Answer:
Late fees can only be as high as your minimum payment or $25
Example
it’s the 15th day of the month and you realize you didn’t make the credit card payment that was due three days ago on the 12th. Or, you check your billing statement to find a late fee for a payment you thought you made but turns you forgot to drop the check in the mail. An accidentally missed payment can happen to anyone. Act quickly and you may be able to lessen the damage.
Make the payment as soon as you can
If you catch the missed payment a few days after the due date, make it up before your next billing statement comes. Doing this will prevent a late payment being reported to the credit bureaus. Creditors report typically report delinquent payments once they become at least 30 days late, so make your payment before your delinquency reaches the 30-day mark.
When you go through a period of financial difficulty, your bill-paying problems — specifically, payments made late or missed altogether — will show up on your credit record and hurt your credit rating.
As soon as you miss a payment or know that you’re going to miss one, call your lender. Doing so may help minimize the damage to your credit rating and can help avoid collection calls.
Check your account online and you’ll probably see that a late fee has already been added; some card issuers add the late fee just minutes after the cutoff time on your due date. Late fees can only be as high as your minimum payment or $25, assuming you haven’t been late in the previous six months. Despite the recent cap on late fees, you still want to avoid the fee if you can and you should definitely try.
Many creditors are willing to waive a late fee as long as you’re not habitually late on payments. Contact your creditor, briefly explain how the missed payment was an accident, and ask that your late fee is waived. If your creditor won’t budge on the fee, don’t press the issue. Simply take it as a lesson learned, pay the fee, and be sure to send your payment on time next month and every month thereafter.
