APR, or Annual Percentage Rate, is a numeric representation of your interest rate. This helps you to compare how expensive it is to borrow money.
APR on loans
For instance, vehicle loans have a much lower APR (or are cheaper) than personal unsecured loans. While this is true, credit card APR is much higher.
For First Choice Federal Credit Union, you can always find our rates here. This rate chart looks at both the terms of the loan or account, and then what the exact APR is.
APR on investments
When comparing APR on savings products, you must consider the term of the product. Any savings product will show the APR and the term of the product to allow you better calculate your actual return.
For instance, since APR is an annual representation, a 6-month CD at 2.0%APR is equal to a 12-month CD at 1.0%APR. Each length, and the APR will help you to make the best decision on loans and credit card products.