Payment Card News

Late Fees Slow

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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)

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