What are the late payment fees for credit cards?

In Georgia, the late payment fee for credit cards is outlined in the Georgia Credit Card Law. Under this law, when a payment for a credit card is more than 10 days late, the cardholder can be charged a late fee of no more than $25, or a maximum of 5% of the payment that is past due, whichever is less. This late fee will be charged on top of any interest accrued. Additionally, the Georgia Credit Card Law outlines that late fees can only be imposed once for each billing cycle. This means that if a consumer makes multiple payments that are more than 10 days late, the cardholder will only have to pay one late fee, no matter how many payments are late. Furthermore, the Georgia Credit Card Law also states that if there are multiple payments due in a single billing cycle, and more than one of these payments is late, the cardholder will be charged only the highest late fee for that cycle. Lastly, the Georgia Credit Card Law does not allow a credit card provider to charge a late fee if the payment is late due to a cardholder’s death or disability. In these cases, the cardholder will not be liable for any late fees.

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What are the late payment fees for credit cards?

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