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Credit cards may have fixed or variable APRs
1. Fixed APRs - Some credit cards offer a fixed rate, which means that the APR on the card does not change, at least not that often.
A credit card company can change the APR on a fixed rate card. However you must be informed before the APR is changed.
2. Variable APRs - Credit cards with variable APRs can change often without you being informed. APRs on these credit cards are tied
to other interest rates such as the prime rate or the Treasury bill rate. If these rates change so dose the rate on the credit card.
It is important to carefully read the information on the credit card application and in the credit card agreement to see how often the APR on a credit
card can change. Also is also important to understand how your APR is calculated.
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