How Are Your Credit Cards?

In its 2005 credit card survey, the San Francisco-based nonprofit
advocacy group Consumer Action examined the pricing policies of 146
cards from 47 issuers. Here are some findings which might interest you:

Annual Fees: The majority of cards (68 percent) don't charge annual
fees. Of those that do, the average is $43.27.
Late fees: About 95% of cards carry late fees. The average late fee is
$27.46.
Penalty Rate: 79% of issuers impose a penalty rate when cardholders
are late with their payments. The average penalty rate has gone up to
24.23%, from 21.91 percent in 2004.
Over-the-limit fees: Again, 95% of cards have them and the average is
$30.18, with a high of $39.
Bounced check fees: If your payment check bounces, 89% of banks
surveyed will charge you an average fee of $28.61, with a high of $38.
Universal Default Rates: Even though you have a perfect record with
a credit card company, your rate may get jacked up because something
happened in another area of your financial life (like falling credit score,
late payment on a loan or other obligation, bouncing a payment check on
another account, too much debt, too much available credit, getting a new
credit card, or even inquiring about a car loan or mortgage). You get to
pay what is called universal default rate. About 45% of card issuers
impose a universal default rate. The rates can be as high as 35% (at
Merrick Bank). The 2nd highest rate of 29.99 percent is imposed by
Citibank, Bank of America and Providian.
Rewards: When it comes to rewards – e.g., airline miles, cash back,
points for merchandise or gasoline -- the number of cards offering them
has increased to 36% from 23% last year.