What is an introductory APR?
An introductory APR, or Annual Percentage Rate, is a type of credit card law in Washington that allows credit card companies to offer special rates to new cardholders. An introductory APR is a promotional rate offered to attract new customers. The rates vary depending on the card issuer and the type of card. Generally, however, introductory APRs are lower than standard interest rates and are offered for an introductory period of time. During this period, cardholders can take advantage of the lower interest rate, which can be a great way to make a large purchase or save money on interest payments. Introductory APRs often come with certain restrictions, such as only applying to purchases made in the first three months. Additionally, these rates may not apply to balance transfers between credit cards. After the introductory period, the regular APR will apply and the interest rate may be higher than the original rate. It is important to read the terms and conditions of the card before signing up for an introductory APR to make sure that it is the right fit for your financial needs.
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