What is a Penalty APR & How to Avoid It?

If you were to become 60 days late on a credit card payment and then paid it, you could be subject to a penalty APR. A penalty APR is when your credit card company penalizes you by increasing your interest rate to a much higher one than your regular APR. If you have one or many credit cards, you can be subject to a penalty APR. Read on to learn more about this common practice by credit card companies. https://www.cashone.com/blog/what-is-penalty-apr-how-to-avoid-it