Average Credit Card Annual Fees 2022

ElitePersonalFinance
Last Update: January 20, 2022 Studies
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After combing through data from some of the largest credit card issuers in America, we found that the average U.S. credit card annual fee is $178, and the median U.S. credit card annual fee is $95. Moreover, after analyzing more than 100 consumer credit cards across seven financial institutions, we found that roughly 38% of U.S. credit cards have annual fees.

For context, our average and median statistics only include credit cards that have annual fees. As a result, cards without annual fees are excluded from the calculations.

Financial Institution: Average Annual Fee: Median Annual Fee: % With Annual Fee:
American Express $289 $250 65%
Citigroup $215 $99 25%
Capital One $156 $95 19%
Chase $152 $95 65%
Bank of America $77 $77 25%
Discover $0 $0 0%
Wells Fargo $0 $0 0%
U.S. Total $178 $95 38%

Average Credit Card Annual Fee 2022: Statistics and Key Findings

National Statistics:

The average U.S. credit card annual fee is $178, and the median U.S. credit card annual fee is $95. Moreover, after analyzing more than 100 consumer credit cards across seven financial institutions, we found that roughly 38% of U.S. credit cards have annual fees.

By Institution:

American Express ($289) has the highest average credit card annual fee. In contrast, Discover and Wells Fargo ($0) have the lowest average credit card annual fee.

American Express ($250) also has the highest median credit card annual fee and ties for having the highest percentage (65%) of its credit cards with a yearly fee. Conversely, Discover and Wells Fargo remain at the bottom, with $0 and 0% metrics, respectively.

Citigroup ($215) has the second-highest average credit card annual fee among candidates on our list. Despite that, its average has declined by 13% since our last study.

Capital One and Chase have seen their average credit card annual fees increase by 86% and 27%, respectively, since our previous study.

For Business:

The average U.S. credit card annual fee is $135, and the median U.S. credit card annual fee is $111. Moreover, 49% of business credit cards available have a yearly fee.

American Express ($273) has the highest average credit card annual fee, while Discover ($0) has the lowest.

As a percentage of their total offerings, Chase (71%) reigns supreme, with nearly three-quarters of its business cards coming with an annual fee. Conversely, and excluding Discover, Bank of America ($50) has the lowest average credit card annual fee, and only 20% of its available business cards incur a yearly fee.

For College Students:

Discover, Bank of America, and Capital One earmark 29%, 25%, and 14% of their total available consumer credit cards specifically for students.

All of the candidates in our study provide no-fee credit cards.

For Cash Back Cards:

The annual fees embedded within Capital One’s ($39 and $95) and American Express’ ($95) cash-back credit cards are near the mid-to-low ends of their overall consolidated averages.

Only five have a yearly fee of 54 credit cards in our study.

For Travel Rewards Cards:

American Express ($332) has the highest average credit card annual fee in the travel rewards category, while Capital One ($245) and Citigroup ($215) rank second and third.

The travel rewards category includes credit cards with the highest annual fees. For example, Chase (2), American Express (4), Citigroup (1), and Capital One (1) all offer credit cards with annual fees that are near or exceed $400.

By Credit Score:

Your credit score has little impact on your credit card’s annual fee.

However, Americans with excellent credit can qualify for APRs as low as 14.99%. Conversely, at Capital One, Americans with good credit receive APRs of 26.99%.

Average Credit Card Annual Fee 2022: Charts, Graph, Analysis

Average Credit Card Annual Fee by Institution

When breaking down the data by institution, we found that American Express ($289) has the highest average credit card annual fee. In contrast, Discover and Wells Fargo ($0) have the lowest average credit card annual fee.

Likewise, American Express ($250) also has the highest median credit card annual fee and ties for having the highest percentage (65%) of its credit cards with a yearly fee. Conversely, Discover and Wells Fargo remain at the bottom, with $0 and 0% metrics, respectively.

Also noteworthy, we found that Chase (26) and Capital One (21) have the highest number of credit cards within the overall basket. And whether it’s fee-paying cards or no-fee cards, the pair combine to offer 46% of the consolidated consumer credit cards available.

Even more interesting, Capital One and Chase have seen their average credit card annual fees increase by 86% and 27%, respectively, since our previous study. However, their median credit card annual fees have remained constant at $95. And as for the former, Capital One’s percentage of credit cards with a yearly fee has declined from 28% of total cards available to 19%. On the flip side, Chase’s percentage of credit cards with an annual fee has increased from 62% of total cards outstanding to 65%.

Chase: Fee: Capital One: Fee:
Chase Sapphire Reserve $550 Capital One Venture X Rewards $395
United Club Infinite $525 Capital One Venture Rewards $95
United Quest $250 Capital One Savor Rewards $95
Southwest Rapid Rewards Priority $149 Capital One QuicksilverOne Rewards $39
Southwest Rapid Rewards Premier $99 Capital One Platinum $0
Chase Sapphire Preferred $95 Capital One VentureOne Rewards $0
United Explorer $95 Capital One VentureOne Rewards for Good Credit $0
Aeroplan $95 Capital One Quicksilver Rewards $0
British Airways Visa Signature $95 Capital One Quicksilver Rewards for Good Credit $0
Aer Lingus Visa Signature $95 Capital One SavorOne Rewards $0
Iberia Visa Signature $95 Capital One SavorOne Rewards for Good Credit $0
Marriott Bonvoy Boundless $95 Capital One SavorOne Rewards for Students $0
World of Hyatt $95 Capital One Quicksilver Rewards for Students $0
IHG Rewards Club Premier $89 Capital One Journey Student Rewards $0
Southwest Rapid Rewards Plus $69 Capital One Quicksilver Secured Rewards $0
Disney Premier Visa $49 Capital One Platinum Secured $0
Starbucks Rewards Visa $49 Capital One Walmart Rewards $0
Chase Freedom Unlimited $0 Pottery Barn Key Rewards Visa $0
Chase Freedom Flex $0 Williams Sonoma Key Rewards Visa $0
Chase Freedom Student $0 West Elm Key Rewards Visa $0
Chase Slate Edge $0 The Key Rewards Visa $0
United Gateway $0
Marriott Bonvoy Bold $0
Disney Visa $0
IHG Rewards Club Traveler $0
Amazon Prime Rewards $0
Average Annual Fee $152 Average Annual Fee $156
Median Annual Fee $95 Median Annual Fee $95
% With Annual Fee 65% % With Annual Fee 19%

On top of that, while American Express wins the race for the highest average credit card annual fee in the U.S., the issuer has seen its average fee increase by 13% since our previous study — the third-highest percentage among all candidates. Conversely, Bank of America’s average credit card annual fee ($77) has decreased by 4% since our last study. As a result, its percentage of credit cards with a yearly fee has declined from 39% of total cards available to 25%.

American Express: Fee: Bank of America: Fee:
American Express Platinum $695 Bank of America Premium Rewards $95
Delta SkyMiles Reserve $550 Free Spirit Travel More World Elite $79
Marriott Bonvoy Brilliant $450 Alaska Airlines Visa $75
Hilton Honors Aspire $450 Allegiant World $59
American Express Gold $250 Bank of America Customized Cash Rewards $0
Delta SkyMiles Platinum $250 Bank of America Unlimited Cash Rewards $0
American Express Green $150 BankAmericard $0
Delta SkyMiles Gold $99 Bank of America Travel Rewards $0
Blue Cash Preferred $95 Customized Cash Rewards for Students $0
Hilton Honors Surpass $95 Unlimited Cash Rewards for Students $0
Amex EveryDay Preferred $95 BankAmericard for Students $0
Blue Cash Everyday $0 Travel Rewards for Students $0
Cash Magnet $0 Customized Cash Rewards Secured $0
Hilton Honors $0 Unlimited Cash Rewards Secured $0
Amex EveryDay $0 BankAmericard Secured $0
Delta SkyMiles Blue $0 Susan G. Komen Customized Cash Rewards $0
Blue from American Express $0
Average Annual Fee $289 Average Annual Fee $77
Median Annual Fee $250 Median Annual Fee $77
% With Annual Fee 65% % With Annual Fee 25%

Finally, while Discover and Wells Fargo have scrapped their fees altogether, Citigroup ($215) has the second-highest average credit card annual fee among candidates on our list. Despite that, its average has declined by 13% since our last study. Moreover, the lender’s percentage of credit cards with an annual fee has dipped from 31% of total cards available to 25%.

Citigroup: Fee: Discover: Fee: Wells Fargo: Fee:
Executive World Elite $450 Discover Cash Back $0 Wells Fargo Active Cash $0
Platinum Select World Elite $99 Discover Travel $0 Wells Fargo Reflect $0
Citi Premier $95 Discover Secured $0 Hotels.com Rewards $0
Citi Custom Cash $0 Student Chrome $0
Citi Diamond Preferred $0 Student Cash Back $0
Costco Anywhere Visa $0 Gas & Restaurants Card $0
Citi Double Cash $0 NHL Edition $0
Citi Rewards+ $0
Citi Simplicity $0
Citi Secured $0
American Airlines MileUp $0
AT&T Access Credit $0
Average Annual Fee $215 Average Annual Fee $0 Average Annual Fee $0
Median Annual Fee $99 Median Annual Fee $0 Median Annual Fee $0
% With Annual Fee 25% % With Annual Fee 0% % With Annual Fee 0%

Average Credit Card Annual Fee for Business

When analyzing another 39 business credit cards, we found that the average U.S. credit card annual fee is $135, and the median U.S. credit card annual fee is $111. Moreover, 49% of business credit cards available have a yearly fee.

In addition, American Express ($273) has the highest average credit card annual fee, while Discover ($0) has the lowest. And as a percentage of their total offerings, Chase (71%) reigns supreme, with nearly three-quarters of its business cards coming with an annual fee. Conversely, and excluding Discover, Bank of America ($50) has the lowest average credit card annual fee, and only 20% of its available business cards incur a yearly fee.

Financial Institution: Average Annual Fee: Median Annual Fee: % With Annual Fee:
American Express $273 $250 64%
Chase $138 $99 71%
Wells Fargo $125 $125 33%
Capital One $123 $123 29%
Citigroup $99 $99 50%
Bank of America $50 $50 20%
Discover $0 $0 0%
U.S. Total $135 $111 49%

Furthermore, American Express (14) has the widest selection of business credit cards available. And American Express ($695) is home to the card with the highest annual fee, while all seven financial institutions offer at least one credit card at no cost. For context, American Express’ priciest business card is currently $595. However, the rate increases to $695 for applications received on or after Jan. 13, 2022.

American Express Business Credit Cards: Annual Fee:
Business Platinum $695
Delta SkyMiles Reserve Business $550
Business Gold $295
Plum $250
Delta SkyMiles Platinum Business $250
Marriott Bonvoy Business $125
Delta SkyMiles Gold Business $99
Business Green Rewards $95
Hilton Honors Business $95
Blue Business Cash $0
Blue Business Plus $0
Amazon Business Prime $0
Amazon Business $0
Lowe’s Business Rewards $0
Chase Business Credit Cards  
World of Hyatt Business $199
Southwest Rapid Rewards Performance Business $199
United Business $99
Southwest Rapid Rewards Premier Business $99
Ink Business Preferred $95
Ink Business Unlimited $0
Ink Business Cash $0
Capital One Business Credit Cards  
Capital One Spark Cash Plus $150
Capital One Spark Miles $95
Capital One Spark Cash Select  – Excellent Credit $0
Capital One Spark Cash Select  – Good Credit $0
Capital One Spark Classic $0
Capital One Spark Miles Select $0
CLUB Business $0
Bank of America Business Credit Cards  
Alaska Airlines Business $50
Business Advantage Customized Cash Rewards $0
Business Advantage Unlimited Cash Rewards $0
Business Advantage Travel Rewards $0
Platinum Plus  Business $0
Wells Fargo Business Credit Cards  
Wells Fargo Business Elite Signature $125
Wells Fargo Business Platinum $0
Wells Fargo Business Secured $0
Citigroup Business Credit Cards  
CitiBusiness/AAdvantage Platinum Select $99
Costco Anywhere Visa Business $0
Discover Business Credit Cards  
Discover Business $0

Average Credit Card Annual Fee for College Students

For Americans 18 years or older, four of our seven financial institutions offer credit cards specifically tailored for students. For context, all of the candidates in our study provide no-fee credit cards interchangeable with the options listed below.

However, with Discover, Bank of America, and Capital One earmarking 29%, 25%, and 14% of their total available consumer credit cards specifically for students, we felt it was worthy of mentioning

Student Credit Cards: Annual Fee:
Bank of America Customized Cash Rewards for Students $0
Bank of America Unlimited Cash Rewards for Students $0
BankAmericard for Students $0
Bank of America Travel Rewards for Students $0
Capital One SavorOne Rewards for Students $0
Capital One Quicksilver Rewards for Students $0
Capital One Journey Student Rewards $0
Discover Student Chrome $0
Discover Student Cash Back $0
Chase Freedom Student $0

Average Credit Card Annual Fee for Cash Back Cards

If you’re in the market for a cash-back credit card with no annual fee, there are plenty of delicious options. For example, only five have a yearly fee of 54 credit cards in our study. What’s more, the annual fees embedded within Capital One’s ($39 and $95) and American Express’ ($95) cash-back credit cards are near the mid-to-low ends of their overall consolidated averages.

Capital One Cash Back Credit Cards: Annual Fee:
Capital One Savor Rewards $95
Capital One QuicksilverOne Rewards $39
Capital One Quicksilver Rewards $0
Capital One Quicksilver Rewards  for Good Credit $0
Capital One SavorOne Rewards $0
Capital One SavorOne Rewards  for Good Credit $0
Capital One SavorOne Rewards  for Students $0
Capital One Quicksilver Rewards  for Students $0
Capital One Journey Student Rewards $0
Capital One Quicksilver Secured Rewards $0
Capital One Walmart Rewards $0
Pottery Barn Key Rewards Visa $0
Williams Sonoma Key Rewards Visa $0
West Elm Key Rewards Visa $0
The Key Rewards Visa $0
Chase Cash Back Credit Cards  
Chase Freedom Unlimited $0
Chase Freedom Flex $0
Chase Freedom Student $0
Amazon Prime Rewards Visa Signature $0
Bank of America Cash Back Credit Cards  
Bank of America Customized Cash Rewards $0
Bank of America Unlimited Cash Rewards $0
Bank of America Customized Cash Rewards  for Students $0
Bank of America Unlimited Cash Rewards  for Students $0
Bank of America Customized Cash Rewards Secured $0
Bank of America Unlimited Cash Rewards Secured $0
Susan G. Komen Customized Cash Rewards $0
Discover Cash Back Credit Cards  
Discover Cash Back $0
Discover Secured $0
Discover Student Chrome $0
Discover Student Cash Back $0
Discover Gas & Restaurants $0
NHL $0
American Express Cash Back Credit Cards  
Blue Cash Preferred $95
Blue Cash Everyday $0
Cash Magnet $0
Citigroup Cash Back Credit Cards  
Citi Custom Cash $0
Costco Anywhere Visa $0
Citi Double Cash $0
Wells Fargo Cash Back Credit Cards  
Wells Fargo Active Cash $0

Average Credit Card Annual Fee for Travel Rewards Cards

The travel rewards category includes credit cards with the highest annual fees for Americans eager to explore the world. For example, Chase (2), American Express (4), Citigroup (1), and Capital One (1) all offer credit cards with annual fees that are near or exceed $400. In addition, all four of Bank of America’s fee-paying consumer credit cards reside within the travel rewards category.

As it relates to averages, American Express ($332) has the highest average credit card annual fee in the travel rewards category, while Capital One ($245) and Citigroup ($215) rank second and third. And like many other categories, Discover and Wells Fargo are the only institutions in our study that don’t have annual fees embedded within their travel rewards credit cards.

Chase Travel Rewards Credit Cards: Annual Fee:
Chase Sapphire Reserve $550
United Club Infinite $525
United Quest $250
Southwest Rapid Rewards Priority $149
Southwest Rapid Rewards Premier $99
Chase Sapphire Preferred $95
United Explorer $95
Aeroplan $95
British Airways Visa Signature $95
Aer Lingus Visa Signature $95
Iberia Visa Signature $95
Marriott Bonvoy Boundless $95
World of Hyatt $95
IHG Rewards Club Premier $89
Southwest Rapid Rewards Plus $69
Disney Premier Visa $49
United Gateway $0
Marriott Bonvoy Bold $0
Disney Visa $0
IHG Rewards Club Traveler $0
American Express Travel Rewards Credit Cards  
American Express Platinum $695
Delta SkyMiles Reserve $550
Marriott Bonvoy Brilliant $450
Hilton Honors Aspire $450
American Express Gold $250
Delta SkyMiles Platinum $250
American Express Green $150
Delta SkyMiles Gold $99
Hilton Honors Surpass $95
Hilton Honors $0
Delta SkyMiles Blue $0
Bank of America Travel Rewards Credit Cards  
Bank of America Premium Rewards $95
Free Spirit Travel More World Elite $79
Alaska Airlines Visa $75
Allegiant World $59
Bank of America Travel Rewards $0
Bank of America Travel Rewards for Students $0
Citigroup Travel Rewards Credit Cards  
Citi/AAdvantage Executive World Elite $450
Citi/AAdvantage Platinum Select World Elite $99
Citi Premier $95
American Airlines AAdvantage MileUp $0
Capital One Travel Rewards Credit Cards  
Capital One Venture X Rewards $395
Capital One Venture Rewards $95
Capital One VentureOne Rewards $0
Capital One VentureOne Rewards  for Good Credit $0
Wells Fargo Travel Rewards Credit Cards  
Hotels.com Rewards $0
Discover Travel Rewards Credit Cards  
Discover Travel $0

Average Credit Card Annual Fee by Credit Score

While your credit score is an important metric used to determine your creditworthiness, it has little impact on your credit card’s annual fee. For example, many of the credit cards in our study with the highest yearly fees often require applicants to have excellent credit. As a result, a good-to-low credit score won’t inhibit your ability to obtain a credit card with no annual fee. And a high credit score won’t afford you a high-quality credit card without paying the yearly expenditure.

However, there is a divergence with your annual percentage rates (APRs). To explain, an APR is the annualized interest rate that’s charged on credit card balances that carry over from month to month. And since Americans with high credit scores receive lower APRs and those with low credit scores receive higher APRs, your cost of borrowing is materially impacted by your credit score.

If you analyze the table below, you can see that Americans with excellent credit can qualify for APRs as low as 14.99%. Moreover, the latest data from the Fed shows that the average credit card interest rate charged by U.S. commercial banks is 14.54%.

However, at Capital One, Americans with good credit receive APRs of 26.99%. And while the secured cards’ APRs may seem like a better deal, it’s important to remember that these options require you to post collateral. In contrast, standard credit cards are unsecured and don’t require pre-arranged deposits.

As a result, maintaining a healthy credit score can help optimize your credit card options.

Credit Card: Credit Level: Purchase APR:
Capital One VentureOne Rewards Excellent 14.99% – 24.99%
Capital One Quicksilver Rewards Excellent 14.99% – 24.99%
Capital One Venture Rewards Excellent 15.99% – 23.99%
Capital One Venture X Rewards Excellent 16.99% – 23.99%
Capital One VentureOne Rewards for Good Credit Good 26.99%
Capital One Quicksilver Rewards for Good Credit Good 26.99%
Capital One SavorOne Rewards for Good Credit Good 26.99%
Citi Secured Rebuilding 22.49%
BankAmericard Secured Rebuilding 22.99%
Discover Secured Rebuilding 22.99%
Bank of America Customized Cash Rewards Secured Rebuilding 23.99%
Bank of America Unlimited Cash Rewards Secured Rebuilding 23.99%
Capital One Platinum Secured Rebuilding 24.99%
Capital One Quicksilver Secured Rewards Card Rebuilding 26.99%

How We Conducted The Study

To determine the average credit card annual fee in the U.S., we analyzed the product offerings and terms at seven of the largest credit card issuers in the U.S. After which, we parsed the data by several metrics to provide the broadest depiction of what Americans confront in today’s marketplace.

Our goal is to consolidate the information and present the findings in a way that’s easy to understand by parsing through the latest data from reliable sources. If you enjoyed the study, please provide your feedback. Moreover, if there is anything that we missed or anything that you believe needs updating, please let us know, and we will respond promptly.

Conclusion

While some of the largest credit card issuers in the U.S. have increased their annual fees since our last study, the percentage of total credit cards with a yearly fee has decreased. As a result, while U.S issuers still market credit cards for their fee-paying clients, their non-fee products have expanded at a faster pace.

And while COVID-19 may or may not have impacted issuers’ average credit card annual fees, the stronger the U.S. economy, the more disposable income consumers have to absorb the higher rates. As a result, if economic growth remains resilient in 2022, credit card companies may use the opportunity to roll out more expensive credit card options.

Sources

American Express

Chase

Bank of America

Citigroup

Capital One

Wells Fargo

Discover

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