Credit card late fees capped at $8 under Biden crackdown on 'junk fees'

The Biden administration finalized a rule Tuesday that will close a loophole to slash fees charged by companies from an average of $32 to $8.

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Yes but still won't keep late payments from potentially wrecking your credit.
- But they should, that's what credit is for. I understand that one day late shouldn't matter and every time I called my bank they cancelled the fee and the lateness of the payment.
  
  But if you're a month late, it reflects on your credit worthiness

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