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The yearly cost of borrowing, including interest and certain fees.
APR expresses what a loan or credit card actually costs per year, bundling the interest rate with required fees so different offers can be compared on equal footing. For credit cards, the APR is essentially the interest rate, and balances left unpaid compound against you. For savings, the comparable measure is APY.
A credit card at 24% APR roughly doubles an unpaid balance in about three years.
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