Credit Card Late Fee Cap Takes Effect

New Consumer Financial Protection Bureau rules limit credit card late payment fees, saving consumers billions annually.

The Change

Late fees are now capped at $8 for most credit card accounts, down from averages of $32. Major issuers have adjusted their fee schedules accordingly.

Still Avoid Late Payments

While the reduced fee stings less, late payments still damage your credit score and may trigger penalty APRs. Set up autopay for at least minimum payments to avoid issues entirely.

If you’ve been hit with a high late fee recently, contact your issuer to request a refund under the new guidelines.