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Penalty APR

Also called a Default APR, a penalty APR may be enstated when cardholders default on some term of their credit agreement, such as missing payments or exceeding credit limits. Penalty APRs are continually on the rise, currently soaring as high as prime +25.99%. Some credit cards claiming a "universal default" may even charge higher interest rates when you default with another creditor.


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Next Credit Card Term: Penalty Fees


Best Credit Card Reviews
1. Chase PerfectCard MasterCard
0% Intro APR | Up to 6% rebate on gas purchases | No Fee First Year.Read Review
2. Discover ® More Card
0% Intro APR | Low 9.9% everyday APR | No Annual Fee. Read Review
3. Chase TravelPlus Visa Card
0% Intro APR on balance transfers for up to 12 months | Earn 1 point for every $1 you charge | Choose from 250 airlines | No Annual Fee.Read Review
4. American Express Gold Delta SkyMiles ® Business Credit Card
Earn 10,000 Bonus SkyMiles | Earn DoubleMiles on "everyday" expenses | Easy online application. Read Review