What is APR and what rate could I get?
APR, or annual percentage rate (APR) is a calculation of how much interest you could be charged for borrowing over a 12 month period if you don’t pay it back. Broadly, the APR rate is a useful way to gauge how competitive a credit card is. It’ll take into account interest and any other standard fees and charges. The rate you could get will vary from provider to provider. It’s important you understand the difference between personal and representative APR.
A personal rate of APR is what you will pay in interest on your borrowing. However, when you see the term ‘representative APR’ it means that 51% of successful applicants would get the advertised rate. So, if a credit card is described as having 22% representative APR, then 51% of people accepted have to get 22% APR, but the other 49% could be offered a different rate (and this will often be higher). Find out more in our guide to APR