What is a late payment fee?

A late payment fee is a fee associated with making a payment on a credit card past the due date. In Florida, the late payment fee can be up to $38, according to the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009. When a credit card payment is late, the credit card company can impose a late fee on the consumer’s account. The fee is usually included in the customer’s next monthly statement. The CARD Act of 2009 limits how much a credit card company can charge for late payments. This fee should not exceed the amount of the minimum payment that was due. Additionally, the card issuer must provide the customer with at least 21 days to make the payment before they can assess a late fee. Late payments also affect a consumer’s credit score, so it’s important to make payments on time. It’s important to note that late fees must be clearly stated in the terms and conditions of the credit card agreement. Credit card companies are also required to provide clear information on their website about any fees and interest rates associated with their cards. Customers should read their credit card agreement carefully to understand the terms associated with their card. Being aware of the fees and terms associated with the credit card can help consumers avoid late payments and fees.

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