What is Purchase APR?
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So i have two Credit Cards. One with a credit limit of $500 and other with $3,500. - The $500 CC has a 0% Purchase APR. - The $3,500 CC has a 13.24% Purchase APR. I purchased an item of $551 with the $3,500 CC, so does this means that my bank is going to charge me $72.95 for this purchase? am i making the right math? I hope not, because is really silly to charge a percentage for every purchase you make. What "Purchase APR" really is in plain English...Thank You in advance.
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Answer:
The purchase apr is the Annual Percentage Rate associated with your card. This rate will be applied monthly (13.24% / 12) to balanced carried over 30 days. That's life with credit. Pay them off every month.
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