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How to avoid paying Late fees on Credit Cards.

Federal law limits Fee to $25 and less than Minimum balance, Call and ask for waiver, First time offenders will get a break.

Most people, even the ones who are very diligent in paying their credit card monthly payments and other bills, will one time or another miss a payment and end up with a late fee. Some of these fees can seem outrageous because you may miss paying as little as $25.00 and get charged $30.00 in late fee. This does not make sense.

However, recent Federal laws have put a limit on credit card late fees to only $25.00 if you have not missed a payment within the last six months. The fee also cannot exceed the minimum payment you owe.

So if the minimum payment is $15.00, then you can be charged a maximum of $15.00 in late fees.

There are even some credit card companies that do not charge a late fee on a missed payment while others don't charge a late fee or people who have missed a payment for the first time.

Most credit card companies will waive the fee if you call their customer support phone and explain that you just missed the payment by mistake. They like to keep their good customers and will usually give you a break. This is more so if your card is from a big bank.

If you call the credit card company and they refuse to waive the fee, you should threaten to cancel your card with them. This will usually get them to waive that fee. However it is not recommended to close your cards because this can reduce your credit available and negatively affect your Credit score.

When you discover that you have not made your credit card payment, make sure to pay at least the minimum amount within 30 days of the bill due date so that the credit card company does not report this to the credit bureau and damage your credit score.


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