Penalty APR: What It Is and How You Can Avoid It – Gregory Karp

Skipping a couple of credit card payments in a row could not only hurt your credit rating and cost you late fees, but it could also cost you more in interest because of a penalty APR — a sky-high rate slapped on the credit card balance. Some credit cards don’t charge penalty APRs, but many…

Gregory Karp writes for NerdWallet. Email: Twitter: @spendingsmart.

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