What Does APR Mean?
Annual Percentage Rate (APR).
The yearly cost of a loan, including interest, insurance, and the origination fee (points), expressed as a percentage. Often applied to mortgages, credit cards, and financing.
It always pays to check your APR thoroughly. Many credit card companies employ all manner of trickery to conceal the true rate. A favourite tactic can be a six month discount period in which you receive a very favourable APR, however post discount period your APR shoots up dramatically. You may also be asked to pay a monthly fee on top, which can further skew the true cost/APR.
Be vigilant and read the small print before signing up.
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