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.


Author's Bio: 

Robin Williams is an Executive at CashOne, which serves to connect consumers across the U.S. quickly with its authorized lender network for payday loans online. Robin has more than 20+ years’ experience in Administrative Management, with several years in the lending industry.