This New Rule Will Cap Credit Card Late Fees at $8 ...Middle East

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The Consumer Financial Protection Bureau (CFPB) issued a new rule on Tuesday capping late fees on credit cards. The move slashes the typical late fee from an average of around $32 down to just $8, saving affected consumers an estimated $220 per year on average. How the new rule reins in credit card late feesThe new regulation comes after the CFPB reviewed data showing credit card companies have been steadily hiking late fees higher and higher over the last decade by exploiting a loophole in the 2009 Card Act. That law allowed issuers to raise fees to adjust for inflation, which they took full advantage of."For over a decade, credit card giants have been exploiting a loophole to harvest billi

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Last updated : 06 March 2024 clock 12:25 AM

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This New Rule Will Cap Credit Card Late Fees at $8 ...Middle East

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