What is APR (credit card related ) ?
February 10, 2009 - I was wondering whether any could explain in a simple understandable way what and how does APR works... All I know is its Annual Percentage Rate, and bit complicated to understand ...
- It is the amount they charge you for using their money. The higher the rate the more money it costs you to charge.
APR stands for Annual Percentage Rate. It is how much interest will be charged to your card after a year. For example let's say your APR is 10%. Your credit card has an Average Daily Balance, and they calculate that by taking the balance every day, then averaging it over a year. Let's say your Average Daily Balance is $2,000. 10% of $2,000 is $200. So, your APR on an average daily balance of $2,000 will be $200, and that's how much interest will be charged to your card over a year. ... ... ... I think I did that right :)
- no sorry.....an APR is the amount set by that particular card and there is nothing u cn do to change it.
- APR...Another Poor Risk...lol
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