What are the average fees on a credit card?

Late payment fees on a credit card cost $16 to $17 on average. Some late fees can be significantly higher than this.

Annual fees on a credit card range from zero to around $1,000. Many of the platinum and higher end credit cards with rewards programs attached have annual fees of hundreds of dollars per year.

If you are looking to switch credit cards, cancel your existing credit card account before the anniversary date, which is when most annual fees are charged so you won’t be charged for a full year's service.

Source: Herald Sun

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