💨 Abstract

An introductory APR (Annual Percentage Rate) is a promotional 0% interest rate offered by credit card issuers to attract new customers. This rate typically lasts for 6 to 24 months and can apply to purchases, balance transfers, or both, but not usually to cash advances. To benefit fully, consumers must pay off the balance within the promotional period. Missing a payment can result in high standard or penalty APRs being applied retroactively.

Courtesy: WTOP Staff