What are the late payment fees for credit cards?

In Illinois, credit card late payment fees are determined by the terms of the cardholder agreement between the cardholder and the credit card issuer. Generally, credit card issuers can charge a late fee for any payment that is more than two weeks late, and the amount of the fee is stated in the original agreement between the two parties. The maximum late payment fee that can be charged is $25 for the first late payment and $35 for each subsequent late payment. However, the credit card issuer may waive these fees if the cardholder has a satisfactory payment history or if the cardholder demonstrates “financial hardship”. In addition, if the credit card issuer attempts to collect late payment fees that are higher than the allowable limits, or if the late fee is more than the minimum amount due, the consumer may dispute the charge and call for a refund. Finally, the card holder must provide an accurate accounting of all late fees that have been charged so that they can assist in resolving the dispute. It is important to remember that credit card companies must provide consumers with timely notice of any fees that are assessed and must make sure that all information regarding late fees is clearly presented in the original cardholder agreement.

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What are the late payment fees for credit cards?

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