Banking, finance, and taxes
Credit Card Issuers Show Growing Appetite for New Fees
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Fee income has become more important to banks as they try to boost revenues. In 2012 bank interest income totaled $67.1 billion, and that dropped to $65.4 billion in 2013 and stayed at that level in 2014. Fee income has risen from $82.5 billion in 2012 to $90.3 billion in 2014. The data were compiled by bank card advisory firm R.K. Hammer and reported in a report released Thursday by CreditCards.com, a wholly owned subsidiary of Bankrate.
Here are the most common fees:
The researchers expect credit card fees to stick around, and most likely increase in number, over the years. One possible new fee: a charge to redeem all those reward points you’ve been saving up. Don’t say you weren’t warned.
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