Скачать или смотреть How Does Penalty APR Work? - Crazy About Credit Cards

How Does Penalty APR Work? Have you ever wondered how credit card companies handle late payments and what happens when you miss a deadline? In this informative video, we'll explain everything you need to know about penalty APRs and how they work. We'll start by defining what a penalty APR is and what triggers it, such as late payments, bounced checks, or exceeding your credit limit. You'll learn how this higher interest rate can affect your current balance and future purchases, often reaching rates close to 30%. We'll also discuss the legal requirements for credit card issuers to notify you before applying a penalty APR, giving you a chance to take action. Additionally, we'll cover how long the penalty rate can stay in effect and what steps you can take to reduce or remove it, including making consecutive on-time payments and communicating with your issuer. Understanding how penalty APRs impact your credit score and overall borrowing ability is essential for maintaining healthy finances. Whether you're trying to avoid extra costs or manage your credit more effectively, this video provides helpful tips and insights. Stay informed and make smarter credit decisions today by watching our detailed explanation.

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About Us: Welcome to Crazy About Credit Cards! Our channel is dedicated to simplifying your credit card journey, whether you're a beginner or looking to maximize your rewards. We cover everything from Credit Card Basics and types of Credit Cards like Rewards, Cash Back, and Travel Credit Cards, to essential topics like Credit Card Interest Rates and how to Build Credit using these financial tools. We'll also discuss Balance Transfer and Secured Credit Cards as well as explain any Credit Card Fees you may encounter along the way.