New Credit Card Rules From the Federal Reserve
(NY Times) — As part of its continuing efforts to carry out the credit card legislation that President Obama signed last year, the Federal Reserve announced a few new tweaks today. First, late fees, which may run $39 or so today, can no longer be any higher than $25, with a couple of exceptions. One of those exceptions is if one of your last six payments was late as well. Then, your credit card company can hit you with a $35 fee. Also, the new rules give card issuers the option of trying to prove to regulators that they simply must charge more than $25 because their costs for dealing with late payments are so high. My guess is that the bar for proof will be very high.
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