Credit card late fees capped at $8 under Biden crackdown on 'junk fees' - eviltoast
The Biden administration finalized a rule Tuesday that will close a loophole to slash fees charged by companies from an average of $32 to $8.
  • pixelscience@lemm.ee
    146·
    9 months ago

    Like they’re going to just take the lack of those fee profits off the bottom line. Look forward to the new and/or increased yearly fees now.

      • pixelscience@lemm.ee
        17·
        9 months ago

        It wasn’t a suggestion at all.

        I was just saying that we, the consumer are going to end up paying for it somehow or another.

        • 4lan@lemmy.world
          10·
          9 months ago

          then why have any consumer protections? and why have a minimum wage?

          They are just going to make up for it with higher prices right? Let’s make min wage $1 so we can all enjoy low prices. right?

          You are playing into their hands

    • Cosmicomical@lemmy.world
      6·
      9 months ago

      Even if that was the end result, still better than now as it would be a planned expense rather than an additional weight on people in financial trouble

    • BigMikeInAustin@lemmy.worldEnglish
      4·
      9 months ago

      Have to start somewhere. This might move the fees upfront and keep people from getting trapped when the person doesn’t read all the fine print.

    • AngryMob@lemmy.one
      3·
      9 months ago

      Assuming the total remains similar, its good to move the burden away from people who are struggling.