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Credit card late fees are unfair

I am concerned about the unfair late fees currently being charged by the credit card companies.

I have two credit cards, one with Capital One, the other with Chase. In both cases, I receive a bill in which the payment due date is within 17 days of receipt.

On a fixed income, I pay my bills once a month. My payments are received before the next statement is printed. I know this because the payment and late fee are on the same bill. Despite this, they charge a $39 late fee.

This is an unfair practice. I feel certain they are doing this to all their customers. It is especially harsh to those of us on fixed incomes and the elderly and it should be stopped.

According to the Federal Reserve System, Standards in the Board’s Section 227.15 Unfair late charges “…prohibits the practice of assessing a delinquency charge on a full payment that is made in a timely manner…. when marketing practices are targeted to a specific audience, such as the elderly, the standard is based upon the effects on a reasonable member of that group.”

With the recent bail-outs of many of our financial institutions, by the government (taxpayers), it is especially important that fair practices be honored. Consumers should not be taken advantage of. If you cannot get satisfaction from your credit card company, you can file a complaint to Federal Reserve Consumer Help, PO Box 1200, Minneapolis, MN 55480. I did.

Christine Assad


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