Late Payment Fees | Payment Charges on credit card
When payments are made after the stipulated date for payment, a late fee is charged. When you have a credit card balance, your payment expires at least 21 days after the end of the payment cycle.
If your balance ranges from $ 0 to $ 500, the late payment maybe $ 15, or if the balance exceeds $ 500, the late payment maybe $ 30. Other credit cards have a fixed fee for late payments, regardless of your credit card balance.
The Maximum Rate for Delaying your Credit Card Payment
Credit card companies are limited to charges levied for late payments by law. Issuers of credit cards can charge a maximum of $ 25 for the first time when they arrive late or up to $ 35 for late payments in the past six months.
If you are late for a $ 10 fee, late payment may not exceed the US $10. As a result, many credit card companies have made a minimum payment of $ 25 or more.
Avoid late payment fees
Late payment can be minimized totally by making at least the minimum payment before the due date. It is very important to make an advance payment, if you are usually prone to making late payments as a result of being forgetful, you should consider planning a payment via the credit card issuer’s website or through a bank account with the bank.
Always remember the payment date and adhere to it. If eventually payment is made after the end of the expiring date which is the due date, payment for the late fee can still be made. Credit Card companies most times cannot request payment before 17:00, and some even accept payments until midnight.
It’s advisable for you to contact your credit card company to find out the exact time to make payments.
If the expiry date for payments is near, late payments can be completely avoided simply by making a quick payment online or via phone.
Cardholders often pay an additional charge for quick payments made online or via phone especially if the customer service representative processes payment to assist you to avoid late payments. luckily making quick payments online or via phone is often lower than the rate of delay.