Posted 3/5/2024, 4:31:00 PM
Biden Caps Credit Card Late Fees at $8, Saving Americans Billions
- New Biden admin rule caps credit card late fees at $8, down from typical $32 fee
- Expected to save Americans over $10 billion a year in late fees, or $220 per person on average
- Applies to largest credit card issuers covering 95% of outstanding credit card balances
- Part of broader Biden effort to limit "junk fees" on loans, credit cards, hotel rooms, etc.
- Financial industry warns could reduce credit access and raise costs for consumers