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Contributed by mm | August 11, 2005 11:06 AM PST
Time to tightly manage your plastics! At 30% APY, you will be paying 2.5% monthly interest!
From Wall Street Journal:
Some major issuers, including J.P. Morgan Chase & Co., Citigroup Inc.'s Citibank and Bank of America Corp., are now charging maximum penalty rates that have edged past 30%. Although some banks charge a fixed penalty rate, other rates are typically tied to the prime rate -- the rate banks charge their best customers -- plus a fixed percentage that varies by bank. Now, many of those variable rates are expected to climb even higher given the Federal Reserve's increase in the short-term interest rate to 3.5% this week, which pushes the prime rate to 6.5%.
Penalty rates, which become the new rate paid on any outstanding balances, typically kick in when cardholders are late on a payment or two, exceed their credit limit or bounce a check. Bank of America's penalty rate, for example, could apply if cardholders miss two consecutive payments or are past due two times within a six-month period, according to a company spokeswoman.
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