What is a Late Fee?

A monetary penalty charged by a credit card issuer for missing a credit card payment or getting the payment to them after the payment due date. Currently, credit card issuers may charge a maximum late fee of $30 for a first missed or late payment and $41 for a second late or missed payment within six months of the first one. A payment is considered late if it is not received by the card issuer by the payment due date;  the mailing date is irrelevant. A payment is also considered missed or late if it is not for at least the minimum payment due.