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Credit card late fees likely to keep climbing, CFPB says

March 29, 2022

The COVID-19 pandemic offered some relief when it came to the amount consumers forked over in credit card late fees, which account for more than half of the credit card market’s consumer fees, the CFPB report said. Prior to the start of the pandemic in 2020, total late fees had been rising steadily, peaking at $14 billion in 2019, per the CFPB.

JPMorgan Chase, American Express, Citicorp, Capital One and Bank of America were the biggest issuers of general purpose credit cards last year, according to a February ranking by industry research firm The Nilson Report based on 2021 purchase volumes.

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