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Credit Card Insider has not reviewed all available credit card offers in the marketplace. Lower interest rates mean lower total interest costs and lower monthly payments. Yet, if you pay more than your minimum, that amount can go to balances with lower promotional APRs. Earn unlimited 1.5% cash back on all other purchases. The APR on a credit card can be changed with 45 days notice. This APR will vary with the market based on the Prime … If you have debt now or plan to carry a balance, but can’t get approved for a card with a 0% introductory offer, the next best option might be a card with a low interest rate on purchases, balance transfers, or both. The card offers a 15-month 0% annual percentage rate for purchases, after which the APR is 14.99 to 23.74% variable. This is a one-year loan at an interest rate of 10% and an APR of 10%. If you want to use a 0% card to finance a big purchase, make sure the 0% offer applies to purchases and not just balance transfers. Credit Card Insider is an independent, advertising supported website. Here’s how variable APR works. Issuers tend to list the range in which your APR will fall on the card’s official webpage, or in the card’s terms, which are usually accessible from that webpage. With the Wells Fargo Platinum Card, new cardholders receive a 0% introductory APR on purchases and balance transfers for 18 months with no annual fee. Here are a few of the most common APRs you may see on your monthly statement: There’s something else you should keep in mind about your minimum monthly payments and the different APRs on your credit card balance. With compound interest, interest charges are calculated on both the outstanding balance, including new purchases and fees, and the interest charged on that balance. Possibly hundreds of dollars or more, depending on your situation. Purchases of $1,000 or more may be eligible for a 24 months offer with a 14.90% APR, a 36 months offer with a 15.90% APR or a 48 months offer with a 16.90% APR. That’s the hidden danger of compound interest from a personal finance point of view. Suppose you lend me $20 for a year at 10% interest. A credit card's APR is an annualized percentage rate that is applied monthly—that is, the monthly amount charged that appears on the bill is one-twelfth of … If you pay your balance in full each month by the due date, you can avoid interest on purchases entirely. Otherwise, the standard APR of 14.74% - 24.74% (Variable) APR on purchases and balance transfers will apply. As the name suggests, your card's APR is an annualized representation of its interest rate. To earn cash back, pay at least the minimum due on time; Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. offers an intro APR of 0% for 15 months on purchases. It is not the bank advertisers' responsibility to ensure all posts are accurate and/or questions are answered. The purchase APR can be a fixed or variable rate. But you won’t get a specific number (in most cases) unless you’re actually approved. (In addition, the interest on cash advances begins accumulating immediately. After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness. Typically, your issuer will clearly list each type of APR — purchase APR, balance transfer APR, etc. Credit Card Insider has partnered with CardRatings for our coverage of credit card products. A credit card's APR is an annualized percentage rate that is applied monthly—that is, the monthly amount charged that appears on the bill is one-twelfth of the annual APR. Your card may have multiple APRs that apply to different categories of debt. The purchase rate only applies to balances that are not paid in full by the end of the billing cycle , … If the bank only charged credit card interest once per year, you’d pay about $200 in interest ($1,000 x 0.20 = $200), assuming there were no additional fees. Depending on the lender and the terms of your credit card agreement, your rate may be recalculated on a monthly, quarterly or yearly basis. Take advantage of your grace period and always pay your statement balance in full by the due date, and you can avoid accumulating interest altogether, so your APR won’t matter. If you can’t pay your full credit card balance, make sure you pay at least the minimum due by the due date. Learn the difference between networks like Visa and issuing banks like Capital One, which banks are biggest, and more. This site is not provided or commissioned by any credit card Insider compensation! Triggered if a payment is late or the mathematically correct annual percentage here! 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