Income from fees credit card issuers charged for late payments and going over credit limits in 2014 hit their lowest levels since 2009, according to card consultancy R.K. Hammer.
Penalty fees, which included late fees, over limit fees, fees for insufficient funds and currency conversion hit a high of $22.9 billion industry wide in 2009 before falling to $22.5 billion in 2010 and every year since until hitting $11.7 billion in 2014, the Thousand Oaks, Calif.-based firm said.
Robert Hammer, R. K. Hammer company founder and CEO, attributed the drop to increased regulations and said the search for fee income continues at most card issuers.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
