I found out my APR for my credit card is roughly 18%. Fortunately, I get a grace period of 15 billing periods until APR is accounted for. I don’t understand what APR is, like how it’s different from interest rate.
In: Other
APR stands for *annual percentage rate.* It’s essentially the amount of extra money you would have to pay if you had debt on your credit card for a year.
If I had $100 on my credit card and I left it for 12 months, I would have to pay $100 + $100/*0.18 = $118.
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