Credit card penalty rates can top 30 percent; how to avoid them
Think it costs a lot to use your credit card now? Make a late payment and your interest rate could jump to more than 30 percent. … At the high end, HSBC charges a penalty rate of 31.99 percent. Why so much? “Details of programs are proprietary, but I can tell you that HSBC strives to keep its products competitively priced and default APRs are only one aspect of pricing,” says HSBC spokeswoman Kate P. Durham. “We believe we fairly set our prices based on economic, …
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Credit card penalty rates can top 30 percent; how to avoid them
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