Some credit cards don't charge an annual fee, but it is estimated that one in seven costs between $5 and $450 per year. Paying such a price when free options are available might seem like a bad idea, but when the perks of each account are considered, you could actually end up saving money.
The average fee for a credit card is about $50 - not something that many people would choose. The industry gains, too. Robert Hammer, the chairman and founder of credit card consulting and research firm, R. K. Hammer, says that annual income from credit card fees is around $11.8 billion. "The trend has been toward offering consumers more and charging them more annual fees as a result," Hammer says, adding that "the better the product, the more it's going to cost."
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