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The annual percentage rate popularly referred to as APR is the total cost of borrowing per year, and is one of the most important terms that come with any credit card. Since every credit card plan comes with different terms and conditions, the APR rate for each credit plan differs, with some cards being offered at substantially high rates while others come with very low APRs. This is why its up to you as a credit card consumer to check the various APRs for each credit card plan, so that you can choose the best one based on your credit preferences and personality.

There are various methods of checking the APR rate of a credit card that you plan to sign up for. One the quickest and best ways is to check online at a website like, that compares credit card APRs side by side., and websites like it, usually display the current APR rates for the different types of credit cards. You can then use this as a guide to have a general idea of how much it will cost you to borrow certain amounts on different credit cards.

Credit card companies notoriously place advertisements in various newspaper and magazines, many of these advertisements specifically state the APR, but these rates are usually only offered to the consumers with the highest credit score. Also, magazines are usually printed monthly or quarterly which raises the risk of finding an outdated APR rate, so if you see an interesting figure in a publication, don’t start jumping around just yet, the best thing to do is to contact the financial institution which placed the ad. Find out if that APR figure is still valid for consumers with your type of credit score, and whether they have any plans of changing that figure anytime soon.

Many credit card companies and financial institutions are noted for advertising the default APR, which is the highest cost charged for credit card payment defaults. This comes into effect when consumers fail to deliver their payments or time or exceed their credit card limit. Make sure you get to know the various APRs apart from the default one, to settle for the cheapest credit cards available.

Another effective way to find out the APR rate for a credit card you intend to sign up for is to simply ask the mortgage broker or lender about the specific figures. There are no dumb questions, and keep in mind that they are bound by law to make this known to you and therefore you shouldn’t feel bad asking them about this. Even if you are given a quote, make sure this figure is correct before you append your signature to the final paperwork necessary handed given after your credit card application is approved.