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What is APR on a credit card


Annual percentage rate (APR) refers to the yearly interest rate you'll pay if you carry a balance on your credit card. Some credit cards have variable APRs, meaning your rate can go up or down over time.

What is 24% APR on a credit card?

A 24% APR on a credit card is another way of saying that the interest you're charged over 12 months is equal to roughly 24% of your balance. For example, if the APR is 24% and you carry a $1,000 balance for a year, you would owe around $236.71 in interest by the end of that year.

What is considered a good APR?

A credit card APR below 10% is definitely good, but you may have to go to a local bank or credit union to find it. The Federal Reserve tracks credit card interest rates, and an APR below the average would also be considered good.

Is 24% APR high for a credit card?

You still shouldn't settle for a rate this high if you can help it, though. A 24.99% APR is reasonable but not ideal for credit cards. The average APR on a credit card is 20.16%. A 24.99% APR is decent for personal loans.

How do I avoid APR on my credit card?

If you'd like to avoid paying interest on your credit card, you have two options. You can pay off your balance before your grace period ends, or you can apply for a zero-interest credit card that offers 0 percent APR on purchases for up to 21 months.




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Interest Rates Interest Charges and Fees – Platinum Card www bankofthewest com/-/media/Project/BOTW/DotCom/BOTW/PDF/personal/credit-cards/platinum/credit-disclosures-platinum pdf This APR will vary with the market based on the Prime Rate To learn more about factors to consider when applying for or using a credit card



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Our handy guide to interest charges Virgin Money uk virginmoney com/virgin/downloads/How_interest_is_charged pdf The interest rate we include in your Virgin Money Credit Card Terms (section 2) a representative APR in your Terms Summary Box and Pre-Contract Credit

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