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How Does Credit Card APR Work?
Average Credit Card APR
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No-Fee Pre-Paid Credit Cards
Purchasing a Pre-Paid Credit Card
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Summary: The APR (average paid rate) is the percentage that a credit card company will charge for their service. Learn more about how APR works on credit cards with expert tips from a registered financial consultant in this free video on financial planning.
Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more
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"This is Patrick Munro talking about how does APR on credit cards work. Basically APR is a average paid rate that the credit card company charge for the purpose of you having being a customer of the credit card company. Credit card companies are normally bank related, so they borrow money at one rate and then lend it out to you based on your credit worthiness at another rate, thereby making a profit after they pay their expenses. APR is a true reflexion of how much interest you as a creditor are paying on your credit card. It's important that you keep your credit in outstanding shape so that you pay your bills on time, and as such you do not have any late fees on your credit cards, and if you do that you'll have the best APR available, to the best customers the APR is always the lowest. However, if you're late on your credit cards and you do not pay your bill on time, the penalties will trigger penalties going forward, and you will have a higher APR. This is Patrick Munro discussing APR credit cards."
eHow Article: How Does Credit Card APR Work?
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