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| Credit Card Terms Glossary |
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Glossary Of Credit Card Terms
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Our Glossary features an extensive collection of credit card related terms with their complete definitions. If you cannot find a term you're looking for, please contact us. We will respond to you with full explanation of the term. Upon further review, we'll consider adding it to our website. |
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Ongoing APR (Annual Percentage Rate) |
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APR is the way of stating the interest rate you will pay if you carry over a balance, take out a cash advance, or transfer a balance from another card. If the card has an introductory rate, the Ongoing APR will apply after the introductory rate expires. The APR states the interest rate as a yearly rate. A single credit card will have several APRs, applicable to different types of transactions: one APR for purchases, another for cash advances, and yet another for balance transfers. The APR for cash advances is often higher than the APR for purchases or balance transfers (for example, 10.24% for purchases, 10.24% for balance transfers, and 21.24% for cash advances). For example, if a card's APR is 10%, you pay 10% interest on the outstanding credit card balance. This means that if your outstanding credit card balance is $1,000 you will have to pay $100 in interest charges per year. This is a very simplified representation of how APR actually works, the actually interest charges may vary based on the type of transaction and balance computation method.
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