Credit card interest rate, also known as finance charge is the price you pay for transactions that do not fall in the interest free period category. It varies from one card issuer to another and may also vary across different credit cards from the same issuer. Unlike other credit card charges like, annual or joining fee, these charges are usage based. Thus, are implied only when you fail to pay your credit card bill completely. Before getting a credit card, you must be aware of the interest rate charged on it, as to when and how much is it charged.
Note: Unlike other loans, credit card interest rates are usually not linked to the user’s credit score and repayment capacity. Every credit card has a preset finance charge and it will be the same for all the customers.
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