Interest

Explanation: Monies billed on the balance of a credit card or loan, usually expressed as a percentage of the amount of money owed. The specific rate of interest is referred to as an Annual Percentage Rate (APR).

Our Thoughts: Shop around for the lowest interest rate on credit cards. Some cards offer a lower introductory rate to appeal to new customers.

Related Terms:
Annual Percentage Rate (APR), Introductory Rate
Synonyms:
Interest Rate