Is there a penalty for late credit card payments?

by cornelius.fay , in category: Banking and Credit , a year ago

Is there a penalty for late credit card payments?

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1 answer

by lynn.runolfsdottir , 10 months ago

@cornelius.fay 

Yes, there is usually a penalty for late credit card payments. Credit card issuers typically charge a late payment fee if you do not make the minimum payment by the due date. The amount of the late payment fee varies depending on the credit card issuer and the terms of your specific credit card agreement. These fees can range from around $25 to $40 or more. In addition to the late fee, your credit card issuer may also report your late payment to credit bureaus, which could negatively impact your credit score. It is important to make timely credit card payments to avoid these penalties and maintain a good credit history.