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Your monthly payment is based on the interestrate and principal balance, not the APR. The APR,conversely, is determined by the lender, since it's composed oflender fees and other costs that vary from lender tolender.
Then, does APR matter if you pay on time?
If you pay in full every month: APRdoesn't matter When you pay your credit card balance in fulland on time in a given month, two things happen that makeyour interest rate irrelevant: There's no carried-overbalance on which the card issuer can charge interest.You get a grace period on purchases in the nextmonth.
Keeping this in view, do you pay APR Monthly?
Annual percentage rate, or APR, is one youshould definitely understand. If you pay your balance infull each month by the due date, you can avoidinterest on purchases entirely, and your APR will have noeffect on the cost of borrowing money.
Credit cards charge interest when youdon't pay off your full balance by the due date each month.But you can avoid credit card interest bypaying your bill in full every month. Interestdoesn't apply to your daily balance when you doso.