APR is the term used in the context of credit cards which are issued by the banks to its customers, full form of APR is Annual Percentage Rate. Banks or financial institutions display interest rate in monthly terms like 2 or 3 percent monthly but in order to have a clear picture one should convert it into yearly rates which turns out to be 24 percent for 2 percent monthly and 36 percent for 3 percent monthly.
Hence one can see from the above that a laymen can get easily confused by low monthly rates while actually these rates are 2 or 3 times higher than normal bank loan rates and hence the concept of APR assumes importance and one should keep this thing in his or her mind while applying for credit cards and if one has it already then one should pay his or her dues on time to bank or financial institution so that he or she does not have to pay higher interest rates and repent later.