late fee

Definition

A fee charged when a payment is not received on time. Some common bills which almost always have a late fee policy are credit card payments, mortgage and student loan payments, and car loan payments.

Use late fee in a sentence

If I don't pay my Visa credit card payment soon they will charge me a late fee of 25 dollars.

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I have a monthly alert on my calendar reminding me to pay my bill on time to avoid any late fees.

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I really had to do away with that particular credit card because of the ridiculous late fee; it almost made me homeless.

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