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Annual Percentage Rate (APR)

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Vikram Parsani

Annual Percentage Rate (APR) is the effective annual interest rate charged on the amount of credit used. Lenders are legally obliged to disclose the APR(s) charged by their respective credit cards.

  • Purchase APR applies to purchases made using the credit card.
  • Balance Transfer APR applies to transactions where an outstanding balance is transferred from one credit card to the other. This APR is usually higher than the Purchase APR.
  • Cash Advance APR applies to transactions where cash is borrowed using the credit card. This APR is usually higher than the Purchase APR.
  • Introductory APR is the teaser APR applied to transactions for a limited period of time initially. This APR is usually lower than the Purchase APR.
  • Penalty APR is the increased APR applied to transactions if the card holder makes a late payment or pays less than the minimum payment specified in the card holder agreement. This APR is usually higher than the Purchase APR.
  • Tiered APRs are the increasing APRs applied to successive levels of an outstanding balance.
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