The Difference Between Fixed and Variable APR on Credit Cards
Credit cards are a popular tool for making purchases and managing finances. When considering a credit card, it is important to understand the different types of interest rates that may apply. One of the most important factors to consider is the Annual Percentage Rate (APR). APR is the interest rate charged on the outstanding balance of a credit card . Credit card issuers may offer both fixed and variable APRs. A fixed APR stays the same throughout the life of the account, while a variable APR can change based on market conditions. Understanding the difference between fixed and variable APRs can help consumers make informed decisions when choosing a credit card. Fixed APR on Credit Cards: In India, credit cards may come with a fixed or variable Annual Percentage Rate (APR). The fixed APR means that the interest rate on the outstanding balance of the credit card remains constant over time. This can be beneficial for consumers who prefer to have a predictable payment plan and are not will...