The statement says that you've triggered the Penalty APR so that it has now increased to 28.99%. What action triggered this? You failed to pay the minimum payment by the due date.
You failed to make the minimum payment by the due date. This is an action that can result in a message that "you've triggered the Penalty APR so that it has now climbed to 28.99%."
A charge APR is a charge that can be applied if you don't pay your bills on time. It may be set up so that future transactions may be subject to a penalty APR that is higher than the card's standard rate.
If the minimum payment was not made by the due date, Penalty APR would be applied.
But if the card also has a penalty APR and you trigger it, you will likely lose that promotional offer. Federal consumer protections that limit penalty APRs don't apply to small-business credit cards. That means issuers can be more punitive, such as applying penalty APRs sooner than 60 days after not making payments.
Therefore,
The statement says that you've triggered the Penalty APR so that it has now increased to 28.99%. What action triggered this? You failed to pay the minimum payment by the due date.
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