Credit card annual fees go up

Fees on credit cards are changing as new consumer credit protection laws kick in this year.

Credit card late payment and over-limit penalty fees have gone down but other credit card fees have gone up in recent years. In 2008, the average annual credit card fee (out of all cards that charge a fee) was $78.52 and now it’s $92.45.

The number of credit cards charging an annual fee has also increased. Three years ago, more than a quarter (28 per cent) of credit cards being offered to Australian consumers charged no annual fee. Now just 31 credit cards (13 per cent) have no annual fee.

Another 18 credit cards waive the annual fee if the cardholder meets a minimum spend each month, usually $1,000.

Source: Sunday Mail