SandCastles
Junior Member
Can credit card companies continue to charge a late fee each month for non-payment of a late fee? For example, a minimum payment is late by 2 days. A late fee is applied. The merchandise is returned and no balance is due, except the late fee and interest. However, the credit card company applies another late fee the next month on the original late fee balance. Then they apply another late fee the next month. Is this considered "pyramiding late fees" and therefore, illegal?
I am receiving conflicting answers regarding this and would appreciate an answer from someone in the know! THANKS!
What is the name of your state (only U.S. law)? CALIFORNIA
I am receiving conflicting answers regarding this and would appreciate an answer from someone in the know! THANKS!
What is the name of your state (only U.S. law)? CALIFORNIA