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?
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?
For example some credit cards have ridiculous monthly interest like 29.9%
While offering a low 0.9% APR.
Please explain.