The Biden Administration is trying to stop junk fees, but a judge put a stop to a rule capping credit card late fees at $8.
The Biden Administration has been trying to create laws and rules that would limit "junk fees" charged by credit card companies and other companies with consumer fees. One of those rules would limit credit card companies from charging late fees. The rule would drop the average credit card late fee from $32 to $8. Recently, however, a federal judge in Texas blocked this rule. U.S. District Judge Mark T.
Credit card users are open about their frustration with credit card companies, namely certain rewards programs, CFPB found in a recently issued report. "Credit card companies promise upfront benefits for signing up and using their rewards card, but often bury complex terms in the fine print for using the rewards," Chopra said.
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