What is penalty APR and how do you avoid it?
Penalty APR is a higher rate incurred by violating a card’s terms of service.
6 min read
Jan 11, 2023
About the author
I take a fair amount of heat for being thrifty, and I'm not sure that's a bad thing. Living within your means and simplifying where possible are two of the keys to financial wellness, and my personal experience bears it out. That said, I'm not averse to occasionally splurging on a pair of well-made sneakers or an MLB streaming package (Bronx Bombers Rule).
Expertise
Personal finance, credit cards (balance transfer, zero interest and student)
Personal finance experience
- Writer and Editor for The Simple Dollar (2017-2018)
- Senior Editor, Bankrate.com (2018-2021)
Previous professional experience
- Reporter, news editor, city editor and editorial page editor at two daily newspapers in North Carolina
- Two-time winner, North Carolina Press Association Journalism Contest
Education
B.A. in Mass Communication with Distinction, University of North Carolina at Asheville
Notable publications
- What is a balance transfer credit card and how does it work? - Bankrate.com
- Use a 0% intro APR card to avoid the Ghost of Interest Future - Bankrate.com
- Taking Over Your Aging Parents' Finances - The Simple Dollar
- Love and Coverage: How Getting Married Changes Your Insurance - Nasdaq.com
- Renters Insurance Required: A Win-Win for Apartment Owners & Tenants - Zillow
Barry's latest articles
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How to do a balance transfer
Moving credit card debt to a low-interest card can be a smart financial move — if you do it right.
5 min read Dec 26, 2022 -
What is APR on a credit card?
APR stands for annual percentage rate, which means interest on a credit account.
5 min read Dec 20, 2022 -
Best credit cards for fair/average credit in December 2022
Compare Bankrate’s best cards for fair credit Card name Best for Annual fee Bankrate review score Capital One Platinum Credit Card No annual fee $0 4.3 / 5 (Read full card review) Capital One QuicksilverOne [...]
12 min read Dec 07, 2022 -
Best Credit Cards and Top Offers of December 2022
Bankrate's experts compare hundreds of top credit cards and credit card offers to select the best in cash back, rewards, travel, business, 0% APR, balance transfer and more. Let Bankrate, a leader in personal finance advice, help you find the best credit card today.
Dec 06, 2022 -
11 best balance transfer credit cards: 0% intro APR for 12–21 months
Compare Bankrate’s best 0% balance transfer credit cards A closer look at Bankrate’s top 0% balance transfer cards Wells Fargo Reflect Card: Best for balance transfer beginners What we love about the [...]
21 min read Dec 06, 2022 -
Best airline credit cards of November 2022
Compare Bankrate’s top-ranked airline credit cards Card name Best for Rewards Highlights Bankrate review score Capital One Venture Rewards Credit Card Flexible travel rewards 2X miles on every purchase [...]
15 min read Nov 10, 2022 -
The 5 Best Prepaid and Debit Cards of 2022
Compare Bankrate’s top prepaid cards Card Name Bankrate’s pick for Fees Visa Prepaid Card Budgeting online Variable monthly fee Netspend Visa Prepaid Card No activation fee Up to $9.95 monthly fee [...]
6 min read Nov 09, 2022 -
How to use a 0% intro APR card for holiday shopping
Afraid of that January credit card bill? A 0% intro APR card could help you avoid interest on holiday purchases if you use the introductory offer strategically.
3 min read Oct 17, 2022 -
How a student loan grace period works
Think of your grace period as an opportunity to make a plan for your student loans.
5 min read May 31, 2022 -
Charitable giving: How to maximize your donations
Tax law changes have raised the dollar threshold for claiming itemized deductions. Here’s how to make sure your generosity still counts.
4 min read Mar 13, 2019 -
Other uses for personal loans
See below for other uses for personal loans: Financing Fertility Treatments Andy Bowen March 9, 2018 in Personal Loans Only a few states mandate health insurance coverage for major fertility treatments [...]
52 min read Jan 04, 2019 -
Alternative Uses for Personal Loans
See the articles below for alternative uses of personal loans. Financing Fertility Treatments Andy Bowen March 9, 2018 in Personal Loans Only a few states mandate health insurance coverage for major [...]
50 min read Jan 04, 2019 -
Student loan consolidation vs. student loan forgiveness
Student loan consolidation or student loan forgiveness? The choice depends on your career path, your amount of debt and your priorities.
3 min read Oct 29, 2018
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Best Visa credit cards for December 2022
Compare Bankrate’s top Visa credit cards of December 2022 Card name Best for Bankrate review score Chase Sapphire Preferred Card Sign-up bonus 5.0 / 5 (Read full card review) Chase Sapphire Reserve Luxury [...]
11 min read Dec 07, 2022 -
16 best small-business credit cards of December 2022
Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Please visit AmericanExpress.com/BenefitsGuide for more details. Underwritten by Amex Assurance Company. The information [...]
20 min read Dec 06, 2022 -
Best no-foreign-transaction-fee credit cards of December 2022
The information about the Costco Anywhere Visa® Business Card by Citi, Costco Anywhere Visa® Card By Citi, Citi® / AAdvantage® Executive World Elite Mastercard®, CitiBusiness® / AAdvantage® Platinum [...]
16 min read Dec 05, 2022 -
Best cash back credit cards for November 2022
The information about the Amazon Prime Rewards Visa Signature Card, Costco Anywhere Visa® Card by Citi and Alliant Cashback Visa® Signature Credit Card has been collected independently by Bankrate.com. [...]
22 min read Nov 28, 2022 -
Why you should pay your credit card every two weeks
To help keep your credit utilization low, credit card industry analyst Ted Rossman recommends a twice-monthly payment schedule.
3 min read Jan 01, 2020 -
Looking back at a cautious year in credit cards
Credit card industry analyst Ted Rossman would pick “cautious” as the word that best describes the year 2019.
5 min read Dec 01, 2019 -
Alternative Uses for Personal Loans
See the articles below for alternative uses of personal loans. Financing Fertility Treatments Andy Bowen March 9, 2018 in Personal Loans Only a few states mandate health insurance coverage for major [...]
50 min read Jan 04, 2019