Glossary Terms: Default APR on Purchases

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Credit Card Applications » Glossary » Default APR on Purchases

Default APR on Purchases

If you violate the terms of your agreement by making late payment, not making a payment at all or paying less than the minimum amount due, you may be considered in default and be subject to a default, or penalty annual percentage rate. That means that your annual rate incurred for purchases made on your credit card may be increased up to 30% and will never go back.

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