Well to start with, an APR is an acronym that stands for Annual Percentage Rate or Single Percentage Rate, it is used to calculate interest for money that you have taken from credit card or loan. Moreover, credit cards are one of the best ways of saving money if it is utilized properly. To get a gist of what is apr credit cards? Stay tuned.
The word credit implies a loan, which means you can swipe in a store and buy a commodity. In a 45-day cycle, you will get a bill generated. If you can pay it back in one shot, minimal interest will be charged. Suppose you miss it, interest will be charged daily and your credit score will become less.
In this article we are going to explain:
- How APR works
- How does APR representative include?
- How APR interest will be calculated
Firstly, how APR works and how your interest will be calculated:
Before applying for a credit card, you must know how exactly Apr credit card works because this will affect your credit score if you don’t know what is apr credit cards? Well, if you rendered a $10000 on credit card, depending upon bank 10-12% APR is charged and that will be for annual or monthly you can pay. In case if you are not paying money monthly, bank will charge $1000 Apr for a year.
Better you can pay on a monthly basis, because it would be the best way to keep your credit score good and for monthly interest charge is divided of APR by 12 months and it will cost you 1% of money whatever you have taken from the bank. This is how APR works.
How does Apr Representative include?
The representative of Apr which includes the interest rate for your credit cards and that will depend on the advertisement of credit cards. There are so many banks, they will offer good interest rate credit cards and that applies the way how exactly card is using and which is the best standard rate card to afford.
Here you can also expect other account charges and you have to pay automatically as loan fee or annual fee. It depends upon the bank, whether they are charging or not. You have to be aware of that whenever taking Apr credit cards.
Some of the factors is mandatory while taking credit card:
Firstly, age of a person, old credit agreements, Home or property ownership, if you’re an employee, you need to submit employment status and electoral roll.
If you want to get good APR interest for your credit card, you have to maintain a best credit score history, that will benefit you less interest for rendered money. So, keep maintaining your credit score.
To conclude that, Apr is the best option for credit cards and hope we covered the topic on what is apr credit cards? Thanks for reading our article.