I WILL FAN AND MEDAL

What is likely to happen if a borrower is late on a payment for a credit card account?

The credit card company requires the entire balance be paid in full immediately.
The credit card company cancels the card after the first tardy payment.
The credit card company doubles the credit limit.
The credit card company applies a penalty rate, increasing the card's interest rate.

Question

I WILL FAN AND MEDAL

 What is likely to happen if a borrower is late on a payment for a credit card account?

 The credit card company requires the entire balance be paid in full immediately.
 The credit card company cancels the card after the first tardy payment.
 The credit card company doubles the credit limit.
 The credit card company applies a penalty rate, increasing the card's interest rate.

ms_sp · Answer

Last one, the credit card company applies a penalty rate, increasing the card's interest rate.