Late Fee
GeneralGlossary term
Definition
A penalty charged when the minimum payment isn't received by the due date. Can be up to $41 for repeated late payments. Also triggers penalty APR and damages credit score.
Related terms
- Due DateThe date by which the minimum payment must be received to avoid late fees and maintain grace period. Typically 21-25 days after statement closing date, as required by law.
- Penalty APRA higher interest rate (up to 29.99%) applied when you make late payments or violate card terms. Can apply indefinitely until six consecutive on-time payments are made.
- Credit ScoreA numerical representation (typically 300-850) of your creditworthiness based on your credit history. Higher scores indicate lower credit risk and can lead to better loan terms.
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