There are few things that you must know about your cards’ rate.Â
The APR is the interest rate of your card. Every credit card offer must include the APR and whether the rate is fixed or if it will rise. Many credit cards have variable interest based on prime. If the credit card interest rate will change from time to time, the issuer also has to tell you the periodic variation rate of your APR.
You should also know how your interest is calculated. You’ll read something in your credit card statement about a balance computation method. This method is a formula used to determine amount of the outstanding balance on which you’re charged interest during each billing period. Read the rest of this entry »
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