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This may be a silly question, but what exactly is the difference between an "on-going APR" and a... |
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Date:
February 4, 2008, 5:16 pm |
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This may be a silly question, but what exactly is the difference between an "on-going APR" and a "default APR" in regard to credit card offers? There are no clear definitions pertaining to these terms (that I can find), but I suspect I know the answer just by inference. But that's just a guess. |
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Answer:
Thank you for addressing your requests o our service. The basic Annual Percentage Rate (APR) is also known as Ongoing APR. This is yearly percentage rate. It takes place when you carry a balance on your credit card. The default APR is a PENALTY APR. So in case you are late in paying off your bills, the default APR is imposed. The default APRs are basically very high and affect your credit history in a very negative way. Pay attention, your credit card agreement may contain the point which refers to the application of a penalty rate in case you are late in making your payments. |
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