Credit Card Penalty Fees Fall

Credit Card Penalty Fees Fall Photo (cc) by 401(K) 2013

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.

Popular Articles

These 6 Lifestyle Changes Might Help Prevent Dementia
These 6 Lifestyle Changes Might Help Prevent Dementia

Science says these practices can lower the risk of cognitive decline as we age.

10 Food Staples That Are Easy and Cheap to Make Yourself
10 Food Staples That Are Easy and Cheap to Make Yourself

Making any of these key foods yourself will improve your meals and your budget — not to mention your health, in some cases.

12 ‘Disposable’ Items You Should Reuse Rather Than Throw Away
12 ‘Disposable’ Items You Should Reuse Rather Than Throw Away

Are you throwing away money? Before tossing these items that are considered disposable, consider how to give them new purpose.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments