New Rule Caps Credit Card Late Fees at $8, Saving Households Billions
- New federal rule caps most credit card late fees at $8 per month
- Expected to save households $10 billion a year in "junk fees"
- Late fees generated over $14 billion in revenue for card issuers in 2022
- Aims to prevent issuers from raising fees higher than inflation
- Rule applies to large issuers with over 1 million open accounts, covering 95% of credit card balances