​Credit Card Fees: The banks are at it again!

[Consumer Reports]   Dear Friend, The Big Banks are at it again. They’re using their clout to try to get some members of Congress to overturn a money-saving rule that would cut the typical credit card late fee to only $8. We need everyone who wants a fair shake from their credit card company to contact their members of Congress and say NO to this attempt to repeal this pro-consumer rule. [Send a message to your elected officials now, and tell them to stand up for you – and not outrageous bank fees!]( [Send an Email Message](  In March, after overwhelming support from consumers, the Consumer Financial Protection Bureau adopted a new rule that lowers the typical late fee to $8 so that it is more in line with the true costs of the credit card issuer. Banks have been charging an average of $30 for the first offense, and $41 for subsequent ones – raking in $14 billion annually in these outrageous late fees. It’s estimated the rule will save Americans who are charged credit card late fees up to $220 a year – while still allowing the banks to recover their costs. The rule only applies to Big Banks with over a million customers, and banks can still charge a higher late fee if they can prove that it’s necessary to cover their actual collection costs. But that hasn’t stopped banks from putting the full court press on Congress to overturn it – they want to keep those billions in fees from our pockets. They’re pushing a bill through the House of Representatives, and it’s expected to come up for a full House vote soon. (A similar bill also has been introduced in the Senate). [Send a message now, and let’s show Congress that we won’t be pushed around by the Big Banks.]( [Send an Email Message]( Thanks for putting your members of Congress on notice. And please share this action with friends and family so they can send their own email – it’s important that our elected officials know we’re watching when it comes to actions that save consumers from outrageous fees. Marcus Jones Consumer Reports [Unsubscribe from Consumer Reports action alerts.]( © 2022 Consumer Reports, 101 Truman Avenue, Yonkers, NY, 10703 [Contact Consumer Reports](