Roundup Of Various Credit Card Late Fees

“ConsumerMan” Herb Weisbaum over at MSNBC says that banks have messing around with their late fee structure lately—adding a third tier of pricing, raising fees, etc. Those of you with higher balances might be paying more if you’re late. We think that’s not cool, so we’re posting a round-up of current fees.

Discover: For billing periods after Oct. 1, the late fee will be $19 on balances up to $250 and $39 on balances over $250.

Chase: Added a third tier. It now charges $15 on balances up to $99.99, $29 on balances between $100 and $249.99, and $39 on balances over $250.

Bank of America: $15 on balances up to $100; $29 on balances over $100 up to $250; $39 on balances over $250

Amex: $19 on balances up to $400 and $38 on balances of $400 and over

Capital One: $19 on balances up to $100; $29 on balances of $100 up to $1,000; $39 on balances of $1,000 and over

Citibank: $15 on balances up to $100; $29 on balances of $100 up to $250; $39 on balances of $250 and over

Pay your bills on time. Late fees make the Consumerist cry.

Why are credit card rates still out of control? [MSNBC]


Edit Your Comment

  1. Murph1908 says:

    On the flip, I would applaud the effort to charge less of a late fee if you had less of a balance. It would suck to be charged a $39 late fee on a $20 balance.

    Then again, $39 seems extreme. And to have the highest tier start at around $250? Silly.

    But with online banking, I generally pay my cards off as soon as the charge posts. Charge it, earn the points, pay it. I make 2-6 payments on my primary card every month.

    I am waiting for the ‘multiple payment charge’ to be invented, to prevent people like me from avoiding racking up late charges and finance fees.

  2. qwickone says:

    @Murph1908: well that seems to eliminate a lot of the convenience of a credit card to me. I just have a reminder email sent 5 days before the bill is due. All of my credit card companies do that for me, so I’m never late.

  3. Buran says:

    “Why are credit card fees out of control?”

    Because Congress does nothing that the people want. It only cares what business wants.

  4. rwakelan says:

    @Murph1908: That means the cards don’t help your credit at all. Since you never have a balance to be billed, the cards report no use to the credit agencies…

  5. Squeezer99 says:

    what are these late fees you speak of?

    there’s no reason to have a late fee. yodlee moneycenter can email you before a bill is due, and most CC web sites will email you as well.

  6. NoWin says:

    @Buran: ….because the PEOPLE do not complain enough to their own Congress-persons; thus the 20% or so that vote can keep voting the same people in again and again and again….

    We have met the enemy, and he is us. (Pogo)

  7. Black Bellamy says:

    I’m on Team Evil Banker with this one.

    This is one fee you never ever have to pay. It’s completely voluntary. If you don’t like the fee, just pay your bill like you promised to do so.

    If I do have a beef, its that the fees aren’t high enough. If they were higher, then people would actually be more motivated to pay on time, instead of just being merely inconvenienced and thus continuing to be a profit center.

  8. UpsetPanda says:

    I got a notice from one of those companies saying they were raising their rates. Fine, whatever. My question is, why couldn’t they bundle this with their monthly bill? If one didn’t get billed in paper, I understand, but what if you do? Does it seem shady that they’d do it separately, perhaps knowing you might not read it fully if it wasn’t included in the same envelope as your bill?

  9. Canadian Impostor says:

    @rwakelan: What? That’s not how credit cards work at all.

  10. Buran says:

    @NoWin: I complain. All the time. The complaints are never acted on.

    They know what we want, and they don’t care.

  11. Myron says:

    If your bank offers online bill payment, set up recurring payments to all your active credit cards for an amount that will cover the minimum. Then make another payment for the balance when you get the bill.

    For instance, if your Citi card statement is cut on the 12th and is due the 19th of each month, set up an automatic payment of $50 sent to them each month on the 13th.

    With no more thought or effort on your part you will never again have a late payment fee.

  12. wring says:

    @Murph1908: i was beginning to think they eventually wouldn’t allow multiple payments each month :))

  13. FLConsumer says:

    “Don’t buy shit you can’t afford” — then you won’t have late fees either.

  14. Consumerist Moderator - ACAMBRAS says:

    Another consequence of paying late — if you have a “promotional” rate. Pay late, and you could see that 0% skyrocket to a “default rate” of 30% or more.

    This happened to me once — I called the company, freely admitted my screwup, and assured them that it wouldn’t happen again. The CSR restored my promotional rate and even got rid of the late charge. So if it ever happens to you, it’s worth a try to call — don’t expect to get more than one “mulligan,” though.