What Interest Rate Does Discover Card Charge?

What Interest Rate Does Discover Card Charge?

What Interest Rate Does Discover Card Charge?

The Discover credit card charges 10.99 to 22.99 percent interest annually depending on credit worthiness. There are no introductory interest fees for 14 months after the initial activation, according to Discover.

APR stands for Annual Percentage Rate, which represents the annual cost of interest as a percentage, according to Investopedia. Credit card companies must clearly list the APR. Monthly interest rates can be calculated from the APR by dividing APD by the number of months in a year, which is 12. For example, a credit card with 24 percent APR has a monthly interest rate of 2 percent. Companies may list monthly interest rates on credit card terms, but the APR must also be listed.