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Credit card interest rates
The interest rate on purchases is the rate that you will be charged for each purchase you make on your credit card. Essentially the lower the interest rate the less interest you have to pay, however if you make use of the interest free period and pay off your balance in this time you will not be charged interest.
Usually a financial institution will charge one interest rate on purchases and one interest rate for cash advances (withdrawals) and this rate is normally a lot more.
Interest rates will be different between financial institutions, so it pays to compare credit cards online to find a card that offers the lowest rates.
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Disclaimer
This article is over two years old, last updated on June 7, 2010. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent credit cards articles.
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