What does APR stand for? APR is short for Annual Percentage Rate. It is the yearly interest rate you are charged if you carry a balance on your credit card from one month to the next. One card can often have many different APRs, and they might go up and down for various reasons.
Is the APR fixed or variable? A variable-rate APR goes up and down with the official wall street prime or index rate, a fixed rate doesn’t. This does not mean that a fixed interest rate will never change, but the card issuer generally must notify you before the change occurs, and in most circumstances can apply the higher rate only to purchases and other transactions you make AFTER you get the notice.
What is an introductory APR? Sometimes credit cards try to entice new customers by offering a temporary lower interest rate. Don’t be fooled – these rates don’t last forever.