What is a late payment fee?

A late payment fee is a fee charged to a person if they fail to make their minimum payment on their credit card by the due date. In Hawaii, the late payment fee varies by card issuer, and usually ranges from $15 to $39. The fee is typically assessed every 30 days if the minimum payment is not made. Late payment fees are a way for credit card issuers to penalize cardholders who are late in making payments on their accounts. Without such fees, people may be less likely to make their payments on time and issuers would lose money. In Hawaii, the fees are regulated by the Credit Card Accountability Responsibility and Disclosure Act (CARD) of 2009, which limits the maximum late payment fee that can be charged to $39. Late fees are an important consideration when using a credit card, and if you are unable to make a payment on time, it is best to contact your credit card issuer to make other arrangements before the fee is charged. Also, if a person is assessed a late payment fee, they should make sure to pay their credit card balance in full before it accumulates additional charges. Keeping all of this in mind can help ensure that late payment fees are avoided in Hawaii.

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What is a late payment fee?

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