What generally happens for subsequent late payments on a credit card?

When a credit card payment is made late, it can lead to various penalties and consequences, particularly regarding late fees and interest rates. The correct answer indicates that the fee typically increases for subsequent late payments.

This process is designed to encourage responsible borrowing and timely repayments. Initially, a late payment may incur a standard fee, but repeated lateness usually results in increased fees or a change in the account's terms. Credit card issuers often have policies in place that escalate the consequences of late payments to deter consumers from missing deadlines repeatedly.

In contrast, waiving a fee or extending the payment due date are not common responses to repeated lateness. Similarly, decreasing the interest rate runs contrary to the risk profile of the account, which generally increases when a pattern of late payments is established. These measures are often aimed at incentivizing better financial behavior rather than providing relief for ongoing issues.