How do I calculate my credit card APR?

In Washington, the credit card law requires credit card companies to disclose the Annual Percentage Rate (APR) of the card to customers. The APR is the cost of borrowing money from the credit card company, expressed as an annual percentage rate. To calculate your credit card APR, you need to know the periodic rate and the billing cycle. The periodic rate is the interest rate for each billing cycle. To calculate the periodic rate, divide your APR by the number of billing cycles in a year. For example, if your APR is 12%, and you have 12 billing cycles in a year, your periodic rate is 1%. Your APR is then calculated by multiplying the periodic rate by the number of days in the billing cycle. For example, if you have a billing cycle of 30 days, the formula is: APR x (30/360)= Your APR. To calculate a 12% APR with a 30-day billing cycle, the formula would be: 0.12 x (30/360) = 0.01, or 1%. So, the formula to calculate your credit card APR in Washington is: APR x (Number of Days in the Billing Cycle/360) = Your APR. Keep in mind, some credit card companies may charge a different APR for different types of transactions or different categories of spending, so it’s important to know the details of your credit card to make sure you’re aware of the rate you’ll be charged.

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How do I calculate my credit card APR?

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