APR stands for Annual Percentage Rate. It is as the word suggests the annual rate of interest that is charged to borrowers. A good APR for a credit card is 14% and less. If you have excellent credit history then the average credit card will charge around 14%.
So for example, if a credit card has an APR of 10%, you might pay roughly $100 every year per $1,000 borrowed. Therefore the loan or credit card with the lowest APR is typically the least expensive.
The good thing a bout APR is that it shows you the total cost of a loan to you. So what you really end up paying for the loan. This is because APR includes other costs to you, such as administration fees as well as the interest rate.
The good thing a bout APR is that it shows you the total cost of a loan to you. So what you really end up paying for the loan. This is because APR includes other costs to you, such as administration fees as well as the interest rate.