What is APR?
APR stands for Annual Percentage Rate and is the interest rate you pay on your credit card debt. It can also be referred to as the cost of borrowing money on your credit card. APR is determined by your credit card issuer and, depending on the type of card, can vary greatly from card to card. In Texas, the law states that the maximum APR for credit cards is 24%. This means that if you have a credit card balance and you make payments on that balance, you will be charged no more than 24% in interest. The APR on a credit card can also be affected by the type of rewards associated with the card. For example, some cards offer cash-back rewards, which can reduce the APR.
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