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.
To shop for the perfect credit card, visit the credit cards section at Bankrate.com.
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Bankrate asked young adults ages 18-29 about their credit card usage.
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Credit card rates were mixed this week.
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Mortgage rates jumped this week.
New car loan rates fell 1 basis point each.
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Synthetic ID theft is piecing together a new identity using a combination of real and fake information. It accounts for up to 85 percent of all fraud, the government says.
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