When are payments considered late, and what is the late fee?

Your payments are due on the first of the month and are considered late if not received by the 14th. A late fee is applied on the 15th for any account that has not paid in full. The first time an account becomes late, the fee is $50. If the account remains past due and a further late fee is applied the following month, that fee is $100, and it stays at $100 for each additional month the balance remains past due. Once the balance is brought current, the fee returns to $50 the next time an account becomes late.