What Is An APR?

April 1, 2024 By: Stephanie H. - CreditMonarch Online Writer01 comments

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You might be applying for a credit card and see the word APR, and are asking yourself what does APR even mean? Well, the term APR refers to an annual percentage rate and is used to compare credit cards and personal loans. It takes into account not just the rate of interest you’ll be charged but also any additional fees or charges.

The annual percentage rate is the amount of interest that you would have to pay for the year on your credit card. With a 0% APR you’re going to be paying no interest for a certain amount of time because its an introductory promotion. After the promotion expires you pay interest according to the terms of your credit card agreement.

With these 0% APR credit cards, you will save money because you won’t have to pay any interest anywhere between 6 to 15 months, depending on the 0% APR credit card you choose. Also, you don’t have to pay an annual fee as these credit cards have 0% annual fees, which will help you save even more money.

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• 0% APR