Credit Card Late Fees

Racking Up Late Fees with Credit Cards - Before you sign up for a new credit card, you should always be aware of the late fees that may potentially be accrued with a credit card. It is in your best interest to ask exactly what types of late fees will apply to your account in the event that you have to make a late payment. Some credit card companies will charge you a one-time fee of $25 while other credit card companies may have different policies for the fees that they charge. They may charge you on a daily basis until the minimum monthly payment is made on an account.

You may be able to find a new credit card from a company that does not believe in charging late fees for consumers. If you find that there are no late fees charged for a particular credit card, then you should make sure that there are no excessive interest rates as well for a credit card. A company may also charge a very high annual fee as a way to get around charging you with late fees for a credit card.

Some credit card companies also maintain a two-tier system for charging fees to consumers. For example, you may only owe $10 or $20 if you owe less than $250 on your monthly balance. If you owe more than $250, then you may owe as much as $39 in late fees for a monthly payment.

There are some easy ways for anyone to avoid ever having to pay late fees on an account. An individual can avoid having to pay late fees by setting up automatic payments with a credit card company. He or she may also schedule payments ahead of time through a pre-payment system online. By following these tips, an individual can ensure that he or she will never have to pay late fees.