late fees (credit card billing) --- definition and computation

If they do Not receive payment by the stated due date you WILL be charged extra fees .

The rates vary from card to card But ,
Are soooo high only the most $$$ retarded people even consider getting into that .
So how it is computed is pointless because they are toooo dumb to even understand junior high math .

However , smart people work the other side of the table . . .
They work for the card issuers and banks .
They get rich off of crazy people that don't pay their cards bills in total every month .
Because they are soooo crazy they even pay late fee regardless of computation .

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It means pay before the due date is the safest and cheapest way to keep your credit score looking good. Every time you make a late payment it shows up on your credit history. Every time you make a late payment you're credit score takes a nose dive. It's real easy and fast to ruin your credit score by making late payments, but trying to get it rise again takes twice as long, if not years. Creditors are extremely un-forgiving about making late payments. If you never want someone to ever again give you another loan, just keep making late payments. The day will come when you can't buy a house under your own name because you made late payments on all or some of your loans. The day will come when you can't get a car loan because you made late payments on your credit card. You will be CURSED with having to find a sponsor or co-signer for the rest of your life just because you were stupid enough to keep making late payments on a credit card.

if you don't pay on time, there is a fee. it is computer IN THEIR FAVOR.

Late fees on your credit report file would hurt your credit score. It is calculated by subtracting the amount you owe from your credit limit, and applying finance charges on the amount owed. This would continue until the debt is paid in full. Some credit card companies, believe it or not, charge certain amount on late fees daily until the debt is paid in full. So always try as much as possible to read and even study the contractual agreement before signing and obtaining a credit card. I do know that the agents of these credit card companies would read the contract terms fast on the phone, still take time to read and study the terms yourself. Ask them to send you the contractual agreement through the mail, to enable you study and make the right decision.

Derrick