APR is what you need to understand if you're using credit cards, credits, loans or any other service like that. What is APR? What is a good APR for credit card? What is credit APR? What is the APR for a car loan? All these questions are asked so much and I'll explain here what it is all about.

Banks express rates using different methods of calculation. That means that some credits, credit cards expenses etc. that have the same proclaimed rate can actually not cost the same. That's why the APR (which is annual percentage rate) is invented any why it's important to know what is APR.

APR is a standardized way to express how much will your actual interest rate be. APR is therefore also said to be the effective interest rate. So no matter if you want to know what is APR, what is credit card APR, what is credit APR, what is the APR for a card loan etc. - the answer is always the same - meaning, APR is the same thing regardless of the type of service you're dealing with (credit cards, loans...).

Here is one example:

Effective annual interest rate of, say, 9% can be expressed as a certain effective monthly interest rate and some totally different annual interest rate compounded monthly! Therefore the need for APR and to know what is APR.

APR is calculated differently in EU and US and other countries.

It must be noted that even with APR, you are not sure to know how to exactly compare the costs of different financial services! There's still room for improvisation. But still, APR is a good starting point to compare the costs of financial services. With your knowledge of what is APR you should be in a much better position to choose what you really need from a bank, credit card company etc. Good luck!