Sep 20, 2022
Credit Cards

Question of the Day: What's the maximum fee the first time a cardholder is late paying their credit card bill?

Credit card late fees rise with inflation and the maximum fee was just adjusted on January 1, 2022. What do you think the maximum fee rose to? 

Answer: $30 (as of 1/1/22)


  • What do you think are some of the reasons that people pay their credit card late?
  • Do you think it’s worthwhile to call the credit card company to try and get this fee waived?
  • What's a strategy you can use to avoid paying late fees on your credit card (or other bills)? 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (

As mentioned, if it’s your first time paying late, the most an issuer can charge you (as of 2022) is $30. But if you miss another payment due date within six billing cycles, you can expect to pay up to $41. Lenders will often adjust how much they charge based on your current balance. For example, if your balance is more than $1,000 on your card, you may get charged a higher fee than if you have a balance of a few hundred dollars.


My favorite video using a pitcher of water to show the futility of making the minimum payment on your credit card. 


Want to experience the emotions that come from being overwhelmed with debt? Check out NGPF's Arcade Game Cat Insanity.  

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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