CITIBANK FEES (9/5/01)


FULL STORY:

Citibank has joined the ranks of issuers pushing up late payment fees above the $29 level. In solicitations for its 0% intro APR "Platinum MasterCards", Citibank is now charging a $35 late fee on balances of $1,000 or more. According to CardWatch, Citibank formerly assessed a $29 late fee across-the-board. The new policy charges a $15 late fee on past due balances under $100, a $25 late fee for balances between $100 and $1,000, and a $35 fee for past due balances over $1,000. Citibank also recently boosted its punitive rates to a maximum of 24.99%. Fleet, CompuCredit, and Direct Merchants have also crossed the $29 late fee level. CompuCredit now charges a $35 late fee and a $35 over-limit fee on its lineup of "Aspire VISA" cards. Direct Merchants Bank charges a $34 late fee on its new "Titanium MasterCard". Last November, Fleet Credit Card Services began charging a $35 late fee on all its card products including the new "Fusion smart VISA". Advanta was the first card issuer to institute $35 fees for holders of its business card products, according to CardFlash.