Average Credit Card Annual Fees 2019 - Elite Personal Finance
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Average Credit Card Annual Fees 2019

EPF August 8, 2019
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Annual fees are the most common form of credit card fees. They’re charged by issuers to access various perks, usually inherent with rewards credits cards. As expected, rewards cards have the highest annual fee, while business cards are a close second.

To present the most accurate depiction of annual credit card fees, we went directly to the source. We analyzed products from seven of the largest credit card issuers, then broke down our findings by issuer, type and on-aggregate.

Average Credit Card Annual Fees 2019: Statistics and Key Findings

  • American Express (65%) and Chase (62%) have the highest percentage of credit cards with an annual fee. All other issuers are below 40%.
  • American Express has the highest average ($256) and median ($195) annual credit card fee.
  • The American Express Platinum Card has the highest annual fee of all cards surveyed ($550).
  • Discover’s products have no annual fees and Wells Fargo only charges an annual fee for its secured credit card ($25).
  • In the all-rewards category, American Express (64%), Bank of America (45%) and Citigroup (42%) have the highest percentage of credit cards with an annual fee.
  • In the cash back category, Capital One has the highest percentage (38%). Bank of America and American Express ($95) have the highest average annual fee while Capital One ($95) has the highest median annual fee.
  • In the business category, Chase ranks first with 66% of its cards having an annual fee. American Express has the highest average ($244) and median ($195) annual fee.
  • In the low interest category, American Express is the only issuer that charges an annual fee. The Amex EveryDay Preferred Card and Blue Cash Preferred Card have an annual fee of $95.
  • In the secured category, Wells Fargo is the only issuer that charges an annual fee ($25).
  • The data shows that business cards are most likely to have an annual fee, while rewards cards are most likely to have the highest average and median annual fee.

Average Credit Card Annual Fees 2019: Charts, Graph, Analysis

American Express and Chase – at 65% and 62% respectively – have the highest percentage of credit cards with an annual fee. The other five issuers in our study are below 40%.

American Express also has the highest average annual fee at $256. Its Platinum Card has an annual fee of $550, while its Marriott Bonvoy, Hilton Honors and Delta Reserve Cards come with an annual fee of $450. Its Gold and Plum Cards come with an annual fee of $250, while its Platinum Delta SkyMiles Card has an annual fee of $195. Due to its top-heavy offering, American Express’ average annual fee is well above its competitors. However, five of American Express’ cards have an annual fee of $95 – which leads to a median annual fee of $195.

Citigroup suffers from a similar effect.

Its Citi Prestige and AAdvantage Executive World Elite MasterCard have an annual fee of $495 and $450 respectively. Lessening the impact of these two outliers, Citi’s median annual fee is $99.

Issuer:% Of Credit Cards With An Annual Fee:Average Credit Card Annual Fee:Median Credit Card Annual Fee:
American Express:65%$256$195
Chase:62%$120$95
Bank of America:39%$80$79
Citigroup:31%$248$99
Capital One:28%$84$95
Wells Fargo:14%$25$0
Discover:0%$0$0

– Calculated averages exclude cards without an annual fee

Calculated averages exclude cards without an annual fee

Conversely, Capital One’s average annual fee was biased downward by its QuicksilverOne Rewards Card. The credit card has an annual fee of $39, while the rest of its cards have an annual fee of $95.

For Chase, its Sapphire Reserve and United Club Card both have an annual fee of $450. Its Southwest Rapid Rewards Priority Card has an annual fee of $149, while its Business version has an annual fee of $199. However, 14 of Chase’s 18 cards have an annual fee of less than $100. As well, the median is $95.

For Wells Fargo, only its secured card has an annual fee ($25). And in a league of its own, Discover does not charge annual fees for any of its credit cards.

Average Credit Card Annual Fee By Type And Issuer

In the all-rewards category, the average and median figures are identical to the consolidated results above. American Express continues to have the highest percentage of credit cards with an annual fee, however, the number is slightly less at 64%. Unlike above though, Bank of America and Citigroup move into second and third at 45% and 42% respectively.

In the cash back category, Capital One leads the way as 38% of its credit cards have an annual fee. Bank of America and American Express have the highest average annual fee at $95, while Capital One has the highest median annual fee at $95.

Bank of America:Citigroup:Capital One:American Express:
All Rewards:% = 45
Average = $80
Median = $79
% = 42
Average = $248
Median = $99
% = 31
Average = $84
Median = $95
% = 64
Average = $256
Median = $195
Cash Back:% = 17
Average = $95
Median = $0
% = 0
Average = $0
Median = $0
% = 38
Average = $76
Median = $95
% = 33
Average = $95
Median = $47.5
Business:% = 40
Average = $65
Median = $0
% = 50
Average = $99
Median = $49.5
% = 33
Average = $95
Median = $0
% = 64
Average = $244
Median = $195
Low Interest:% = 0
Average = $0
Median = $0
% = 0
Average = $0
Median = $0
% = 0
Average = $0
Median = $0
% = 40
Average = $95
Median = $0
Secured:% = 0
Average = $0
Median = $0
% = 0
Average = $0
Median = $0
% = 0
Average = $0
Median = $0
Doesn’t Offer Secured Cards

Average Credit Card Annual Fee By Type And Issuer - Capital One

Average Credit Card Annual Fee By Type And Issuer - American Express

Chase:Wells Fargo:Discover:
All Rewards:% = 31
Average = $120
Median = $95
% = 0
Average = $0
Median = $0
% = 0
Average = $0
Median = $0
Cash Back:% = 0
Average = $0
Median = $0
% = 0
Average = $0
Median = $0
% = 0
Average = $0
Median = $0
Business:% = 66
Average = $122
Median = $97
% = 0
Average = $0
Median = $0
% = 0
Average = $0
Median = $0
Low Interest:% = 0
Average = $0
Median = $0
% = 0
Average = $0
Median = $0
% = 0
Average = $0
Median = $0
Secured:Doesn’t Offer Secured Cards% = 100
Average = $25
Median = $25
% = 0
Average = $0
Median = $0

Wells Fargo & Discover

Wells Fargo & Discover

For the business category, Chase – at 66% – has the highest percentage of credit cards with an annual fee. American Express has the highest average and median annual fee at $244 and $195 respectively.

In the low interest category, American Express is the only issuer that charges an annual fee. With its lowest APRs ranging from 14.99% to 25.99%, its EveryDay Preferred Card and Blue Cash Preferred Card both have an annual fee of $95.

In the secured category, six of our seven issuers either charge no annual fees or don’t offer secured cards. Only Wells Fargo has an annual fee of $25.

Across All Issuers And Types

The numbers below represent the average percentage, average annual fee and median annual fee across all of the institutions in our study:

Card Type:Average % Of Credit Cards With An Annual Fee:Average Credit Card Annual Fee:Median Credit Card Annual Fee:
Business:36%$125$0
All Rewards:31%$158$95
Cash Back:13%$89$0
Low Interest:6%$95$0
Secured:6%$25$0

– Calculated averages exclude cards without an annual fee

As you can see, business cards are most likely to have an annual fee, while rewards cards are most likely to have the highest average and median annual fee.

How We Conducted The Study

To gather the data, we went to seven of the largest credit card issuer’s websites and analyzed their products. We then broke down the findings by issuer, type and on-aggregate.

Sources:

American Express

Chase

Bank of America

Citigroup

Capital One

Wells Fargo

Discover

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