APR stands for Annual Percentage Rate. It is one of the most important numbers that you will find on a credit card application or statement. The reason it is important is because this number determines how much interest you will have to pay on any charges that you carry over on your credit card. It is also important for consumers to understand that even a single card can have more than one APR associated with it.
Here are some examples of how you might find various rates with the same card (or with multiple cards):
You will certainly find an APR for purchases. This is the standard rate that you will pay when you make ordinary purchases with the card and do not pay off the balance within the grace period that the company allows.
You will often find that there is a different APR for cash advances. In most cases, the charge for taking cash is higher than the charge for purchases. In some cases, the cash advance charge can be significantly higher and consumers should always check for this rate before they take cash.
Consumers should also realize that many credit card companies do not allow for a grace period with cash advances or balance transfers. This...
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