Credit Card Late Fees Soar

[jeffrey]

All of the nation's top ten bank credit card issuers, including American Express and Discover, have raised late fees during the last three years by an average of 23%. During this same period, the number of VISA and MasterCard accounts past-due has soared 50%, from 12.3 million to 18.5 million. In the spring of 2001 nine of the top ten issuers charged a $29 late fee. In April 2004, five issuers charge $35 and four issuers assess a $39 late fee. The average late fee charged by the top ten issuers in April 2001 was $29.60, compared to $36.50 in April 2004. However, unlike 2001, all of the top issuers now have tiered late fee structures, which provides some relief to consumers very, very low balances. Most issuers assess their highest tier late fee if your outstanding balance is more than $1,000... [read more at cardweb.com]

To learn how to reduce late fees as well as other fees associated with credit cards, read the SavingAdvice.com article Reducing Credit Card Fees

[Tree0164]

Re: Credit Card Late Fees Soar

I have one credit card Carecredit by GM that I know holds the checks to get them late fees. I have done them by online banking sending out the check two weeks in advance and they said it was late... boom a $35 late fee. Very frustrating...