Is there a limit on the amount of fees a credit card company can charge?

In Florida, there is a limit on the amount of fees a credit card company can charge. This limit is set by the state’s Fair Credit Billing Act (FCBA). The FCBA requires that the fees charged by credit card companies are reasonable and proportional to the services provided. This means that the fees charged by credit card companies should be comparable to what it costs to provide those services. The FCBA also limits late payment fees. Specifically, these fees cannot exceed the minimum payment due by more than $10, and cannot exceed 4% of the unpaid balance. Additionally, the card company can only charge one late fee per billing cycle, regardless of how many times the payment is late. Furthermore, the FCBA prohibits card companies from charging hidden or unexpected fees. This means that any fees associated with the card must be clearly disclosed in writing before someone applies for it. This includes annual fees, balance transfer fees, and other fees. In short, credit card companies in Florida are required to abide by the Fair Credit Billing Act. This includes limits on the amount of fees charged and disclosure of all fees prior to someone applying for the card.

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Is there a limit on the amount of fees a credit card company can charge?

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