For the first time in more than ten years late fees have stopped climbing.
During November, fees for late payments remained flat at $30.04. The most
common late fee now charged by U.S. issuers is $29 with many of the top
issuers now assessing a $35 fee on higher balances that become past due.
Over the past twelve months late fees have grown by 6.3%. Since November
1994, late fees have surged by 140%, from $12.52.
BANK CREDIT CARD LATE PAYMENT FEES
Feb. Mar. Apr. May Jun.
1994: $11.60 $11.71 $11.94 $11.95 $11.96
2002: $28.58 $28.79 $29.65 $29.84 $29.88
Jul. Aug. Sep. Oct. Nov.
1994: $11.97 $11.98 $11.99 $12.02 $12.44
2002: $29.90 $29.92 $29.92 $29.96 $30.04
Source: CardData (www.carddata.com)
For the first time in more than ten years late fees have stopped climbing.
During November, fees for late payments remained flat at $30.04. The most
common late fee now charged by U.S. issuers is $29 with many of the top
issuers now assessing a $35 fee on higher balances that become past due.
Over the past twelve months late fees have grown by 6.3%. Since November
1994, late fees have surged by 140%, from $12.52.