Answer:
Annual Percentage Rate
Explanation:
When borrowing money, the credit card interest rate is the amount that will be paid.
When the credit card interest rate is being paid on a yearly basis, then it becomes an Annual Percentage Rate.
As said earlier, the Annual Percentage Rate is on a yearly basis, so the actual rate the interest build up will be divided by 365.
For example,
If APR = 10%, then the interest that will be charged is 10%/365 which equals 0.027% (Approximated) interest rate on your outstanding daily balance
