What is a late payment fee?

A late payment fee is a charge that a credit card issuer can impose for payments that are made after the due date. This fee is often a fixed amount, such as $25 or $35, and it is charged to your credit card statement in addition to interest that may be owed on the late payment. In the state of Washington, credit card issuers are required by law to provide a minimum of 21 days from the billing date for payments to be made before a late payment fee can be applied. Additional late payment fees can be applied if the payments are still not made within that 21-day window. Credit card issuers are also required by law to provide a clear written notice of the late payment fee and the amount of the charge. Depending on the credit card company, some may waive the late payment fee if you contact them and explain the circumstances.

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