What is APR?

APR stands for Annual Percentage Rate. It is a measure of the cost of credit, expressed as a yearly rate. It is one of the most important terms associated with credit cards and other types of loans. APR is a calculation that determines the cost of a loan over a year, including interest and any applicable fees. It’s important to understand how APR works when it comes to credit cards because it can affect the total cost of a loan and the amount of interest you pay. The APR for credit cards and loans in Maryland is regulated by the state’s Consumer Protection Division. The law sets a maximum rate of 15 percent. This rate is considered high compared to other states, and it is important to be aware of the APR associated with any credit card or loan before signing up. Before signing up for a loan or credit card, be sure to compare different lenders and credit card companies to find the best APR. Shopping around for the best rate is the best way to minimize your costs and make sure you are getting the best deal possible.

Related FAQs

What can I do to improve my credit score?
What are the different types of interchange fees?
What is a credit card processor?
What is a penalty APR?
What happens when I miss a credit card payment?
What is APR?
What is a co-branded credit card?
What is a grace period for credit card payments?
What is a Fair Credit Billing Act?
What is the Truth in Lending Act?

What is APR?

Related FAQs

Related Blog Posts