ELI5: Credit Cards and Purchase APR : r/explainlikeimfive - Reddit

ELI5: Credit Cards And Purchase APR : R/explainlikeimfive - Reddit

1 week from now

Purchase APR typically refers to the interest rate on the outstanding balance on purchases made with the credit card. So if you buy $100 worth of groceries with a credit card and do not pay it …

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R/explainlikeimfive On Reddit: ELI5: APR On Credit Cards, And Other ...

1 week from now

Credit cards are a great way to build credit, so long as they're used responsibly. Lacking a credit history, you'll likely have an APR of 18-20%. The good thing about credit cards, though, is that …

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ELI5:Can Someone Explain APR To Me On Credit Cards

1 week from now

Let's say you spend $1,000 on your credit card and do not pay anything off, and that card has a 10% APR. So after one month, the CC company charges you interest on your balance. The …

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ELI5: APR On Credit Cards : R/explainlikeimfive - Reddit

1 week from now

Using a credit card is like taking out a loan...or a whole bunch of little loans. When you use that credit card to get a $50 pair of jeans, the credit card issuer is agreeing to pay that $50 to the …

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ELI5: How Exactly Does APR On A Credit Card Work? I Understand

1 week from now

No, APR is an annual value, credit cards compound daily, and they go back to the date of purchase to compound. Let's say you made a purchase for $10, and then 20 days later the …

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ELI5: How Do Credit Cards Work? : R/explainlikeimfive - Reddit

1 week from now

Credit cards have a budget on them, essentially a limited loan from a bank or CC company; when you pay $100 for an item you aren't using your money at the time of purchase, you are using …

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ELI5: How Does A Credit Card Work? : R/explainlikeimfive - Reddit

1 week from now

Credit cards differ because the credit card company covers the charge and you pay them back at a later date. For example, you make a $10 purchase on the 2nd of April. You won't have to …

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ELI5: What Is APR? : R/explainlikeimfive - Reddit

1 week from now

Many loans are described in terms of the month, such at 15% interest. For simplicity to you, this is given as an annual interest rate in the APR. The different APRs you describe are for those …

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