What is APR?
Annual Percentage Rate (APR) is a measure of the cost of borrowing money on a credit card or loan as stated by the loan provider. It is expressed as a percentage and includes both interest and other fees (such as annual fees). APR is the interest rate that is applied to a loan over a specific period of time, typically one year. In Georgia, the Credit Card Law requires that credit card companies must clearly disclose their APR to the cardholder and post it on documentation associated with the account. This law seeks to protect consumers by informing them of the cost of their borrowing to make sure they are not being taken advantage of. Credit card companies are also not allowed to change the APR without advance notice to the consumer.
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