Many consumers have come to expect that interest rates and fees will inevitably rise; but if you've had the same credit card for a few years, it may be time to shop around. You probably never thought credit card companies would voluntarily drop fees, but they are.
"The fee that we saw dropped most often were foreign transaction fees," said Matt Schulz of CreditCards.com.
Schulz is referring to a recent survey of credit card companies. He said some of the more expensive fees for consumers are also the most profitable for credit card companies. But they're being dropped. Other charges, like interest rates and late fees, are being reduced because of competition in the credit card market.
"A lot of times, when one of the big boys of the credit card industry makes a move to reduce a fee, if that works well for them, it's only a matter of time before one of the other competitors does the same thing," Schulz explained.
That's why he says now is the time to shop around for good credit card deals.