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Late payment fees for consumer credit cards have finally broken the $30 barrier. Fleet Credit Card Services is assessing 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 CardWatch. Advanta charges a $35 fee for late payments as well as exceeding the credit limit. Fleet is continuing to assess a $29 fee for going over the credit limit. Industry wide late payment fees currently average $26.95 and over-limit fees currently average $25.87, according to CardData. The most commonly charged late and over-limit fee among major issuers is $29.
THE CARD FEE MARCH
LATE FEES OVER-LIMIT FEES
Oct 94 $12.44 $12.69
Oct 95 $12.95 $13.10
Oct 96 $13.86 $13.52
Oct 97 $19.10 $18.03
Oct 98 $21.58 $20.44
Oct 99 $25.04 $24.36
Oct 00 $26.95 $25.87
Source CardData (www.carddata.com)
