Americans Shelled Out Billions in Card Fees In 2004
ARLINGTON, Va. - In a development which some credit union card issuers might incorporate into their card marketing programs, the nationwide move to higher credit card fees continued in 2004. Cardweb.com has reported that Americans shelled out billions in credit card fees last year. The site (http://www.cardweb.com) tracks credit card industry statistics and data. The site reported that, in 2004, consumers were charged $14.8 billion in penalty fees, specifically late payment fees and over-limit fees. Surprisingly, even though they are widely out of favor now, annual fees edged up from $3.4 billion to $3.5 billion, according to the site. It also reported that cash advance fees increased 9% from $5.6 billion to $6.1 billion.