Can a creditor charge a late fee for a credit card payment?

In Oregon, creditors are typically allowed to charge a late fee for a credit card payment. This is because the Oregon Credit Card Law states that creditors are allowed to require reasonable late fees from consumers for overdue payments on credit cards. This late fee is typically assessed in the form of an additional interest charge and is charged in addition to any interest that was previously applied to the unpaid balance. The amount of the late fee can vary from creditor to creditor and, in Oregon, it is regulated by the Oregon Credit Card Law. The late fee is typically set at $15 or 5% of the overdue payment, whichever is greater. However, some creditors may offer a reduced late fee if the consumer can make the payment within a certain grace period. To ensure that creditors are compliant with the Oregon Credit Card Law, it is important to understand their late fee policies. Creditors must clearly disclose their late fees in the terms and conditions of their credit card agreement and provide consumers with the option to opt-out of the late fee. Furthermore, if the creditor is found to be in violation of the Oregon Credit Card Law, they may face certain penalties or face additional scrutiny from the state’s regulatory agency.

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Can a creditor charge a late fee for a credit card payment?

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