Banking
Credit Card Late Payment Fee
Charging a penalty fee when the minimum payment is not received by the due date.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Credit Card Receivables | Asset (+) | 15.00 | - |
| Late Payment Fee Income | Revenue (+) | - | 15.00 |
💡 Accountant's Note
Late payment fees are a significant revenue stream for credit card portfolios. They are recognized when charged. Regulatory caps on fee amounts apply in many jurisdictions including Jordan.
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