What is a punitive rate?
The Bankrate.com financial term of the day is: "punitive rate."
Credit cards have rules, and when you break them, you pay more. Cards slap you with a punitive rate -- a punishingly high interest rate -- if you violate your card agreement by being late with your payment or making purchases beyond your credit limit.
Run afoul with your credit card and you'll regret it. You'll be socked with a higher punitive rate.
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