What are the late payment fees for credit cards?

In Colorado, late payment fees are determined by individual creditors and can vary depending on the credit card company or lender. However, the Credit Card Accountability Responsibility and Disclosure Act (the CARD Act) put a limit on how high those fees can be. Under this act, most credit card companies and lenders in Colorado cannot charge a late fee that is greater than $25 for the first late payment, or more than $35 for any subsequent late payments in a 6-month period. Furthermore, the CARD Act requires credit card companies and lenders to waive the late fee if the customer pays their bill within an additional period of time, usually one day. The CARD Act also requires credit card companies and lenders to provide customers with 45 days advance notice when they are going to change the terms of a customer’s card agreement or increase the interest rate. Additionally, this act prohibits credit card companies from charging fees for paying a bill over the phone. In short, the late payment fees in Colorado are capped by the CARD Act, and those late payment fees are usually no more than $25 for the first late payment and no more than $35 for any subsequent late payments in a 6-month period. Furthermore, customers can avoid late fees by making their payment within an additional period of time, usually one day.

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What are the late payment fees for credit cards?

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