Consumers who make a late payment or violate other terms of their credit card agreements will get a break under new Federal Reserve Board rules announced Tuesday.
The Fed approved rules that will cap most late-payment fees at $25. The rule also bars lenders from charging a fee that exceeds the amount of the violation. For example, if a card holder is late making a $20 payment, the penalty fee can’t exceed $20.
Full story: Fed rules to cap late fees on credit cards, ban inactivity fees – USATODAY.com