- Annual cost of credit over the life of a loan, including interest, service charges, points, loan fees, mortgage insurance, and other items.
- Put simply, APR is the cost of borrowing on a credit card. It refers to the yearly interest rate you’ll pay if you carry a balance, and it often varies from card to card.
- More data here: www.investopedia.com
EXAMPLE:
You may have one card with an annual percentage rate of 9.99% and another with an APR of 14.99%.
