Credit Card Penalty Fees Fall

By on

From LowCards.com

A new report shows consumers paid $17.8 billion in penalty fees on their credit cards last year, an 8 percent decline from the $19.4 billion in 2011. Penalty fees reached $23.9 billion in 2009, but fell 6 percent in 2010 ($22.5 billion), 14 percent in 2011 ($19.4 billion) and now 8 percent in 2012.

Why? The CARD Act, legislation that capped late fees and blocked over-the-limit fees unless customers gave permission.

It’s saved consumers a lot of money, but lenders are resourceful and have come up with ways to make it up: watch out for fees on replacement cards, paper statements, inactive accounts and excessive customer service calls.

Sign up for our free newsletter

Like this article? Sign up for our newsletter and we'll send you a regular digest of our newest stories, full of money saving tips and advice, free! We'll also email you a PDF of Stacy Johnson's "205 Ways to Save Money" as soon as you've subscribed. It's full of great tips that'll help you save a ton of extra cash. It doesn't cost a dime, so why wait? Click here to sign up now.

Check out our hottest deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,077 more deals!

Comments & discussion

We welcome your opinions, but let’s keep it civil. Like many businesses, we reserve the right to refuse service to anyone. In our case, that means those who communicate by name-calling, racism, using words designed to hurt others or generally acting like an uninformed bully. Also, comments that include links to email addresses or commercial websites typically aren't posted. This isn't a place to advertise your business.