This is in part because the
interest rate differential (IRD)
penalty with the
major banks is calculated in such a way the
penalty is more than double the true IRD.
2014 CreditCards.com
Penalty Rate Survey — Those who fall 60 days behind in credit card payments face an average penalty interest rate of 28.45 percent, according to CreditCards.com's survey of 100 major U.S. credit cards... (See Penalty rates
Penalty Rate Survey — Those who fall 60 days behind in credit card payments face an average
penalty interest rate of 28.45 percent, according to CreditCards.com's survey of 100 major U.S. credit cards... (See Penalty rates
penalty interest rate of 28.45 percent, according to CreditCards.com's survey of 100
major U.S. credit cards... (See
Penalty rates
Penalty rates survey)