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Additional Details
ok so for all u pple giving me stick about getting married when financis are no good, 5 years ago, after a divorce and death of my baby i suffered a nervous break ... |
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Additional Details
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| But since I've got a little behind on my payments no one will loan me any money. I need a debt consolidation loan, but all of them have turned me down to. I'm paying out 600.00 a month in ... |
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Amy | What is "APR" in reference to my credit card? |
I just got my first credit card, and it says my APR is 21.99%.
My boyfriend tells me that whatever I buy, I have to pay 21.99% of whatever I bought to the credit card company...which would be so much money. Is this true? Does it cost extra to use a credit card?
If so, I'm canceling it and using cash. :p
Additional Details
I know APR stands for annual percentage rate...just wanted to know what that actually does, how it works. |
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Alan S
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When you get your statements, if you always pay your entire balance in full by the due date, you won't be charged any interest. So if you are able to do that the credit card can be useful, plus many have cash back bonuses or other deals. You only get ripped off with these ridiculous interest rates if you don't pay your balances in full by the due date. Also, they have to receive the payment by the due date, and usually in the fine print they have to get it by a certain time of day. The credit card companies are very tricky. Sometimes the due date is on a weekend when they don't get mail. I find it is easier to go to the credit card's website and either set up automatic monthly payments from my checking account (make sure you choose to pay in full), or I go the the website each month and schedule an advance payment from my checking account to pay my statement balance in full on the due date. This way you don't have to worry about the bank claiming they didn't get your payment on time and charging you a late fee in addition to interest.
If you don't pay your balances in full by the due date, then they charge you interest. 21.99% is an annual rate. So each month your interest will be around 1/12th of that, although what they don't tell you except in the fine print is that the interest is compounded daily and it is really more than what they tell you it is. As an example, if your average balance was $1,000 for the month you would owe about $18.49 in interest. If you didn't pay down the interest, with the interest compounding, after a year it would be about $245.87 in interest. So with compounding, you are really paying about 24.59% instead of 21.99%. |
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Andrea
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It's the annual rate of interest they charge. That means if you charged $100 and did not pay it off, you would owe $21.99 in interest for a year. Most credit cards have a grace period, where you would get a bill for what you spent. As long as you pay off the bill before the due date, you would owe no interest.
Check your credit card agreement or call the company to ask them to explain to you if there is a grace period to pay before you start owing interest.
Tell your boyfriend that the monthly interest is 1.8325% and that 21.99% is for the year.
It's always better to use cash because people get into debt over their heads by using their credit cards all the time without paying them off. If you want to use it to build your credit score, never spend more on it than you can pay off when the bill comes and always pay on time.
Good luck. |
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eddie who?
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annual percentage rate |
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Two quarters & a heart down
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APR is the annual percentage rate. It is the interest that is charged on any remaining unpaid balance. So for example, if your unpaid balance (after you've paid part of your bill) is $100.00, your next bill would be roughly $121.99.
If you don't pay the entire balance on time, then the remaining balance will be charged interest. If you pay the entire balance every month, you'll never be charged interest. |
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UncleBen
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APR is the Annual Percentage Rate. You only have to pay interest if you don't pay off the unpaid balance by the due date.
Don't use the card to purchase anything you can't pay off within the billing period and you will establish a good credit rating. I have 6 different credit cards, 2 of them since 1979 and I have an excellent credit rating. Apply for a gas credit card so you don't have to carry cash around all the time and just be sure to pay off the entire balance when it is due and it won't cost you any more than if you used cash. |
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Rocky
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APR stands for annual percentage rate. This is the interest rate that you pay in a year. Normally you get a credit period of 30 or 55 days, after which if you don't repay the full balance to the credit card company, they will charge interest from the date you made the purchase. If you don't repay the full amount any interest charged is levied pro-rata (i.e. if you repay in three months you pay 3/12 x 21.99% X balance outstanding). If you repay in full before the free credit term there is no charge. But if you forget to pay by the due date or are one of those people who live off credit cards, then you are going to be paying a lot of interest! |
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Mavid
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Yes, it costs money to use a credit card. Basically you are taking out a loan from the credit card company every time you make a purchase and you have to pay them back, with interest. APR stands for annual percentage rate and is basically how much the interest would be on a loan after interest has compounded for a year. It's kind of complicated and confusing, but your boyfriend is more or less correct. You won't owe nearly that much if you pay the credit card company back quickly, but credit cards can easily become a trap. It's so tempting to be able to buy anything up to your credit limit even if you don't have the money to pay for it, and a lot of people fall for it and end up in debt to credit card companies for life.
You really have to use them only when absolutely necessary. I only keep mine for emergencies, and use a debit card or cash for everything else. You can cancel it if you want, or just keep it in a shoebox under your bed for emergencies (it shouldn't be costing you anything just to have the thing--it's using it that can get expensive). |
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Wesley D
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Thats good credit cards are bad most of the time Yes APr is annual percentage rate so i guess you have to pay 21.99 percent of the credit card bill. Yeah you should totally use cash thats a steep interest rate |
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peaceandwarmrain
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APR- Annual Percentage Rate.
21.99% is huge! Get rid of that card.
Yes, it does cost you extra to use a credit card... What do you think, they let you borrow free money?
In your case, ESPECIALLY, since you have no clue about these things, I would suggest you stick with cash... or you will be in big trouble before you know it. I'm not trying to insult you, but you seem not to have a clue. Cancel that card immediately, or "you will pay" in more ways than one.
Here's an example...
I have a credit card at 10% APR. I have $3900 charged on it. I make the minimum payment on it and that is $75 per month. Unfortunately, I can not pay more than that at this time, but here is how that breaks down... $34 every month goes to "finance charges", which is NOT against the balance and the rest goes toward the balance, but by the time the payment comes around again, the interest has racked up and made up the difference of what I paid the previous month and... I am just going in circles and my balance has been at about $3900 for nearly a year... and yet I pay $75 every-single-month!
Can you say "STUPID"? And that's at 10% interest. You are saying yours is 22%?!?!?
Please... cancel the card and go with cash. You may have nothing, but that WILL include no debt.
Love you. |
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Mark 3
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Generally, every credit card has an APR, or Annual Percentage rate. Basically, what you purchase will also be subjected to an interest rate of 21.99%. If you put $100 on your credit card, in one year's time that balance (if you don't pay it off) will be charged 21.99%, basically adding $21.99 to your card in one year, over 12 statements. 21.99% is applied throughout the year, not each statement. A lot of companies will offer you zero percent interest for 6 months to a year, as long as you pay your statement bill and don't go over your credit limit. |
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Radar
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The definition of APR was answered by others, but APR usually kicks in only if you do not pay your balance in full each month. If you carry a balance, you will pay the 21.99% on the outstanding balance. You need to divide (21.99 / 12) and you will get the monthly percentage on probably the average daily balance. Most cards will have a grace period, no interest is charged if you pay the outstanding balance by the due date.
Depending on your credit score 21.99% may not be a bad rate. You can usually find a good rate if you are a member of a credit union. The rate on my card through my CU is I believe 6.5%. Since I pay my balance each month I don't pay any interest. |
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Jaime S
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Annual Percentage Rate. That's a really high apr ... not a good idea to keep it ... you should get rid of it. You really should never get a credit card with an apr higher than around 12%. |
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Me>Mao>Hitler>Bush
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Yes, that's true and that's a horrible APR. Cancel it if you can, credit cards are evil.
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cbai79
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Basically, what most people said was correct. It is a good idea to have a credit card because, when used correctly, it can increase your credit score (and you need that to get loans, finance a car, house, etc.). But you have to make sure it doesnt get out of control- try your best to pay it off every month. And I know everyone is saying that that interest rate is really high and for you to cancel it- but you can't get a much better interest rate if this is your first credit card (which I'm guessing it is). I got my first one when I was 19 or 20 and that's the only interest rate I could get because I was starting out with little to no credit. As you improve your credit, your interest rates for cards/loans go down. Good luck! |
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