5/31/2023 0 Comments How much do a pa make in australia![]() Depending on the type of credit card, you could have different APRs for purchases, cash advances, balance transfers and repayment instalment plans.Īccording to data from the Reserve Bank of Australia, the average credit card interest rate sits around a hefty 19.94%, and it hasn’t changed since late 2019. When comparing cards, you’ll see interest rates expressed per annum (p.a.), which your credit card issuer might refer to this as the annual percentage rate (APR). What is a credit card interest rate?Ī credit card interest rate represents the amount of interest an issuer may charge you if you don’t pay your balance in full every billing period. While every bank and product is different, this interest-free period is typically around 55 days. Many credit cards also offer “interest-free days”, which gives you an additional window of time to repay the amount without being charged interest on purchases. Interest is charged to your account on the last day of your statement period, and most banks and issuers calculate credit card interest based on your unpaid balance. It’s an extra amount you’ll owe each month if you don’t pay your credit card bill in full. Credit card interest is the cost of borrowing money through a credit card company.
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