Does the $8 Credit Card Late fee cap apply to my bank?

Answered by:

Question:

We have a small credit card program and portfolio. Do we need to lower our credit card late fee to $8?

Answer:

Probably not, at least not yet. The newest junk fee action taken on credit cards, to limit the “safe harbor” late fee amount to $8, only applies to those card issues with 1 million or more open accounts. However, competitive forces or future rulemaking could always change this.
Stay aware, and join the upcoming 90 minute webinar “Junk Fee Crack Down” on Tuesday, April 30, 2024 to learn more!
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Learn more about Rebekah Leonard’s
Junk Fee Crack Down
webinar.