TULSA - Grey charges are small monthly charges to a credit or debit card. They're referred to as "grey" because you're not clearly notified about what they are.
Grey charges may be recurring memberships, automatic renewals or unexpected subscriptions.
A recent study from BillGuard and the Aite Research Group found while the average grey charge was around $61; 233 million of them cost consumers more than $14 billion in 2012 alone.
Grey charges are extremely common, according to the report, one in three cardholders is being charged for an unwanted service or product.
The credit card industry watchdog, LowCards.com , brings these details on how to fight the grey to stay in the black:
1. Pay close attention to your monthly statement.
2. Use credit cards instead of debit cards. Disputes are handled faster and easier with credit cards.
3. Read the terms and conditions. Grey charges aren't advertised in the bold headlines, so read the fine print to know what you are signing up for.
4. Don't provide your contact and personal information for free promotions.
5. Set a reminder on your calendar to cancel the product or service before the trial is over.
6. If you have to remember to cancel it, you may not want to start it.
7. Know how to dispute a charge on your account.
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