A credit card’s interest rate is the price you pay for borrowing money. For credit cards, the interest rates are typically stated as a yearly rate. This is called the annual percentage rate (apr).

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Home shoppers who have begun looking into mortgages often wonder about the difference between interest rate and APR (Annual Percentage Rate). Basically, think of the interest rate as the starting point in what you will pay for a mortgage loan, then tack on associated fees to calculate the APR.

Interest rate refers to the annual cost of a loan to a borrower and is expressed as a percentage; APR is the annual cost of a loan to a borrower – including fees. Like an interest rate, the APR is expressed as a percentage.

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As you’d guess, a fixed APR means that you pay the same interest rate for the entire term of the loan. With a variable rate loan or credit card, however, your interest rate can go up or down depending on the prime rate or other index chosen by your lender.

and banks simplify your interest rate as the APR. The APR represents the interest you are charged over the course of a year. It is also used to calculate the interest you owe each billing cycle.

Interest rate and APR have different definitions, but are used interchangeably when it comes to credit cards. essentially, APR is the annualized cost of borrowing money, including interest charges as.

APR is an annualized representation of your interest rate. When deciding between credit cards, APR can help you compare how expensive a transaction will be on each one. It’s helpful to consider two main things about how APR works: how it’s applied and how it’s calculated.

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APY (annual percentage yield) refers to what you can earn in interest while APR (annual percentage rate) refers to what you can owe in interest charges. A key difference between the two is that APY takes into account the effect of compound interest for deposit products while APR does not.

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