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credit cards faq/glossary
The most common questions asked about Credits Cards.
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Credit Card Glossary
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Default APR
definition
What does Default APR mean?

If a consumer is late with his or her payments, there is a possibility that the person’s standard annual percentage rate can increase to a default annual percentage rate. This type of percentage rate can be applied to an individual’s credit card with the same outstanding balance.

Default APR is also known as a penalty rate.
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