Credit Card | Late Fees
There are still many components about which you should know. Have you ever heard about the late fees on your credit card ? If you do not have complete information about this. Then read this article for knowing about the late fees of the credit card.
It can be defined as, “a fee that is charged. When you do not make payment within due date, or you make payment after due date, or with some loans.”You are supposed to make payment or at least minimum payment within due date. If you are having balance in your credit card. It means that you have to make minimum payment at a minimum or 21 days after the end of your billing cycle. But if you fail to make payment within due date, then you will be charged a late fee.
Credit Card Limit Fee
The credit card issuers are bound or restricted by the law to set the limit of a charge for late fee. They can charge you at maximum late fee of $25. If you are late for the first time. They cannot exceed the charges above this otherwise the law is violated.
Late fee can be charged on loans and lines of credit. If you are unable to pay the late fee before your next billing cycle ends. Then next minimum payment will encompass the late fee and any past due from the most recent billing cycle. So, pay the dues within due date otherwise late fee charges will be increased.
Avoid Late Fee Charges
You can avoid late fee charges if you endeavor to be careful and pay your dues on time. You can make the minimum payment before the due date or you can send your payment in advance so that you will not be charged. In case, if you could not send the payments, make payments online or contact your credit card issuer to let him know about the problem that you are facing while making payments so that he will not charge you any late fee.
It is a good practice to mark down the dates on the calendar and then paying the dues before the due date.
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