What are the late payment fees for credit cards?

In Alaska, the law regarding late payment fees for credit cards is determined by the issuer or company providing the card. Late fees vary depending on the card and the issuer, and can range anywhere from none, to a flat fee of any amount up to $25. Additionally, many issuers will also charge a percentage of the balance owed. This percentage can range from 1% to up to 29%, depending on the card and the issuer. The Alaskan Department of Law also requires that the terms and conditions of any related to credit cards must be printed in clear, plain language. This includes any late fees or interest fees associated with unpaid balances. It is important to note that Alaskan laws regarding late fees do not apply to any fees charged for a one-time late payment. The issuer can charge whatever fee it wants for a one-time late payment, though this fee cannot be charged repeatedly if payment continues to be late. It is also important to remember that if payment is made late, the minimum payment must still be made to avoid more fees and damage to your credit. In addition to the late fee, the issuer may also report the late payment to the credit bureau if it is not paid up-to-date. If you are having difficulty paying your bill on time, be sure to contact your credit card issuer to discuss any available options. Many issuers offer programs to help customers pay, which may help to reduce or eliminate any late fees that would have been charged.

Related FAQs

Can I use a credit card to make purchases abroad?
What is the difference between a secured credit card and an unsecured credit card?
What is a default on a credit card?
What is Credit Card Act of 2009?
What is a statement credit?
How can I lower the interest rate on my credit card?
What is a balance transfer?
What is a chargeback fee?
What kind of protection do I have if I'm a victim of identity theft?
What is a financial institution's liability for unauthorized credit card use?

What are the late payment fees for credit cards?

Related FAQs

Related Blog Posts