Credit card late payment fees: What do they cost?

The High Court has dismissed, with costs, the proceedings of Paciocco & Anor v Australia and New Zealand Banking Group Limited, which was a court case to determine whether $35 credit card late payment fees were excessive.

In what will no doubt be a relief for financial institutions and a disappointment to some customers, the High Court, by majority, has dismissed two appeals from the Full Court of the Federal Court of Australia in relation to late payment fees charged by ANZ Bank, upholding a decision that ANZ Bank was entitled to charge late payment fees on their credit cards of up to $35.

$35 late payment fee for paying a bill late? Yes, it does happen.

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What are credit card late payment fees?

A credit card late payment fee is a fee charged by your bank if you fail to pay the minimum payment on your credit card, as outlined on your credit card statement, by the due date. While some banks will provide a day or two of leeway, many have a hard and fast date due rule.

Currently, looking at the credit cards on CANSTAR’s database, credit card late payment fees can range from $0 up to $35, with the number of cards charging a late payment fee at various levels as follows:

Source: Canstar. Based on credit cards listed on Canstar database in July 2016

What late payment fee does my credit card charge?

Based on the information provided by credit card issuers to CANSTAR, the late payment fees charged by various credit cards as at June 2016 is as follows:

$35 late payment fee

B&E Personal Banking Visa Credit Card 35
Jetstar MasterCard 35
Jetstar Platinum MasterCard 35
Macquarie Bank Black Card 35
Macquarie Bank Hilton HHonors Platinum Card 35
Macquarie Bank Platinum Card 35
Macquarie Bank RateSaver Card 35
Woolworths Everyday Platinum Credit Card 35
Woolworths Qantas Platinum Credit Card 35

$25 – $30 late payment fee

American Express David Jones Card 30
American Express David Jones Platinum Card 30
American Express Essential Credit Card 30
American Express Low Rate Credit Card 30
American Express Platinum Edge Credit Card 30
American Express Qantas Discovery Card 30
American Express Qantas Premium Card 30
American Express Qantas Ultimate Card 30
American Express Velocity Escape Card 30
American Express Velocity Platinum Card 30
Diners Club Australia Frequent Flyer Dual Card 30
Diners Club Australia Frequent Flyers Club Card 30
Diners Club Australia Personal Card 30
Diners Club Australia Personal Dual Card 30
HSBC Credit Card 30
HSBC Platinum Credit Card 30
HSBC Platinum Qantas Credit Card 30
SERVICE ONE Alliance Bank Home Loan Visa 30
SERVICE ONE Alliance Bank Visa 30
Bankwest Breeze Gold MasterCard 25
Bankwest Breeze MasterCard 25
Bankwest Breeze Platinum MasterCard 25
Bankwest More Gold MasterCard 25
Bankwest More MasterCard 25
Bankwest More Platinum MasterCard 25
Bankwest Qantas Classic MasterCard 25
Bankwest Qantas Gold MasterCard 25
Bankwest Qantas Platinum MasterCard 25
Bankwest Zero Gold MasterCard 25
Bankwest Zero MasterCard 25
Bankwest Zero Platinum MasterCard 25
Coastline Credit Union Visa Rewarder 25
Community First CU Low Rate Visa Cred Card 25
Community First CU McGrath Pink Visa Card 25
ECU Australia Low Rate Visa Credit Card 25
SCU Low Rate Visa Credit Card 25

 

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$15 – $20 late payment fee

ANZ Frequent Flyer 20
ANZ Frequent Flyer Black 20
ANZ Frequent Flyer Platinum 20
ANZ Low Rate 20
ANZ Low Rate Platinum 20
ANZ Rewards 20
ANZ Rewards Black 20
ANZ Rewards Platinum 20
Coles Low Rate Mastercard 20
Coles Low Rate Platinum MasterCard 20
Coles No Annual Fee MasterCard 20
Coles No Annual Fee Platinum MasterCard 20
Coles Rewards MasterCard 20
Coles Rewards Platinum MasterCard 20
Commonwealth Bank Diamond Awards 20
Commonwealth Bank Gold Awards 20
Commonwealth Bank Low Fee Gold MasterCard 20
Commonwealth Bank Low Fee MasterCard 20
Commonwealth Bank Low Rate Gold MasterCard 20
Commonwealth Bank Low Rate MasterCard 20
Commonwealth Bank Platinum Awards 20
Commonwealth Bank Standard Awards 20
Defence Bank True Blue Credit Card 20
Heritage Bank Classic 20
Heritage Bank Gold Low Rate 20
Heritage Bank Platinum 20
Hume Bank Clear 20
Hume Bank Value 20
Intech Credit Union Titanium Visa 55 20
Latitude Financial Services 28 Degrees Platinum MasterCard 20
Latitude Financial Services Gem Visa 20
Latitude Financial Services GO MasterCard 20
Latitude Financial Services MasterCard 20
Victoria Teachers Mutual Bank Visa Classic Credit Card 20
Victoria Teachers Mutual Bank Visa Platinum Credit Card 20
Bank Australia Low Rate Visa CreditCard 15
Bank Australia Visa Credit Card 15
Bendigo Bank Basic Black MasterCard 15
Bendigo Bank Basic Black Visa 15
Bendigo Bank Platinum Visa 15
Bendigo Bank Ready Red MasterCard 15
Bendigo Bank Ready Red Visa 15
Bendigo Bank RSPCA Rescue Rewards 15
Bendigo Bank RSPCA Rescue Visa 15
Encompass Credit Union Visa Credit Card 15

 

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$10 or less late payment  fee

Auswide Bank Low Rate MasterCard 10
Auswide Bank Platinum MasterCard 10
BOQ Blue Visa 10
BOQ Low Rate Visa Card 10
BOQ Platinum Visa 10
Citi Classic Card 10
Citi Clear Platinum Visa 10
Citi Emirates World MasterCard 10
Citi Platinum 10
Citi Prestige 10
Citi Qantas Signature 10
Citi Signature Rewards 10
CU MasterCard – Generic Low Rate MasterCard 10
CU MasterCard – Generic Platinum MasterCard 10
CUA Low Rate MasterCard 10
CUA Platinum MasterCard 10
IMB Low Rate MasterCard 10
IMB Platinum MasterCard 10
ME Bank frank credit card 10
MyState Low Rate MasterCard 10
MyState Platinum MasterCard 10
Police Bank Visa Credit Card 10
QT Mutual Bank Low Rate MasterCard 10
QT Mutual Bank Platinum MyCard 10
Queenslanders CU Low Rate MyCard 10
Queenslanders CU Platinum MyCard 10
Suncorp Bank Gold Card 10
Suncorp Bank Platinum Card 10
Suncorp Bank Standard Card 10
Teachers Mutual Bank Teachers Credit Card 10
UniBank Visa Credit Card 10
Virgin Money No Annual Fee Credit Card 10
Virgin Money Virgin Aust Velocity Flyer Card 10
Virgin Money VirginAust Velocity High Flyer Card 10
Your Credit Union Low Rate MasterCard 10
Your Credit Union Platinum MasterCard 10
Bank of Melbourne Amplify Classic 9
Bank of Melbourne Amplify Platinum 9
Bank of Melbourne Amplify Signature 9
Bank of Melbourne No Annual Fee Visa 9
Bank of Melbourne Vertigo Platinum 9
Bank of Melbourne Vertigo Visa 9
BankSA Amplify Classic 9
BankSA Amplify Platinum 9
BankSA Amplify Signature 9
BankSA No Annual Fee Visa 9
BankSA Vertigo Platinum 9
BankSA Vertigo Visa 9
BankVic Visa Gold credit card 9
BankVic Visa Silver credit card 9
Holiday Coast CU Light Visa Credit Card 9
NAB flybuys Rewards Card 9
NAB Low Fee Visa Card 9
NAB Low Rate Card 9
NAB Premium MasterCard 9
NAB Premium Visa Card 9
NAB Qantas Rewards Card 9
NAB Qantas Rewards Premium Card 9
NAB Velocity Rewards Card 9
NAB Velocity Rewards Premium Card 9
St.George Bank Amplify Classic 9
St.George Bank Amplify Platinum 9
St.George Bank Amplify Signature 9
St.George Bank No Annual Fee Visa 9
St.George Bank Vertigo Platinum 9
St.George Bank Vertigo Visa 9
Westpac 55 Day Classic 9
Westpac 55 Day Platinum 9
Westpac Altitude 9
Westpac Altitude Black 9
Westpac Altitude Platinum 9
Westpac Low Rate Visa Card 9
Westpac Student Visa Card 9
Qld Police Credit Union Bluey Card 8
Qld Police Credit Union Bluey Rewarder Card 8
ANZ Balance Visa 6
Big Sky Building Society Cash Rewards Visa Card 5
Big Sky Building Society Low Rate Visa Card 5
Newcastle Permanent Value+ Credit Card 5
P&N Bank & Visa Platinum 5
P&N Bank Classic Visa 5
P&N Bank Visa Platinum 5

 

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No late payment fee

Australian Military Bank Low Rate Visa Card 0
Bank Australia Platinum Rewards Visa Credit Card 0
bcu Classic Visa Card 0
bcu Rewarder Visa Card 0
Beyond Bank Low Rate Visa Credit Card 0
Citi Simplicity 0
First Option Credit Union Cash Rewards Visa Credit Card 0
First Option Credit Union Low Rate Visa Credit Card 0
First Option Credit Union Smart Start Credit Card (18-24yrs) 0
G&C Mutual Bank Low Rate Visa Credit Card 0
G&C Mutual Bank Platinum Visa Credit Card 0
Greater Building Society Credit Card 0
Hunter United Visa Credit Card 0
Hunter United Visa Credit Card – Home Loan Bwrs 0
Macquarie Credit Union Visa Credit Card 0
Northern Inland CU Visa Credit Card 0
People’s Choice Credit Union Visa Credit Card 0
Quay Credit Union Visa Credit Card 0
Qudos Bank Visa Platinum Credit Card 0
Select Credit Union Visa Credit Card 0
Summerland CU Low Rate Card 0
Summerland CU Rewards Card 0
Woolworths Employees CU Visa Credit Card 0

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