Paying your credit card bill late is about to get more expensive. Credit card late fees are likely to hit $40 early this year.
Effective Jan. 1, 2020, the Consumer Financial Protection Bureau will raise the permissible maximum for credit card late payment fees by $1.Subsequent violations made within six billing cycles:breaks down some common questions surrounding the increase and tips on how to avoid late fees.
Every year, the CFPB makes adjustments to late fees based on inflation. Late fees typically fluctuate annually by about $1 and may increase, decrease or remain the same. While the CARD Act prevents card issuers from charging excessive late fees that doesn't mean it won't make a dent in your wallet. Nearly ten years later, late fees have increased $5 to a maximum of $40, and when you add on interest charges you pay on your balance, the costs add up.Card issuers can't raise fees overnight since the law generally requires they give cardholders at least 45 days notice. Some issuers may choose not to increase late fees at all.
If you card issuer plans on increasing late fees, expect to receive a notification stating how much and when the change takes effect.on time, it's understandable that sometimes you might miss a payment. No one wants to be charged a fee for something that's easily avoidable, so here are some ways you can prevent late fees.The easiest way to avoid late fees is to set up autopay. By using autopay, you won't have to worry about remembering to pay your bill each month.
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