June 21, 2006

 

Credit Card Late Fees Average $35, Over-the-Limit Fees Top $32

Penalties for misusing a credit card can be steep, with the average credit card late fee at $35 and the average over-the-limit fee at $32.24, according to a new IndexCreditCards.com tracking report.

It takes just one false move to get hit,” says Justin McHenry, Research Director for IndexCreditCards.com. “To put these numbers in perspective, the $35 average late fee is roughly equivalent to the monthly finance charge you’d pay if you carried a $2,100 balance at 14% interest — in other words, fairly steep.

“Over-the-limit fees aren’t quite as high, but to many cardholders, they’re even more galling, the logic being that a card should simply be rejected if it hits the limit. Instead, it may or may not be rejected, but the fee will always be applied.”

To read the full article click here.

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