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

Yes, a creditor can charge a late fee for a credit card payment in South Carolina. According to South Carolina credit card law, creditors are allowed to charge reasonable late payment fees to cardholders who fail to make their payments on time. The amount of the fee may depend on the cardholder’s credit history, the amount of the payment, and the identity of the creditor. Late payment fees must be disclosed to the cardholder in the cardholder’s agreement prior to the card being issued. If the payment is sent on time but not received until after the due date, the creditor may not charge the late fee. This situation is known as a “postmark issue.” Creditors in South Carolina can also charge late payment fees if the cardholder does not make a minimum payment on their card. In this case, the cardholder may be liable for late fees if their payment is less than the minimum required by the creditor. Creditors may also charge a service charge or other fees for returned checks or payments that are insufficient. Generally, these fees are included in the cardholder’s agreement and must be disclosed prior to the card being issued. It is important to read the cardholder agreement and understand all related fees before taking out a credit card.

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

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