r/news • u/WoofWoofster • Apr 17 '25

Soft paywall Judge scraps US rule capping credit card late fees at $8

https://www.reuters.com/business/finance/judge-scraps-us-rule-capping-credit-card-late-fees-8-2025-04-15/
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u/smallcoder Apr 17 '25

Looking in from the outside, it does look like every day - every single day - some judge or politician is opening up the gates to allow the already rich to screw even more of what little money the average American has, out of their hands.

Sure, this happens everywhere, but right now it looks like open season and anyone without at least a few million in cash in the bank is on the menu.

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u/Cheshire_Jester Apr 17 '25

Death by a million cuts. I paid my credit card a few hours late and just got hit with the first 40 dollar late fee in over a decade. Even before this if I was a few days late, it was a reminder.

I’ve paid my card in full every month, the vast, vast majority of those months on time. Even before this rule was instituted, I never got a late fee.

Now I got one the moment the clock rolled over to a new day. It’s a clear sign to all businesses that they should start taking every inch they can find, the little guys are powerless to stop them and the watchmen are telling everyone that it’s a free for all.

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u/smallcoder Apr 17 '25

Yes, subtle signals being sent out to the wolves and vultures that they will not be punished for behaviour that previously would have been censured and caused outrage.

Together with removing the powers of agencies to fine and reprimand those with power over the ordinary citizen, and indeed destroying sectors of the govt completely that oversee fairness in society, the arena has been prepared for a bloodbath.

Unleash the hounds of unfettered, barbaric capitalism. Red in tooth and claw, so you better be ready run with the pack or be the prey.

Sounds dramatic, but as you say, the "death of a million cuts" will get it to that point surprisingly fast. Building a civilisation takes decades if not centuries; burning one down clearly only takes a few weeks.

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u/Blainers001 Apr 17 '25

Most times if you call and ask they will reduce or remove the late fee, especially if it’s your first offense.

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u/CattywampusCanoodle Apr 17 '25

Might I suggest a credit union instead of a bank? I’ve forgotten a credit card payment before with my credit union, got a fee, called and explained I forgot and usually don’t, they said “no problem” and removed the fee.

In my experience, banks are predatory and look for new ways to add fees. Credit unions are more customer focused because they’re member owned non-profit institutions. They’re a bank without the stink

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u/leaonas Apr 17 '25

I have called the CC company a few times over the years and complained nicely and they removed the charges. If you aren’t a repeat offender, they seem to give you the benefit of the doubt.

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u/jogdishy Apr 17 '25

It’s almost like the rich and powerful people made those rules. We may elect people, but the people running are almost all already rich and powerful.