Banks that issue credit cards typically impose penalty APRs on certain borrowers to raise the APR for the entire debt repayment when

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Penalty APRs are typically imposed when a payment is more than 60 days late and/or a payment by check is returned for insufficient funds on accounts at that bank. Having both of these situations occur can result in even higher penalty rates. It is important for borrowers to make payments on time and to ensure that they have sufficient funds to cover their payments to avoid these penalty APRs.

Banks That Issue Credit Cards Typically Impose Penalty APRs on Certain