|
Glossary Of Terms
 |
Our Glossary features an extensive collection
of credit card related terms. If you cannot find a term you're looking
for, please e-mail us at glossary@credit-land.com.
We will respond to you with full explanation of the term. Upon further
review, we'll consider adding it to our website. |
|
|
|
|
Default APR |
|
|
A penalty APR. Your Ongoing APR's may increase if you are late in making payments. For example, your card agreement may say, "If your payment arrives more than ten days late two times within a six-month period, the penalty rate will apply". Defaults are a serious negative item on a credit report. Default APR may be as high as 29.74% and may be applied to all outstanding balances on your credit card.
|
|
|
