What is a credit card late payment fee?

by cedrick.casper , in category: Banking and Credit , 9 months ago

What is a credit card late payment fee?

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1 answer

by fred.nader , 9 months ago

@cedrick.casper 

A credit card late payment fee is a fee charged by a credit card issuer when a credit cardholder fails to make the minimum payment by the due date. This fee serves as a penalty for the late payment and can vary depending on the credit card issuer and the terms and conditions of the credit card agreement. Late payment fees are typically added to the cardholder's outstanding balance and accrue interest if not paid. It is important to note that late payments can also negatively impact a person's credit score.