What are the late payment fees for credit cards?

Late payment fees for credit cards in Delaware are determined by the specific credit card agreement. Generally, Delaware credit card issuers are allowed to charge fees for late payments, returned payments, and other irregular payments. The fee must be reasonable and not excessive in comparison with similar fees charged in the same credit card market in Delaware. The most common late payment fee is a percentage of the payment that is late, often around 3%. Some issuers may also charge a flat fee or a combination of both a percentage fee and a flat fee. It is important to note that the fee charged by credit card issuers in Delaware cannot be more than the cost of the cardholder’s late payment to the issuer. This cost includes collecting the payment, whether it is by mail, online, or by an agent. Certain fees, such as an annual fee, are also not allowed to be charged by Delaware credit card issuers when a payment is late. To avoid late payment fees, credit cardholders in Delaware should make sure to read their credit card agreement carefully and follow all of the guidelines, including the payment due date. If a payment is going to be late, it is important to contact the credit card issuer and explain the situation before the payment due date. Some issuers may be willing to waive the late payment fee if it is the first late payment or if the payment was not intentionally delayed.

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What are the late payment fees for credit cards?

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