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Can you explain to me what an APR is (when referring to a credit card)?

 
Anonymous

Asked by Anonymous at 8:59 PM on Jan. 22, 2011 in Money & Work

This question is closed.
Answers (3)
  • Annual percentage rating. Say it is 21% You pay 21% more on the balance on your credit card a year. That's about 1.75% a month. SO you maybe 1.75 more on your balance. Say your balance at the end of the month was $5000. You will be 87.50 more for using that credit card.
    mommy_of_two388

    Answer by mommy_of_two388 at 9:02 PM on Jan. 22, 2011

  • So you pay*
    mommy_of_two388

    Answer by mommy_of_two388 at 9:02 PM on Jan. 22, 2011

  • mommy_of_two is right. But be careful, I've seen some places advertise the interest on a monthly basis- so 2% a month is not the same as a 2% APY.
    Erica_Smerica

    Answer by Erica_Smerica at 10:26 PM on Jan. 22, 2011

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