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Annual percentage rate (APR) is a common feature on monthly credit card bills. Yet, few people know about it. The (APR) refers to the interest charged on a credit account. Anyone who uses a credit card should understand how Annual percentage rate (APR) works, when it may be applied, and how sound financial practices can help you avoid it.
If credit card holders do not pay their bills in full, they must pay interest in their outstanding balances. Essentially, it is the interest on credit cards. If you read the terms and conditions document, you will see both the monthly interest rate and the APR included in it.
APR is calculated for credit cards using the formula:
Credit card interest = [daily rate] x [total daily balance] x [number of days in billing cycle]
No interest applies if you pay your debt in full and on time every month. You will also get a grace period within which you are supposed to repay the entire amount that you have taken from the bank. It is a 21-day period that begins at the conclusion of the billing cycle and lasts until you have paid off your new debt in full without incurring interest charges.
However, if you have a debt on your credit card, you will be charged with interest. Even if you only have a balance for one month, you will give up your grace period for the next few months.
The amount of interest you pay is determined by the APR of your card, the size of your balance, and the size of your monthly payment
APR has many forms, including:
This is the interest rate that is charged on all purchases made with your card, whether they are done online or in person.
A special interest rate that is less than the card's usual APR for a limited time, occasionally as low as 0%. It can be used for both purchases and balance transfers. When the promotional period ends, your balance will be subject to the normal APR. During this time, your credit card works as an interest free credit card.
This rate is often greater than your purchase APR and does not include a grace period. It is also used to describe convenience checks.
This rate applies to payments that are late or returned, and it can be as high as 29.99%. Before your credit card issuer removes the penalty APR, you may need to make multiple consecutive on-time payments. If you are over 60 days late on a payment, the penalty APR may be applied to your existing balance as well.
Have these annual percentage rates changed your mind against getting a credit card? Keep in mind that having a credit card comes with its range of benefits. Always go with a low interest credit card, such as the one issued by IDFC FIRST Bank. The card is packed with all the benefits you need in a credit card. The interest rate on the credit cards issued by IDFC FIRST Bank have comparatively low interest rate, making it affordable for everyone. To know more about IDFC FIRST Bank credit cards visit the official website or mobile app. Select and apply for credit card that suits you.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.