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Credit Card APR Explained!
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Here we will explain how to calculate
your monthly credit cards repayments
using your credit cards Annual
Percentage Rate (APR) Trying to
calculate the amount of interest you
will pay on your credit card is easy if
you know how. Credit card interest is
charged on a monthly basis with no fixed
repayment amount apart from the minimum
stipulated by the terms of the credit
card. The APR of a credit card
determines what your monthly interest
will be on your credit card.
NOTE:-
This is a rough guide to credit card APR
your credit card APR is affected by many
things. If you want to know your credit
card APR we suggest you contact your
credit card provider.
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CHOOSE THE RIGHT ANNUAL PERCENTAGE RATE FOR YOU!
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Many people are stuck with cards
charging extraordinary annual percentage
rates (APRs). For them, their choice of
credit card is simple, apply for a
credit card with a lower APR.
If
you have a very large monthly debt
running on your card, you should be
looking to do the following:
- Apply for a card with 0%
interest on balance transfers,
usually for period of up to 6 months
and switch all your credit card
debts to this one. Use that time to
reduce your debt as much as you
possibly can.
- At the end of that period, the
card will revert to its normal APR.
If the rate is relatively cheap
(below 13-14 per cent), it makes
sense to stick with it. If not,
apply for and keep another card
handy, one that offers the lowest
possible long-term rate.
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Don't forget that interest rates can differ for retail purchases, balance transfers and cash withdrawals. Also interest rates for balance transfers can be for a limited period.
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