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How APRs Make A Difference

How APRs make a difference

Here is an excellent example of how transferring your balance to a credit card with lower interest and no annual fee can save you money can save you money.

In this example, the monthly balance carried forward equals $2,500, which is about the national average for consumers with credit card debt.

Terms Plan A Plan B
Average monthly balance $2,500 $2,500
APR 18% 14%
Amount paid in finance charges annually $450 $350
Annual Fee $ 20 $ 0
Total Cost $470 $350

The total possible savings each year achieved by selecting a credit card plan with a lower interest rate and no annual fee in this example is $120 ($470 - $350).

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