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You may have seen the term APR, or annual percentage rate, used in reference to everything from mortgages and auto loans to credit cards. Understanding how banks calculate APRs on credit cards and how they work can help you make more informed decisions. Here’s what you need to know. How does APR workGenerally, credit card companies offer a grace period for new purchases. If you only make purchases and pay off your ending balance each month by the due date, you pay just the amount you owe with no interest. However, if you carry a balance on your card, the agreed-upon interest is added on to your outstanding balance at the end of each billing period.
 Article continues belowCredit articlesHow banks calculate APRThough credit card APRs can vary significantly, almost all start with the U.S. Prime Rate, which is the interest rate financial institutions charge their customers for lending products. Credit card issuers add a small fee on top of that, called a margin, to the prime rate to get the APR. That margin varies depending on the type of card, the cardholder’s credit score and how the card is used. It’s important to understand that economic conditions can cause the prime rate to fluctuate. That means APRs tied to the prime can change as well. Some banks offer fixed-rate credit cards, so the APR won’t fluctuate with changes to an index rate. In most cases, lenders cannot change the APR for the first 12 months you have the card but be sure to read the fine print before opening a new account. Exceptions may include promotional or variable rates or if the card’s terms and conditions are violated. How to calculate your credit card interestThe formula to determine how much interest you owe on your outstanding balance varies by bank, but generally works like this: Let’s say your card’s APR is 17 percent, and your average daily balance during a 25-day billing cycle is $2,000. Find your daily rate by dividing the Annual Percentage Rate by 365 days. Multiply the daily rate by the days in the billing cycle and the balance. 0.0466% Your card’s daily rate 25 Days in the billing cycle $23.30 Your monthly interest charge Keep in mind some accounts have multiple APRs, so this calculation may be applied for each one. Check your monthly statement and cardholder agreement for additional information on how each APR is applied. Types of APR explainedYour credit card has different APRs based on how you use it. When you’re selecting a credit card, it’s a good idea to consider these rates in addition to your credit needs. The different APRs include: PurchaseThe rate applied to credit card purchases.
Cash advanceThe rate for borrowing cash from your credit card. It generally is higher than for purchases. There may be a different APR for checks or certain types of cash advances, and there’s no grace period.
PenaltyUsually the highest APR. It may be applied to certain balances when you violate the card terms and conditions, such as failing to make payments on time.
Introductory or promotionalTypically, a very low rate offered for a limited time. It can apply to specific transactions, as well as balance transfers, cash advances or any combination.
How to get a lower interest rate on a credit cardThe most important thing you can do is maintain a good credit score. Many credit cards offer an APR range—13.99 percent to 23.99 percent, for example. People with better credit histories tend to get the lowest rates, while people with lower credit scores typically pay higher rates. Remember, while APR is important, it’s just one of the factors to take into account when choosing a credit card that’s right for you. More from Bank of AmericaWhat is the interest rate on a Bank of America credit card?New Offer: 0% † Intro APR for your first 18 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account. After the intro APR offer ends, a Variable APR that's currently 16.99% to 26.99% will apply. A 3% fee (min $10) applies to all balance transfers.
How do I check what my interest rate is?How to find your interest rate. Check your lender's list of rates.. Check your mortgage statement.. Online Banking.. Mobile banking.. Calling/visiting them!. How can I avoid paying interest on my Bank of America credit card?You can avoid interest charges altogether on your Bank of America credit card by paying your balance in full and on time each month. Bear in mind, interest is charged from the day you withdraw cash from an ATM or bank and there is a cash advance transaction fee associated with cash advances.
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How to check bank of america credit card interest rate
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