{"id":205,"date":"2022-03-04T19:05:00","date_gmt":"2022-03-04T19:05:00","guid":{"rendered":"http:\/\/spruce-dev.chemistry.digital\/?p=205"},"modified":"2025-03-29T04:15:00","modified_gmt":"2025-03-29T04:15:00","slug":"what-does-apr-mean","status":"publish","type":"post","link":"https:\/\/www.sprucemoney.com\/resource-center\/planning\/what-does-apr-mean\/","title":{"rendered":"What does APR mean?"},"content":{"rendered":"\n<p>APR&nbsp;means Annual Percentage Rate. It\u2019s&nbsp;a common acronym you\u2019ll hear&nbsp;related to&nbsp;borrowing money.&nbsp;In simple terms, you can think of APR as the price you pay to borrow money.&nbsp;&nbsp;<\/p>\n\n\n\n<p>If you&nbsp;want&nbsp;to be better with money, understanding APR is a great place to&nbsp;start&nbsp;especially if you use credit cards or are considering&nbsp;applying for a loan.&nbsp;&nbsp;<\/p>\n\n\n\n<p>The good news is that&nbsp;Spruce is here to help!&nbsp;We\u2019ll&nbsp;define how&nbsp;APR&nbsp;works, different types of APR and&nbsp;related&nbsp;concepts.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-does-apr-work-nbsp\">How does APR work?&nbsp;<\/h2>\n\n\n<div class=\"wp-block-image is-style-default\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"369\" src=\"https:\/\/www.sprucemoney.com\/resource-center\/wp-content\/uploads\/2022\/05\/SRC_APR.jpg\" alt=\"pen atop a statement with annual percentage rate information \" class=\"wp-image-902\" style=\"width:240px;height:160px\" srcset=\"https:\/\/www.sprucemoney.com\/resource-center\/wp-content\/uploads\/2022\/05\/SRC_APR.jpg 720w, https:\/\/www.sprucemoney.com\/resource-center\/wp-content\/uploads\/2022\/05\/SRC_APR-300x154.jpg 300w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/figure>\n<\/div>\n\n\n<p>If you\u2019re wondering how APR works, here\u2019s&nbsp;an example\u2026&nbsp;&nbsp;<\/p>\n\n\n\n<p>A credit card\u2019s interest rate is the rate you pay for borrowing money. Credit card issuers often set an annual (yearly) percentage rate, or APR, and then charge you interest based on your daily balance. <\/p>\n\n\n\n<p>Sometimes,&nbsp;you can avoid paying interest on items&nbsp;if&nbsp;you pay in full by the due date. However, if you don\u2019t pay off certain payments and carry a balance on your card, you\u2019ll&nbsp;end up paying&nbsp;the agreed-upon annual interest rate, or APR, on your outstanding balance.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-a-good-apr-for-a-credit-card-for-other-purposes\">What is a good APR for a credit card?&nbsp;For other purposes?&nbsp;&nbsp;&nbsp;<\/h2>\n\n\n\n<p>Most credit cards have APR&nbsp;ranges. Your&nbsp;APR&nbsp;depends on the type of credit card&nbsp;and&nbsp;your&nbsp;<a href=\"https:\/\/www.sprucemoney.com\/resource-center\/building-credit\/what-is-a-good-credit-score\/\">credit score<\/a>.&nbsp;So, the higher your credit score is, the lower your interest rate&nbsp;should&nbsp;be.\u202f&nbsp;<\/p>\n\n\n\n<p>Word to the wise:&nbsp;If you see a low APR advertised on a credit card, don\u2019t assume that every borrower gets this rate. The advertised rate could be the&nbsp;best available APR (for borrowers with the highest credit&nbsp;scores).&nbsp;<\/p>\n\n\n\n<p><strong>Need a tool to help you monitor your credit score?<\/strong> Learn how Spruce mobile banking can help you <a href=\"https:\/\/www.sprucemoney.com\/credit-score\/\">keep tabs on your credit score for free<\/a>.<sup><button data-disclaimer-trigger=\"5\" class=\"js-disclaimer-link\"><span class=\"reader\">Disclaimer number<\/span><span>5<\/span><span class=\"reader\">. Go to disclaimer for more details.<\/span><\/button><\/sup><\/p>\n\n\n\n<div class=\"wp-block-create-block-hrb-article-cta\" class=\"wp-block-create-block-hrb-article-cta\" style=\"background-color:#005D1F\"><div class=\"hrb-article-cta--image\" style=\"background-image:url(&quot;https:\/\/www.sprucemoney.com\/resource-center\/wp-content\/uploads\/2024\/06\/spruce-susan-resized.png&quot;);background-size:contain;background-position:center;background-repeat:no-repeat\"><\/div><div class=\"hrb-article-cta--copy standard\"><h3 class=\"main-heading\">It\u2019s time to try Spruce, the mobile banking app built by H&amp;R Block.&nbsp;<\/h3><div class=\"quick-links-list\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/account.sprucemoney.com\/signup\/\">Get started<\/a><\/div>\n<\/div><\/div><\/div>\n\n\n\n<p class=\"is-style-diy-tiny-text\">Spruce fintech platform is built by H&amp;R Block, which is not a bank. Bank products by Pathward\u00ae, N.A., Member FDIC.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-a-good-apr-for-a-car\">What is a good APR for a car?&nbsp;<\/h2>\n\n\n\n<p>A good APR for an auto loan&nbsp;is somewhere around 5%&nbsp;or lower. But several factors will influence if you\u2019re able to secure a car loan at that rate, including&nbsp;the age of the car and&nbsp;your own credit score.&nbsp;<\/p>\n\n\n\n<p>In the market for a new car? Review our post on <a href=\"https:\/\/www.sprucemoney.com\/resource-center\/spending\/how-much-should-i-spend-on-a-car\/\">how much to spend on a car<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-purchase-apr-what-other-types-of-apr-are-there\">What is&nbsp;purchase APR?&nbsp;<\/h2>\n\n\n\n<p>Let\u2019s jump back to APR terms related to credit cards.&nbsp;You may have seen an APR for purchases on your credit card statement.&nbsp;This is referred to as the purchase APR.&nbsp; You might wonder, \u201cwhat is purchase APR&nbsp;and how is it different from other types of APR on my statement?\u201d&nbsp;<\/p>\n\n\n\n<p>Purchase APR&nbsp;is&nbsp;the interest&nbsp;rate for&nbsp;when you carry a balance. It\u2019s what most people think of when thinking of credit card APR.&nbsp;Keep&nbsp;in mind, if you don\u2019t have an outstanding balance on your credit card each month, you&nbsp;may not have&nbsp;to worry about&nbsp;purchase&nbsp;APR.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-about-those-other-types\">What other types of APR are there?<\/h2>\n\n\n\n<p>Many credit cards have different APRs for different types of transactions.&nbsp;Your statement may show&nbsp;different APRs&nbsp;for cash advances (if you use your credit card&nbsp;to get cash&nbsp;at an ATM&nbsp;or at a financial institution),&nbsp;balance-transfers (moving debt from another credit card), an introductory-offer APR&nbsp;for a qualifying transaction&nbsp;(a lower APR offered for a set timeframe), and a penalty APR (what the purchase APR can increase to if you make a late payment).&nbsp;<\/p>\n\n\n\n<p>There are additional APR terms that apply to credit cards as well as loans. We\u2019ll move on to those next.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-variable-apr-what-is-fixed-apr\">What is variable APR?&nbsp;What is fixed APR?&nbsp;&nbsp;<\/h2>\n\n\n\n<p>For credit cards or loans, you may encounter the terms variable APR or fixed APR.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Variable APR is a rate that can fluctuate based on an economic index such as the prime rate (a rate published by the U.S. Federal Reserve).&nbsp;&nbsp;&nbsp;<\/li>\n\n\n\n<li>Fixed APR is not tied to an economic index, but that doesn\u2019t mean it can\u2019t change. A fixed APR can change, however, only after the issuer of your loan or your credit card company notifies you first.&nbsp;&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-the-difference-between-interest-rate-and-apr\">What is the difference between&nbsp;interest rate and&nbsp;APR?&nbsp;<\/h2>\n\n\n\n<p>We\u2019ve described the difference between APR&nbsp;types, but&nbsp;what is the difference between APR and interest rate?\u202fTo understand the difference, it helps to clarify if you\u2019re talking about credit cards or loans.&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For credit cards, interest&nbsp;rate&nbsp;and APR are generally the same, it&#8217;s the rate you&#8217;re charged on any balance that you carry.&nbsp;<\/li>\n\n\n\n<li>For loans, interest rate is charged on the principal loan amount while APR is the interest rate plus additional fees and costs (examples include lender fees, closing costs, insurance).&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"apr-vs-apy\">APR vs. APY&nbsp;<\/h2>\n\n\n\n<p>When talking about interest calculations, you may have heard the acronym APY along with APR. What\u2019s the&nbsp;difference&nbsp;between&nbsp;APR vs. APY?&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Annual Percentage Rate (APR), as this post has outlined, is&nbsp;the amount of interest charged when you borrow&nbsp;money.&nbsp; It does not factor in compounding.&nbsp;&nbsp;<\/li>\n\n\n\n<li>Annual Percentage Yield (APY)&nbsp;is&nbsp;the annual compounded rate of interest. Compound interest is&nbsp;the interest&nbsp;earned on top of the interest.&nbsp;APY is generally a term you\u2019ll hear when reviewing investment products&nbsp;like savings accounts, money market accounts, etc.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Bottom line \u2014 there are many factors to consider when understanding APR. From&nbsp;a good APR for a car to a good APR for a credit card, it\u2019s important to understand how much it will cost you to borrow money. Understanding some of these terms is a good place to start.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Get help with money matters<\/h2>\n\n\n\n<p>Whether it\u2019s monitoring your credit score or overdraft protection<sup><button data-disclaimer-trigger=\"6\" class=\"js-disclaimer-link\"><span class=\"reader\">Disclaimer number<\/span><span>6<\/span><span class=\"reader\">. Go to disclaimer for more details.<\/span><\/button><\/sup>, Spruce has ways to help you get better with money day by day.<\/p>\n\n\n\n<p>Find out more about all the features\u202fSpruce has to offer.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/account.sprucemoney.com\/signup\/\"><strong>Get started with Spruce!<\/strong><\/a><\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><em>This information provided for general educational purposes only. It is not intended as specific financial planning advice as everyone\u2019s financial situation is different.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>APR&nbsp;means Annual Percentage Rate. It\u2019s&nbsp;a common acronym you\u2019ll hear&nbsp;related to&nbsp;borrowing money.&nbsp;In simple terms, you can think of APR as the\u2026<\/p>\n","protected":false},"author":1,"featured_media":236,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planning"],"acf":[],"yoast_head":"<title>What does APR mean | Spruce<\/title>\n<meta name=\"description\" content=\"In simple terms, you can think of APR (Annual Percentage Rate) as the price you pay to borrow money. 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