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  #2  
June 13th, 2016, 03:44 PM
Super Moderator
 
Join Date: Mar 2012
Re: APR for Bank of America Credit Card

Hello, here I m providing you the details of the Annual Percentage Rate for credit card in Bank of America as under:

APR
Technically speaking the APR, or Annual Percentage Rate is a numeric representation of your interest rate. When deciding between credit cards, the APR can help you compare how expensive a transaction will be on each one. Here’s how it works:

Calculating what you owe

APR / 365 days = DPR Daily Periodic rate
(DPR x days in billing period) x Balance Subject to Interest Rate = Interest charged

Types of APR
Purchase APR
The rate applied to credit card purchases.

Cash Advance APR
The cost of borrowing cash from your credit card, this APR tends to be higher.

Penalty APR
Usually the highest APR. It may be applied to certain balances when you violate the card terms and conditions like failing to make payments on time.

Introductory (or promotional) APR

Features a lower APR for limited time period. It can apply to specific transactions as well as balance transfers, cash advances or any combination.

How your account balance fits in

An adjusted balance is calculated by subtracting the previous month's balance from the total and then basing the interest charges on the remaining balance

APR and cardholder:

The APR can help you evaluate all offers & promotions.
Lenders cannot change the APR for the first 12 months. The only time an APR can change in that period is if it’s a promotional or variable rate, or if the terms and conditions are violated.
Consumers should review terms & conditions, including the APR before using card.
In most circumstances, companies must give 45 days advance notice of any changes to the APR.


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