APR, which stands for annual percentage rate, is a little trickier. It often includes fees charged in connection with the loan and is designed to reflect the total cost of the loan over time . With respect to credit cards, which operate as short-term loans, it’s used to calculate the interest that accumulates daily.
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APR (aka Annualised Percentage Rate) is a type of interest rate that is calculated over a set period of months (normally twelve). Ok, so far that seems fairly easy to understand. Now let’s look at how APR is related to nominal and effective interest rates: nominal APR is the simple interest rate you pay over one year.
APR vs. Interest Rate. The difference between an APR and an interest rate is that the APR equals the interest rate plus other loan costs. The APR is more representative of the total annual cost that you’ll end up paying for borrowing money.
The APR will be higher on these portions of your balance, sometimes as high as 30 percent. As they do with mortgage loans, interest rates do impact the APR on your credit card debt. Again, however, APR is the rate that ultimately matters.
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The APR should always be greater than or equal to the nominal interest rate, except in the case of a specialized deal where a lender is offering a rebate on a portion of your interest expense.
An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.
Credit card issuers typically express their interest rates in terms of APR, or annual percentage rate, so it’s important to know what it means. What Is APR and What Does It Mean for Your Credit.