|
APR stands for the Annual Percentage Rate and you can use it to
compare different credit card offers.
All card companies have to tell you what their APR is before you
sign an agreement. It will vary from card to card. Generally, the
lower the APR the better the deal for you as you'll be paying less in
interest charges. The APR can be as low as 0% for an intro period and
rise as high as 20% or more. It certainly makes sense to shop around
and find a product with a competitive APR.
An APR takes into account:
- the interest you must pay;
- any annual fee you must pay;
- when and how often you pay the interest and any fee.
The APR does not take into account charges you might have to
pay, such as a charge for missing your monthly repayment.
|
Home