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

Yes, there is a limit on the amount of fees a credit card company can charge in Maryland. According to the state’s Credit Card Law, a credit card company can only charge fees, totaling up to 25% of the initial credit limit approved for the account. This means that if the credit card company originally approved an account with a credit limit of $2,000, the card holder is only allowed to be charged fees up to $500. Additionally, there are other laws and regulations in place that impose rules and restrictions on the fees and other charges credit card companies in Maryland may impose on their customers or card holders. To ensure customers do not get charged an excessive amount of fees, the state law also stipulates that the total fees a credit card company can charge cannot exceed a certain amount over any 12-month period. In general, it is important for customers or card holders to understand the terms and conditions attached to their credit cards to make sure they are aware of the fees, interest rates, credit limits, repayment schedules, and other important details related to the account. This helps ensure they are making informed decisions and not getting charged excessive fees by their credit card company.

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

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