Payment Card News

Late Fees

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Fees for making a late payment on a bank credit card have remained at their peak of $39. However, average late fees were up 4% at mid-year as more smaller issuers hiked their fees. Over the past three years late fees have increased 12%. Since 1993, late fees have risen by 194%, nearly tripling. Last year, the increase in late payment fees slowed to its lowest level in more than a decade. Last year, the average late payment fee was $32.61, up 3.7% over 2003. Four of the nation’s top ten issuers charge a $39 late fee, while the other six charge $35. The largest single year gain in late fees occurred during 1997, when average fees rose from $14.21 to $19.24, a 35.4% increase, according to CardData (“www.carddata.com”:www.carddata.com).

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|_2. LATE FEE HISTORICAL |
|_. Year | Average |
|_. 1993:| $11.41 |
|_. 1996:| $13.36 |
|_. 1999:| $24.02 |
|_. 2002:| $29.90 |
|_. 2005:| $33.57 |
|_2. (June of each year listed) |
|_2. Source: CardData (www.carddata.com) |

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