Late Payment Warning
Credit card issuers are required to include a late payment warning on billing statements. This section shows the consequences of sending your payment late, i.e., after 5 pm on the payment due date.
You'll find out the amount of the late fee and the penalty APR that could be applied to your account if you don't make the minimum payment by the due date.
Keep in mind that the late payment warning shows on every cardholder's billing statement regardless of the current payment status; it doesn't mean you've done anything wrong. If you had been late on a previous payment, the payment information section would include a past due amount.
The credit card issuer isn't allowed to raise your APR to the penalty rate unless you're 60 days delinquent on your payment. In other words, not until you've missed two payments. Once the penalty rate goes into effect, it will remain until you've made six consecutive timely payments.
Then, it will be lowered, at least for your existing balance. Some credit card issuers leave the penalty rate in place for new purchases made after the rate was triggered.
The late payment warning does not include the credit reporting consequences of late payments. After your payment is 30 days past due, the past-due account status may be reported to a credit bureau.
Once you bring your account current again, the account status will show that you're caught up on payments, but your credit report will continue to show the late payment history for seven years.
Late fees are now limited to the lesser of your minimum payment or $28, or a maximum of $39 if you've been late on a payment in the previous six months.
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