Late Fee
Also called: late payment fee, penalty fee
A late fee is a flat charge for missing a payment due date, commonly $25–$40 on a credit card. The fee is the small part of the damage: a payment 30 days late gets reported to the bureaus and can cost a high credit score 80–110 points, and some issuers apply a penalty APR. Because scoring damage begins at 30 days, calling to pay on day 5 usually avoids the report entirely, and first-time fees are often waived on request.