Regulator Would Cap Credit Card Late Fees At $8, Part Of President Biden’s Campaign Against Junk Fees
March 5, 2024 7:07AM AKST
FILE - Credit cards as seen July 1, 2021, in Orlando, Fla. Many Americans say their household expenses are outpacing earnings in 2023 according to a new poll from AP-NORC Center for Public Affairs Research. (AP Photo/John Raoux, File)
NEW YORK (AP) — A Republican senator is criticizing the Biden administration’s move to cap credit card late fees at $8.
It’s the latest effort in the White House push to end what it calls junk fees and is a move regulators say will save Americans up to $10 billion a year.
The Consumer Financial Protection Bureau says the average credit card late fee is $32.
President Joe Biden plans to highlight the proposal and other efforts to reduce costs to Americans at a meeting of his competition council on Tuesday.
GOP Sen. Tim Scott of South Carolina says the cap on credit card late fees will ultimately raise rates for many borrowers.
KFQD News
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