Average Credit Card Late Fee $35, Over-The-Limit Fee $32.24
Our twice-yearly check on average credit card late fees and over-the-limit fees shows no change since the middle of 2006. The average credit card late fee remains at an even $35, while over-the-limit fees check in at $32.24. Using data from a cross-section of major and minor card issuers, IndexCreditCards.com found that late and over-the-limit fees ranged from $0 to $39. However, most nationwide issuers charged between $29 and $39 in both categories.
As a frame of reference, 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.
While over-the-limit fees aren’t quite as high, many cardholders find them more galling, as logic would suggest that a card would simply be rejected if it hits the limit. Instead, it may or may not be rejected, but the fee will always be applied.
IndexCreditCards.com surveys the terms and conditions of a cross-section of cards every six months to determine the average fees listed here. The next update of these numbers will take place in July of 2007.
