What Is APR (Annual Percentage Rate)?
From the SB Advisors Academy money glossary · Free, no signup
The yearly cost of borrowing money expressed as a percentage, including interest and fees. This is what credit card debt actually costs you.
A worked example
A credit card with 24% APR on a $1,000 balance costs you $240 per year in interest if you only make minimum payments.
Category
Part of the "Credit and Debt" group in the money glossary.