In this video, we explore the ins and outs of APR, how APR affects your credit card payments, why paying your minimum amount each month is not the most strategic solution, and the hidden truth about credit card payments that financial institutions don’t want you to know.
What is APR?
APR, or annual percentage rate, is the price tag that you are charged for borrowing someone else’s money. However, APR is not charged once a year. Rather, it is divided into a daily interest amount. Carrying a balance for a month? You’ve been charged interest 30+ times. Every single day, money is owed and interest is added to your credit card balance. Learn more about how APR is calculated, and ways to limit the impact of your credit card’s APR percentage with PDS Debt.
