LemmyKnowsBest@lemmy.world to Personal Finance@lemmy.mlEnglish · 1 year agoOn a credit card, for people struggling unable to pay it off in full every month, what's the difference between "annual percentage rate" and "monthly interest rate" for unpaid balance?message-squaremessage-square7linkfedilinkarrow-up11arrow-down10file-text
arrow-up11arrow-down1message-squareOn a credit card, for people struggling unable to pay it off in full every month, what's the difference between "annual percentage rate" and "monthly interest rate" for unpaid balance?LemmyKnowsBest@lemmy.world to Personal Finance@lemmy.mlEnglish · 1 year agomessage-square7linkfedilinkfile-text
For example some credit cards have ridiculous monthly interest like 29.9% While offering a low 0.9% APR. Please explain.
minus-squarejeffw@lemmy.worldlinkfedilinkEnglisharrow-up0·1 year agoI would never max out credit. That’s bad for your credit score. And those tempting offers are great until you don’t pay it all off and get slammed with interest.
I would never max out credit. That’s bad for your credit score. And those tempting offers are great until you don’t pay it all off and get slammed with interest.