Credit card fees are piling up for holders

Rene Rodriguez of Juana Diaz, Puerto Rico, paid late on his August credit card bill for the first time in years. It was a simple oversight: He misplaced his bill.

But the fees Rodriguez was hit with were hardly simple. First, Citibank charged a $39 late fee. And even though he paid his full balance, the bank dropped his interest-free grace period.

Then it began assessing finance charges at a 24% annual rate, compounding daily. All told, it cost Rodriguez nearly $100.

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