Financial Information
For credit cards, which means that the APR and what is a daily periodic rate?
Please help me. I do not know how to compare credit cards very well with all the promotions and advertising opportunities shortlisted. I say the best indicators of the APRS, but since I do not know what that means, I’m down.
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#3 written by Steve D 1 year ago
Good questions. There’s a great article on how to compare credit card offers here – http://finance.necessaryvirtues.com/debt/credit-cards/evaluating-credit-card-offers.html
I think you’ll find it helpful. It covers APR, Balance Calculation Methods, and several other important areas.
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#4 written by pamdunaway 1 year ago
A.P.R. – Annual percentage rate = The percentage rate they charge you on your outstanding balance – it can be compounded daily or monthly (read the fine print). Also look for annual fees that some companies charge for you to carry their card in your pocket (that’s a no-no), there should be no fees, some will charge an activation fee and other fees, these are also no-no’s the only fee should be an A.P.R., which will show on your monthly statement unless you pay the balance in full before the due date (this will keep you out of financial trouble). The lower the APR the better for you, some will offer a very low APR for several months then it will go up, be sure it doesn’t go up too far. I don’t know what the going rates are right now, just look for the lowest you can find with out the added fees and be sure to read ALL the fine print before signing anything!
Good Luck !!!! -
#5 written by Gary K 1 year ago
Compare the APRs. To calc the daily rate, divide by 365. The APR assumes you pay the full balance in one billing cycle. Otherwise, you’re looking at effective rates.
You can pay in full when you receive the statement with the charge, and pay no interest. This is called your grace period. If you choose not to the pay, the same balance comes back next month, with interest. This interest calc is based on the APR. If you choose not to pay again, the same balance comes back a third month, with “interest on interest”. This is called compounding, and effective rates kick in.
Cash advances usually have no grace periods.
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#6 written by dishmal 1 year ago
APR or the Annual Percentage Rate is the interest rate charge on your loan. This figure takes into account not only the interest payable over the term of the loan but also any other related charges or fees. As such it’s the best measure for comparing the cost of borrowing from one lender to another.
The monthly effective interest rate. For example, the periodic rate on a credit card with an 18% annual percentage rate is 1.5% per month.
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apr means the interest for one years,
try this website to compare creditcards, and it will help u pick the right one that best fits u.
http://www.bestcreditrates.net