13 Jul, 2022
Annual Percentage Rate (APR)
The interest rate that reflects the yearly cost of the interest the outstandings on your card is called the annual percentage rate. This rate is charged to the card holder on the amounts carried forward beyond the due date for the payment of balances. Most card issuers will tell you their monthly rate of interest. It might sound low at 3%, but when you look at the interest rate over the year, it turns out to be as high as 43%.