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What is a late payment fee?

The late payment fee is the fee that is charged by the credit card company when your payment is late. If you send in your payment on time, but it is received after the due date, it is still considered a late payment. Late payment fees are quite large, sometimes as much as $35 or more. You can avoid late payment fees by doing the following:

1. Follow your credit card issuer's payment guidelines to the letter! These guidelines are outlined on the back of each credit card bill. Understand the credit card payment processing rules for all of your credit cards.
2. Pay the minimum payment immediately if you think you might forget.
3. Pay your credit card bills ahead of time when you go out of town or on vacation.

See also:
What fees do credit cards have?
What is a minimum payment?
What is a minimum finance charge?

Last update: 2006-09-25 16:55
Author: BKO

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