
- Returned Payment Fees: If a payment you make is returned (for example, due to insufficient funds in your bank account), you may be charged a returned payment fee. This fee is typically around $25.
- Cash Advance Fees: If you use your Kohl’s Capital One Card to withdraw cash from an ATM or use it for a cash advance, you may be charged a fee. The fee is usually a percentage of the cash advance amount, plus an additional flat fee. Cash advances also come with high interest rates, which can add up quickly.
- Foreign Transaction Fees: If you use your Kohl’s Capital One Card for purchases outside of the United States, you might be charged a foreign transaction fee. While some cards charge up to 3% for foreign transactions, the Kohl’s Capital One Card does not charge this fee, which is a great advantage for international shoppers.
- Interest Charges: If you carry a balance from month to month, you’ll be charged interest on the amount owed. The interest rate can vary, but the longer you carry a balance, the more interest you’ll pay, which can significantly increase the cost of your purchases.
How to Avoid Late Payment Fees
One of the most common fees that credit card users encounter is the late payment fee. Missing a payment can lead to a fee of up to $40, depending on the card issuer’s policies. Fortunately, avoiding late payment fees is easy if you follow a few simple practices:
Set Up Automatic Payments
One of the best ways to ensure that you never miss a payment is by setting up automatic payments. You can choose to pay the minimum payment, the full balance, or a fixed amount each month. Setting up automatic payments through your bank or the Capital One website ensures that your payment is always made on time.
Use Payment Reminders
If you don’t want to set up automatic payments, the next best option is to set up payment reminders. Capital One offers notifications through email or the mobile app, so you can be reminded when your payment is due. Set the reminder a few days in advance to give yourself enough time to make the payment.
Pay Ahead of Time
If you prefer not to deal with the last-minute rush of making payments, it’s a good idea to pay off your bill a few days before the due date. This way, you have ample time in case of any issues, such as bank processing delays or technical problems.
Pay More Than the Minimum
While paying the minimum payment will prevent late fees, paying more than the minimum balance will help you avoid interest charges and pay off your balance more quickly. By paying extra, you can also avoid the risk of late payments in case of any unexpected issues.
Avoiding Returned Payment Fees
A returned payment fee is charged when a payment you make is rejected or returned, often due to insufficient funds in your account. Here’s how to avoid this fee:
Check Your Bank Balance
Before making a payment, always check your bank balance to ensure you have enough funds to cover the payment. This will prevent any payment failures and avoid returned payment fees.
Link Your Capital One Card to a Backup Account
If you have multiple bank accounts, linking your Kohl’s Capital One Card to a backup account can provide an extra layer of protection. In case your primary account doesn’t have enough funds, the payment can be processed from your backup account.
Track Your Payment Due Dates
Keep track of your payment due dates to ensure you’re making payments on time. If you know that you’ll be making a payment that’s close to your bank’s cutoff time, make sure your account has sufficient funds well in advance.
How to Avoid Cash Advance Fees
Cash advances can be tempting in emergencies, but they come with high fees and interest rates. To avoid cash advance fees, follow these tips:
Use Your Card for Purchases Instead of Cash Advances
Whenever possible, use your Kohl’s Capital One Card for purchases rather than withdrawing cash. This helps you avoid the high fees associated with cash advances. Plus, using your card for regular purchases allows you to earn rewards and Kohl’s Cash, unlike cash advances.
Look for Other Cash Options
If you need cash in an emergency, consider alternative methods such as using a debit card or borrowing from a friend or family member instead of using a cash advance. This will help you avoid fees and high interest charges.
Use ATMs That Are Part of the Capital One Network
If you absolutely need to use your ATM card to withdraw cash, use an ATM within the Capital One network or one of the Allpoint network ATMs to avoid extra charges. Withdrawing money from an out-of-network ATM can incur fees, in addition to cash advance charges.
How to Avoid Interest Charges
To avoid paying interest charges on your Kohl’s Capital One Card, it’s important to pay your balance in full each month. Here’s how you can do that:
Pay Your Full Balance Every Month
To avoid interest charges, always pay off your balance in full by the due date. This ensures that you won’t be charged interest on your purchases. If you cannot pay off the entire balance, try to pay as much as possible to minimize the interest charges.
Use the Grace Period
Credit cards typically offer a grace period for purchases. This means that if you pay your full balance by the due date, you won’t be charged interest on new purchases. However, if you carry a balance from one month to the next, interest will begin to accumulate.
Monitor Your Spending
Keep an eye on your spending throughout the month to ensure that you can pay off the balance in full. Setting a budget and tracking your purchases will help you stay within your limits and avoid accumulating debt.
Conclusion: Maximize the Benefits and Avoid Fees
Using the Kohl’s Capital One Card is a great way to earn rewards and enjoy discounts, but it’s essential to avoid unnecessary fees. By following the tips outlined in this article, you can avoid late payment fees, cash advance charges, and interest, all while making the most of the card’s benefits.
Ready to enjoy all the benefits of your Kohl’s Capital One Card without the fees? Apply for the card today, use it wisely, and start saving on every purchase! Take control of your shopping experience and keep your finances in check—apply now!