Calculating APR for Credit Cards

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When dealing with credit cards, the APR is the interest rate that a credit card will charge for the services of extending one's money. Learn about the competition of interest rates between credit card issuers with help from a registered financial consultant in this free video on money management and personal finance.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser, Patrick Munro talking about calculating APR for credit cards. APR is the interest rate that a credit card will charge you for the services of extending your money. Be very mindful that this interest rate is competitive between credit card issuers and the benchmark that they use is your credit score. So make sure you keep your credit score as high as possible, and the way you do that is to keep your debts as low as possible and pay them in a timely fashion. APR can be very much massaged or changed if you call a credit card company and see a notice that they have upped your APR for any particular reason, it may not be your fault, it may be because the credit card issuer has a problem internally where they have too many delinquencies and they're trying to pass that one to you. If that's the case, make sure you have a secondary credit card that you can rollover your balance to the lower interest rate, and they'll gladly do that. Credit card companies are highly competitive between each other. That's Patrick Munro talking about how to calculate APR interest rates on credit cards.


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