If your APR is 27.99 percent, then 2.3 percent is applied each month.
Your effective APR rate is the figure determined by your compound interest.
This rolls in the interest that was applied to your card in previous months.
As a result, a high APR rate can make the amount you owe in interest inflate very fast.
What is a good APR?
An annual percentage rate (APR) on a credit card is the annualized version of its interest rate. The average variable credit card APR is 16.81% as of April 5, 2018, which means that a good APR credit card should have a rate at least below that.
Is a 24.99 Apr good?
The standard interest rate is 24.99% Variable APR for purchases, balance transfers and cash advances, but there is no annual fee.
What is a good credit card APR 2019?
Best low interest credit cards of 2019:
Citi Simplicity® Card: Best for no late fees. BankAmericard® credit card: Best for long balance transfer offer. Blue Cash Preferred® Card from American Express: Best for rewards. Wells Fargo Platinum Card: Best for 0% intro APR.
What is 24% APR on a credit card?
What exactly is a credit card APR and how is it calculated?” A. APR is short for Annual Percentage Rate, which is the interest you’re charged over a 12-month period. For instance, a card with 24% APR costs 2% per month on balances that you carry from month to month.