Credit Card Late Fees Average $34.09, Over-the-Limit Fees Average $36.53
Our latest survey of credit card fees finds the average credit card late fee at $34.09, while the average over-the-limit fee is $36.53. 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, with certain smaller issuers a bit more lenient.
As a frame of reference, a $34.09 average late fee is roughly equivalent to the monthly finance charge you’d pay if you carried a $2,900 balance at 14% interest.
Over-the-limit fees are even higher, and many cardholders find them even more galling, as logic would suggest that a card would simply be rejected if it hits the limit. Instead, most card issuers allow you to go over your limit, but then charge you a fee for doing so.
Many credit issuers use a “tier” system in assessing fees. For example, your late fee may be $15 if you have a balance of less than $100, $29 if the balance is less than $250, and $39 for balances beyond that. IndexCreditCards.com attempts to take into consideration these fee tiers when calculating the average fees listed here.
IndexCreditCards.com surveys the terms and conditions of a cross-section of cards every six months to determine these average fees.
-
1.Discover® More Card - 0% APR on balance transfers for 12 months & 6 months on purchases, 5% cashback bonus in popular categories, up to 1% cashback bonus on all other purchases
-
2.Chase Freedom Card - 0% Intro APR and no Annual Fee, 5% bonus cash back in popular categories , 1% cash bank on everything else
-
3.Citi® Platinum Select® MasterCard® - 0% on purchases & balance transfers for Up to 18 months, APR as low as 9.99% variable. $30 statement credit.
-
4.Blue Cash® from American Express - Earn up to 5% cash back on gas, groceries and drug store purchases, and up to 1.5% back on all other purchases, no annual fee, fast approval under 60 seconds
-
5. -
6.American Express® Gold Card - 10,000 American Express Membership Rewards bonus points when you use the card for at least $500 in purchases within the first 3 months.
-
7.TrueEarnings® Business Card from Costco & American Express - 4% cash back for annual gas purchases up to $6,000, 3% restaurants, 2% travel, 1% everywhere else, 0% APR on purchases for first 6 months
