The APR (Annual Percentage Rate) on a credit card is a useful figure to use when comparing products. This percentage figure basically tells a consumer how much using credit cards to borrow money could cost them in interest charges over the course of a year.
What is a Credit Card APR?
Every credit card issuer has to advertise an APR with each of their products. This figure is supposed to make it easier for consumers to understand the interest rate that they will be charged on a card. They may not understand exactly how this interest will be compounded but they can use the APR as a comparison tool when choosing a product.
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