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Defined Terms and Documents
Late Payment Fee or Late Payment Penalty Fee means an explicit fee charged to a
Credit Cardholder
by many
Credit Card Issuers if a
Credit Cardholder did not pay the
Minimum Monthly Payment by the nominated
Payment Due Date
until 1 July 2012
- all such fees listed in
Credit Cardholder
Fees.
Citibank's
Late Payment Fee
of $10 is "Charged
when the Total Minimum Payment Due is not paid by Payment Due Date
and charged every 7 days thereafter until the Total Minimum Payment Due is made."
A Late Payment Fee may also be charged on an unsecured
personal loan if a prescribed repayment is not made on time.
Latitude Financial's 'Go MasterCard' had a Cash
Advance interest rate of
29.49%
until March 2019.
Presently it is 25.9%,
but now incorporates a Cash Advance Fee of $3 or 3% of the cash advance amount,
whichever is greater = 28.9%. It also charges an explicit 'Late fee' of $35 and
$8.95 monthly account service fee when outstanding balance is greater than $10.
See:
Credit Cardholder Fees
Judge Rules ANZ Bank’s Credit Card Late Fees Exorbitant
ANZ late payment credit card fees illegal: court
Federal Court rules ANZ's late credit payment fees "extravagant, exorbitant and
unconscionable"
CREDIT CARD SCHEMES - EXCESSIVE FEES AND INTEREST CHARGES
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