The content is accurate at the time of publication and is subject to change.

Credit cards are like loans. Every time you charge something on your card, you are borrowing money which you can pay back later over a period of time or in full when the balance is due. If you choose to pay money back over time, interest will be added to your account. This interest is also known as the APR and you pay that in addition to the purchase amount if you carry the balance beyond the first month.

The APR is an annual percentage rate which is calculated on a yearly basis. The higher the APR, the more you will pay. You can avoid paying this interest if you pay your balance in full each month. If you pay less than the full balance and carry the balance from month to month, the interest will accrue.

tags : Credit Cards Interest Rates

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.