What kinds of credit card interest rates are there?
Purchase APR: The interest rate on purchases, which is usually charged if you don't pay off your credit card balance in full every billing period.
Balance Transfer APR: The interest rate you have to pay on any balances you move from loans or other credit cards to the card in question. For most cards, you start out with a low rate (or even 0% APR) for a certain number of months before the regular APR kicks in.
Introductory APR: This is a perk that credit card companies offer to new customers by giving them a low rate for a certain amount of time after they open an account. This rate, which is often a 0% APR for the first few months, is always lower than the average APR for each card.
Cash Advance APR: This rate is used when you use your credit card to get money from an ATM or bank.
Penalty APR: If you don't pay by the due date, you might get a penalty APR. This rate is much higher than most APRs (it can go as high as 29.99%), but after six months of on-time payments, it usually goes down to the standard interest rate.
We have a lot of information about credit card interest rates that can help you learn more. If you want to know more, you might want to read the following:
Purchase APR: The interest rate on purchases, which is usually charged if you don't pay off your credit card balance in full every billing period.
Balance Transfer APR: The interest rate you have to pay on any balances you move from loans or other credit cards to the card in question. For most cards, you start out with a low rate (or even 0% APR) for a certain number of months before the regular APR kicks in.
Introductory APR: This is a perk that credit card companies offer to new customers by giving them a low rate for a certain amount of time after they open an account. This rate, which is often a 0% APR for the first few months, is always lower than the average APR for each card.
Cash Advance APR: This rate is used when you use your credit card to get money from an ATM or bank.
Penalty APR: If you don't pay by the due date, you might get a penalty APR. This rate is much higher than most APRs (it can go as high as 29.99%), but after six months of on-time payments, it usually goes down to the standard interest rate.
We have a lot of information about credit card interest rates that can help you learn more. If you want to know more, you might want to read the following: