Which of the following is a penalty for failing to make the minimum monthly payment on time?

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Multiple Choice

Which of the following is a penalty for failing to make the minimum monthly payment on time?

Explanation:
Missing the due date triggers a late fee—the penalty tied to not paying on time. This is separate from the ongoing cost of borrowing (the interest that can accrue on your balance, and possibly a higher rate if you’re late). Annual fees and cash-advance fees are different charges tied to using the card or maintaining the account, not to lateness of payment.

Missing the due date triggers a late fee—the penalty tied to not paying on time. This is separate from the ongoing cost of borrowing (the interest that can accrue on your balance, and possibly a higher rate if you’re late). Annual fees and cash-advance fees are different charges tied to using the card or maintaining the account, not to lateness of payment.

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