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
In this example, the monthly balance carried
forward equals $2,500, which is about the national
average for consumers with credit card debt.
|Average monthly balance
|Amount paid in finance charges annually
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).