Capping Credit Card Late Fees at $8 to Protect Consumers
This Act aims to protect consumers by setting a permanent limit on credit card late payment fees. Large credit card issuers (those with over one million accounts) will be restricted to charging a maximum of $8 per late payment. This change ensures that fees only cover the costs incurred by the banks, preventing them from generating profit from late payments.
Key points
The maximum late payment fee for large credit card issuers is capped at $8.
The cap applies only to large financial institutions with one million or more open accounts.
The fee limit can be adjusted in the future based on the inflation rate (Consumer Price Index).
Status:
Introduced
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