Definitions for "Penalty Rate"
Related Terms:
Introductory apr, Periodic rate, Introductory rate, Annual interest rate, Interest rate, Interest rates, Annual equivalent rate, Prime rate, Prime, Balance transfer, Interest accrual rate, Annual percentage rate (apr, Aer, Discount rate, Revolving debt, Apr, Annual percentage rate, Effective interest rate, Rate, Prime interest rate, Charge card, Agreement, Standard rate, Daily periodic rate, Apr - annual percentage rate, Comparison rate, Rate of interest, Late charges, Effective annual interest rate, Ear, Til, Nominal interest rate, Prime lending rate, Base rate, Monthly periodic rate, Annual percentage rate - apr, Minimum payment, Aapr, A.p.r, Tiered interest rate, Finance charges, Reference rate, Revolving credit, Note rate, Annual fee, Discount, Credit score, Effective rate, Blended rate
A higher interest rate applied to your credit card account if you are late making payments.
It refers to a higher APR that the credit card company charges as a penalty, when the customer makes a late payment or exceeds the credit limit.
A higher interest rate imposed on an account when it has lapsed into default.
An additional rate of pay required by an award or agreement for a employee who works outside the ordinary hours specified by the award or agreement, eg working on Sunday often attracts a penalty rate.
A higher rate of pay which compensates for work done outside usual hours such as late at night or on public holidays.
A rate charged to a borrower after he or she makes two late payments. The rate is generally several percentage points higher than the card's current annual percentage rate. With some cards, a single late payment triggers the penalty rate.
Several percentage points higher than a card's current annual percentage rate, which goes into effect after two late payments. On some cards, a single late payment triggers a penalty rate.
A higher APR the credit card company charges after the customer has made late payments, exceeded their credit limit, or otherwise did not abide by the terms of the Cardmember Agreement.
Many credit card companies will raise your interest rate if
A penalty rate, an increase in a card's annual percentage rate, may go into effect in the event an account holder defaults on a payment or other obligation.
The rate that applies under specific circumstances set out by the card issuer. For example, if you make 2 late payments within 6 months, a card issuer may have a policy of raising the interest rate.
a fee to you for making late payments as defined in your credit card agreement. This rate varies depending on the card issuer and can go into effect after a single late payment.
An increase in a card's annual percentage rate, which may go into effect in the event an account holder defaults on a payment or other obligation. On some cards, a single late payment triggers a penalty rate.
Several percentage points higher than a card's current annual percentage rate, which goes into effect after at least one late payment.
If you have two or more late payments (see Late Payment), your credit card issuer may charge you a Penalty Annual Percentage Rate (APR), which is much higher than the card's current APR. On some cards, a single late payment triggers a penalty rate.
Several percentage points higher than a credit card's current annual percentage rate, which goes into effect after a predetermined number of late payments.