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Credit Car (APR)..?
so lets say a credit card has a 10% APR. So does it mean thatt at the end of the year you get a 10% charge for the total amount of money you charged to the card throughout that year even if it is all paid off on time and you didn't receive any late fees or anything ,or is the APR only in play if you are late to pay your balance off and continue to carry a balance?
4 Answers
- StephenWeinsteinLv 76 years ago
No, it doesn't mean that at all. The APR is never charged all at one time. They charge 1/12 of it each month. If you pay the full balance every month, then they don't charge it. But if you pay any smaller amount, even if it is more than you are required to pay, and even if you do it only once, then they charge the APR for at least two months (don't expect it to make sense).
If a card has a 10% APR, that means that the charge is 10/12ths of 1% each month that there is a charge.
- ReenaLv 76 years ago
You have until the date that is specified on your monthly bill to pay off the entire amount due and then they can not charge you interest. If you choose to make just the minimum payment due or any other amount that does not pay the balance off in full then yes, you will be charged 10% interest pro-rated for the billing cycle.
- 6 years ago
so if i pay off all charges on the card every month on time, i should not expect to have any extra charges except any annual fees that are associated with the card.
- JudyLv 76 years ago
No, any interest is xharged each month. On most cards, there's no interest if you pay off the statements in full each month.
