Credit Card Base

When it comes to credit cards while there has not been as much commotion from many of the changes that have occurred within the past couple of months, one that seems to still be talked about quite a bit is that of late fees.

As late fees have increased over the last couple of years, many people are unaware of how much they differ from each issuer. According to a study performed by Bankrate.com many of these fees fall into the $5 to $40 range with the highest in 2009 being a whopping $38.50.  While late fees may seem like a “one size fits all” approach that is defiantly not the case as it depends on the financial institution to determine not only how much is charged but when these fees actually go into effect. For example, while some have flat fees regardless of the amount owed or how late it is, others have the fee tied to tiered structure. Also there are a few that allow a grace period after the amount is due before they add the fee for it being late.

While many experts are expecting fees to increase over the next couple of months to help offset some loses due to the CARD Act, it is now more essential than ever to make sure payments are made on time. While in the past there was nothing more than a mailed statement and hopes of remembering, issuers today give cardholders many more ways to help you remember and pay well in advance. Not only that, as stated in a post entitled “More Than Just Statements and Bill Pay” there is so much more.
 

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