on purchases, it’s supposed to prevent businesses from hiding extra fees, often until the end of transactions. Unfortunately, California’s new law isn’t enough and Federal junk fee regulations so far have focused on concert ticketing, housing and airline fees. Excluding credit card companies when consumers are drowning in credit card debt — due in large part to bank fees — is a massive oversight.
The report found that subprime credit cards for consumers with low credit scores are by far the worst for charging borrowers additional junk fees, costing consumers $11.5 billion a year in fees, including annual percentage rates, subscription fees, late fees, fast payment processing fees, application fees, monthly maintenance fees, new card fees and ATM fees. are the second-most costly option, totaling roughly $6 billion in additional fees.
As consumers become more aware of junk fees and the true total cost to borrow, they are more likely to take action and make better informed decisions.
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