When you use your credit card to purchase an item, you are essentially taking out a loan. Your credit card company lends you this money at an interest. The interest your credit card company charges you if a balance is carried over from one grace period to another is called your Annual Percentage Rate abbreviated as APR. An APR is also the interest you are charged for a cash advance or the transfer of a balance from another credit card.
A credit card can have multiple APRs
Credit cards may have fixed or variable APRs
It is important to carefully read the information on the credit card application and in the credit card agreement to see how often the APR on a credit card can change. It is also important to understand how your APR is calculated.
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