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AmEx raises its fee for late payments: Report

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American Express will raise its late fees beginning in January, The Wall Street Journal reported Friday.

The credit card company will now charge its customers as much as $38 if they are late on more than one payment in a six-month period. American Express if the first major credit card issuer to take advantage of the federal government's new rules on allowable limits for late fees.

Penalty-fee revenues for U.S. credit card companies have plummeted since the 2009 Card Act. Companies collected $11.4 billion in fees last year, less than half of the more than $20 billion they made in 2009, according to the report.

Read The Wall Street Journal's full report here.