Penalty APR

GeneralGlossary term

Definition

A higher interest rate (up to 29.99%) applied when you make late payments or violate card terms. Can apply indefinitely until six consecutive on-time payments are made.

Related terms

Late FeeA penalty charged when the minimum payment isn't received by the due date. Can be up to $41 for repeated late payments. Also triggers penalty APR and damages credit score.

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