Coronavirus (COVID-19) borrowing update
The Financial Conduct Authority (FCA) wants lenders to continue to offer payment holidays on credit cards, loans and other finance agreements in a bid to help ease the financial hardship caused by the coronavirus outbreak.
- Find out more: coronavirus payment holidays on credit cards and loans
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You'll see the abbreviation 'APR' used in adverts for credit cards, loans and mortgages.
In this two-minute video, Which? explains what APR stands for and how it's different from a standard interest rate.
The video also explains why some credit card customers are offered a higher or lower APR than others.
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