Fed proposes limits on credit card penalty fees

The Washington Post: The Federal Reserve proposed restrictions Wednesday on penalty fees that credit card issuers can charge consumers, including limiting the amount of late fees.

One of the most significant changes would prohibit card companies from issuing penalty charges larger than the amount of the violation, a common consumer complaint. For example, a person who is late on a $20 minimum payment could not be hit with a $39 late fee. In addition, if a card's spending limit is exceeded by buying a $2 cup of coffee, the penalty fee cannot exceed $2. Read Article

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