Major Credit Card Change Should Help Millions In New York State

A major change that will save millions of New Yorkers money will likely happen very soon.

Senate Majority Leader Chuck Schumer says credit card late fees to be capped.

Credit Card Late Fees May Soon Be Capped

Senate Majority Leader Schumer believes late fees should be capped at $8. According to Schumer, the current average is $32 which nets credit companies about $14 billion each year.

“Junk fees, like late fees on credit cards, are meant to pile up and get so unaffordable that the customer simply drowns in debt — it’s unfair and has got to end,” Schumer said in a statement.

The New York Democrat believes this move would help 45 million cash-strapped Americans who struggle to pay their credit card bills on time.

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In March, the Biden Administration announced a new $8 cap on credit card late fees. The Biden Administration says this will help millions of Americans save up to $10 billion a year.

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However, Republicans tried to overturn Biden's ruling which according to Schumer will "let big credit card companies get richer at the expense of hardworking Americans."

This week, in a 7-2 ruling, the U.S. Supreme Court sided with consumers over banks and Republicans paving the way for an $8 cap.

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“The goal of a $8 late fee cap is not only alive, but it is likely, and I want it enacted ASAP,” Schumer said. “The credit card companies are making billions in fees while consumers try and pay all the fees along the way.”

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