Everything that is purchased with a credit card is done so with money that has been borrowed and added to your debt. Cardholders will be subject to a monthly interest fee if the amount is not paid in full by the day that the statement is due.
This interest cost will begin accruing from the date that each individual transaction was charged to the card. The interest rate is expressed as an annual percentage rate, which is normally somewhere around 19.99%, and it is added to the amount of the card’s ongoing unpaid balance.
When the sum is paid in full, only then does the interest cost come to an end fully. Purchase interest rate, cash advance interest rate, and balance transfer interest rate are the three most common forms of rates associated with credit cards. Some credit cards even provide a fourth type of interest rate.
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