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?

LemmyKnowsBest@lemmy.world to Personal Finance@lemmy.mlEnglish · 8 months ago

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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