what is the apr on a credit card

The APR on a credit card stands for Annual Percentage Rate, which represents the yearly cost of borrowing money, including fees, expressed as a percentage. It is the interest rate charged on a credit card balance. The APR for credit cards is typically stated as a yearly rate and can vary from card to card. It includes the interest rate that applies to your account plus other fees related to that account. Credit cards often have a variable APR, meaning the rate can go up or down over time. The APR can vary depending on your credit score and the type of card you're considering. A good credit card APR is any APR that falls at or below the national average, which was around 20.68% as of May 2023