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Earn +20 ptsQ: What does APR stand for in reference to a credit card?
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What does APR stand for on a credit card?
APR stands for Annual Percentage Rate. It's the amount of interest you pay each year on the outstanding balance.
When will the APR of a credit card be equal to its APY?
when interest compounds annually , I believe.
Bartholomew just got a new credit card that offers both an introductory APR and a standard APR. If the standard APR is 19.8 which of the following rates would most likely be the introductory APR?
9.8%
How do you figure out what your APR is on a credit card?
Check the back of your billing statement, or call a representative.
Is the APR on credit cards the same as compound interest?
Credit card APR is the annual percentage rate of interest that a credit card holder is charged on all of or a portion of their account balance, when the full amount hasn't been paid on or before its due date; the APR meaning the annual percentage rate often includes any fees that are charged up front in the obtaining of a loan, counting that cost as well as the compounded interest in the conversion to the equivalent rate!
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