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[Mz iMac]

New York CNN  — 

"Federal regulators finalized a rule on Tuesday to cap most credit card late fees at $8......." 👍🏾

Full Article: cnn.com/2024/03/05/investing/credit-card-late-fees-biden/index.html

[Lakelife62]

Good. About time there are limits put on the credit card companies obscene fee structure.

[Meowingkitty]

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@Lakelife62 wrote:

Good. About time there are limits put on the credit card companies obscene fee structure.

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They'll just make it up somewhere else.

[Travone]

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@Meowingkitty wrote:

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@Lakelife62 wrote:

Good. About time there are limits put on the credit card companies obscene fee structure.

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They'll just make it up somewhere else.

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Yes they will.  They will make it up by increasing rates elsewhere.   People who pay their bills on time will now be charged more.   In addition it will be more difficult for those who are late to get credit. 

Also saw the government is going to go after other companies for their fees.   If they are so worried about the American people paying too much perhaps they should lower their fees...aka taxes. 

[Cats3000]

Not the business of ANY government at any level.  Don't like fees?  Don't encounter them.  Pay in full by the due date.  Or, move to another card.  Don't need the government doing for me what I'm perfectly capable of doing for myselif.

[CelticCrafter]

I'm pretty sure there are more pressing issues, other than credit card late fees on the minds of the American people.

[Lakelife62]

This is a prime example of the government working for the little people. Excessive late fees impact 45 million people every year. If you are one day late making your payment, credit card companies charge $35-$45. They are making billions and it's a huge rip off of the public.

I love how the peeps whine about the government being involved until it comes to their social security, medicare and the price of eggs and cat food. Then it's a catastrophe and someone needs to "step in". Anyone complaining about the government cap on insulin costs? That big  pharma will raise their prices somewhere else?

I guess when you get yours from the government it's a-ok. Anybody else can go fly a kite.

[RespectLife]

You do NOT pay a late fee if you pay at Least the minimum due by your due date.

If you can't afford to do that....I bet we are charging things we can't afford.

No excuse to pay late at all.

If it was a one time oops, most credit card companies will give you a courtesy credit back on your late fee.

If it is habitual....then a $35 late fee is deserved as far as I am concerned.

Easy answer, do NOT pay late.

[beckyb1012]

I pay in full in the next day's mail.  Nobody or anything is getting a fee or my $$ out of me.

[arrabella]

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@beckyb1012 wrote:

I pay in full in the next day's mail.  Nobody or anything is getting a fee or my $$ out of me.

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Same here. As soon as a bill comes in, I pay it in full.