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Credit Card Fee Relief Coming
Consumers will most immediately notice the new penalty fee limit of $25. Reducing penalty fees was a central provision of the credit card law, but Congress left it to the Fed to determine how to do it.
Penalty fees can't exceed the dollar amount incurred by the consumer's violation that spurred the fee. For example, if a customer is late making a $20 minimum payment, the fee can't exceed $20. A consumer who exceeds her credit limit by $5 cannot be charged an over-the-limit fee of more than $5.