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On a credit card, for people struggling unable to pay it off in full every month, what's the difference between "annual percentage rate" and "monthly interest rate" for unpaid balance? (lemmy.world)

submitted 2 months ago by LemmyKnowsBest@lemmy.world to c/personalfinance@lemmy.ml

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For example some credit cards have ridiculous monthly interest like 29.9%

While offering a low 0.9% APR.

Please explain.

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[–] jeffw@lemmy.world 5 points 2 months ago

I would never max out credit. That’s bad for your credit score. And those tempting offers are great until you don’t pay it all off and get slammed with interest.