Late Credit Card Payments To Get More Expensive In 2020


Banks and other issuers will be able to charge you more for late credit card payments in the new year.

The Consumer Financial Protection Bureau approved increases of one dollar for 2020.

Banks can now charge up to 29 dollars for the first missed credit card payment.

That rate increases to 40 dollars for subsequent missed payments made in the next six billing cycles.

The rates were 25 and 35 dollars in 2009, but the bureau is allowed to adjust for inflation.

Female shopper paying with contactless credit card in shop

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