A number of banks are raising their credit card fees to help offset a rise in delinquencies and charge–offs.
Wells Fargo has increased its late fees and cash advance fees. Chase has put a $120 dollar yearly fee on some cards with low interest rates and American Express has raised its late fee for some business cards.
A bank industry consultant estimates banks will reap a record 20.5 billion dollars in penalty fees this year.
That consultant says banks are not going to watch their costs go up and take no action.