this post was submitted on 03 Oct 2025
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On a credit card, for people struggling unable to pay it off in full every month, what's the difference between "annual percentage rate" and "monthly interest rate" for unpaid balance? (lemmy.world)
submitted 1 month ago by LemmyKnowsBest@lemmy.world to c/personalfinance@lemmy.ml
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For example some credit cards have ridiculous monthly interest like 29.9%

While offering a low 0.9% APR.

Please explain.

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[–] papertowels@mander.xyz 3 points 1 month ago* (last edited 1 month ago)

Okay yeah if they charge 2k to do like $90 worth of service at jiffy lube, they're just fleecing people. Even worse that you'd just done all of these things recently.