Glossary Terms: Default APR on Balance Transfer


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Credit Card Applications » Glossary » Default APR on Balance Transfer

Default APR on Balance Transfer

If you use the balance transfer service and make a late payment on the balance transferred, have a payment returned, or exceed your credit limit during the promotional 0% interest introductory period, the introductory period will expire and a penalty, or default, annual percentage rate will apply on your credit card balance. Penalty APRs are usually more than 20 percent and will be applied to the entire transferred balance that is in default. Most credit cards are considered to be in default if the payment is more than 60 days late.

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Balance Transfer: Save on Average $1,400

May 08, 2015

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