You can find your Amex APR through your Amex account online or from a monthly billing statement. Amex APRs are listed on the “Interest Charged” page under “Interest Charge Calculation,” which is usually on page 4 or 5 of both the hardcopy statement and the electronic version. If you do not have an Amex card yet, you can see the APR range for a particular offer by going to the “Cards” section on the Amex website and clicking “View Details.”
The “Interest Charge Calculation” section of your Amex statement will include your current annual interest rate for both new purchases and cash advances, the amount of your balance that is subject to each interest rate, and the number of days in the billing period. If you have an introductory 0% APR, it will also be listed here, along with the date the promotional rate will expire.
You will need at least good credit to qualify for an American Express credit card with a 0% interest rate. American Express will also review your payment history, employment, income, your level of debt, and other factors. If you’re applying for a business credit card, your personal credit history will play a significant role in the evaluation process.
To find the interest rate on your credit card, look at your cardmember agreement and your monthly credit card statements. Your interest rate will be there in the form of an annual percentage rate (APR). But as “annual” implies, an APR is the cumulative interest rate for a whole year, which isn’t all that helpful for calculating actual interest charges from day to day or month to month.… read full answer
You can figure your daily interest rate – or daily periodic rate – by dividing your APR by 365 (days in a year) because credit card interest compounds daily. (It’s worth noting that some card issuers may divide by 360 rather than 365). This calculation will give you the actual daily rate at which you accrue interest on a card. If your APR is 19.99%, your daily periodic rate would be 0.0547%.
The terms APR and interest rate are often used interchangeably. For general purposes, they express the same idea, though you’ll get a much better sense of your actual “interest rate” by using the daily periodic rate.
It’s worth noting that most credit card rates change (indicated in terms by a V next to your APR). So if the so-called prime rate that credit card APRs are tied to goes up, your rate will rise, too. A credit card agreement may note that the account’s APR is the prime rate plus a certain fixed percentage. Or, your rate might rise to a penalty APR (also found in credit card terms) if you miss a payment. Your card issuer must notify you of a rate change 45 days before it takes effect, unless you’re 60 days or more past-due on payment.
Though it’s good practice to keep an eye on your APR, interest rates don’t matter if you pay your credit card bill in full every month. If you aim to pay no interest, you won’t have to worry about crunching these numbers.
The American Express Platinum card interest rate is around 17.49% to 24.49% (V) for purchases made using the card's Pay Over Time feature, depending on the cardholder's credit history and American Express account history, among other factors.
The Pay Over Time feature applies to purchases that Amex approves for a longer payment period. Purchase amounts in a Pay Over Time balance will also be subject to a monthly fee of up to 1.33%. American Express Platinum card does not have an interest rate for other purchases because it is a hybrid card (combining features of a regular credit card and those of a charge card), which means a cardholder must pay off all purchases not included in the Pay Over Time balance in full every month. Cardholders who are not using Pay Over Time, may use the … read full answerPlan It feature to pay off large eligible purchases in exchange for a flat fee and no interest.
American Express Platinum card also charges a penalty interest rate for late payments of 29.99% (V) and a cash advance interest rate of 26.74% (V) - each cash advance transaction is also subject to a 5% (min $10) fee. The penalty rate applies if you don't pay the regular balance in full each billing period. For cash advances, American Express charges interest daily beginning on the transaction date.
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