The best way to compare credit card expenses is to set up a spreadsheet and itemize all the individual fees that can apply. Your spreadsheet should have a separate column for each card and include the interest rate that each card charges.

With so many fees that can apply, fixating on one or two expenses can cause you to miss larger overall savings. To help determine the best card for you, here's a checklist of common fees: 

1. Annual fees
Some credit cards have fixed annual fees that are automatically charged to your account, regardless of how often you use your card.

Tip: Consider low interest credit cards with small or no annual fees.

2. Balance transfer fees
When you transfer an amount from one credit card to another, you pay a fee to the card issuer to which you transfer the balance. Contact the different card issuers to find out how much the transfer charges are.

Tip: Some balance transfer cards waive fees in specific situations.

3. Cash advance fees
You incur cash advance fees anytime you use your credit card to access money at a bank branch or an automatic bank machine. The cash advance fee amount can be a:

• Fixed amount per transaction.
• Percentage of the transaction.
• Combination of fixed amount plus percentage.

Tip: Credit card companies must advise you when they change their charges, including on cash advance fees.

4. Convenience cheque fees
Convenience cheques can be expensive. They are subject to the same fees as cash advances, with interest payable immediately and continuing until the full amount is paid.

Tip: Carefully read in advance the special terms and conditions that apply to credit card cheques.

5. Dishonoured payment fees
Paying with a convenience cheque that goes over your credit card limit generates dishonoured payment fees. Dishonoured payment fees also result when you pay your credit card by cheque or debit and your payment is rejected due to non-sufficient funds (NSF).

Tip: The financial institution from which your cheque or debit originates imposes additional NSF fees.

6. Document reprint fees
Credit card issuers charge a fee when you request copies of:

• Statements.
• Transaction receipts.

Tip: Register for online access to your credit card statements -- a free service that lets you view and print documents from the prior 12 months.

7. Foreign currency conversion fees
Many Canadians use their credit cards for cross-border shopping. Credit card purchases outside Canada incur foreign conversion mark-up fees imposed after the exchange rate is applied.

Because exchange rate fees often change, you should contact each card issuer and ask about their latest foreign exchange and mark-up charges.

Tip: U.S. dollar credit cards are not subject to daily exchange rate fluctuations or mark-ups.

8. Inactive account fees
Most card companies charge fees for accounts dormant for over 12 months, and they may even close them.

Sometimes consumers forget to cancel old credit card accounts after consolidating debt or replacing a high interest card. This oversight can run up unnecessary expenses.

Tip: Once an unneeded card is paid off, cancel the account and keep a record of that cancellation.

9. Over-the-limit fees
You have to pay over-the-limit fees for transactions when your credit card maximum is exceeded. Well before maxing out an account, cardholders should ask card issuers to clearly specify:

• Penalty fee amounts.
• Whether holds can be put on purchases that otherwise would exceed account maximums.

Tip: Since card companies won't tell you that you're about to exceed your limit, pay attention to your outstanding card balances.

Choosing cards with the lowest fees: After setting up the spreadsheet for comparing different credit card fees, prioritize those expenses that can affect you the most. Then, decide on the credit card that best meets your needs at the lowest possible cost.