💡 Interest rate = the percent cost of borrowing money, not including other fees

An interest rate is the price to pay for borrowing money - the higher the rate, the more expensive it is. 💸

In the credit world, this helps you evaluate the cost of different credit cards 💳

Interest rates can be fixed, meaning they are set for the duration of the credit loan, or variable, meaning they can change during the loan term 🤔

Interest rates can also be affected by the lender's policies, the borrower's credit score, and the current economic environment 🏦

Interest rates are also used to determine how much money a borrower will have to pay back over time. 🤑

Interest rates are also used to measure how much money a lender will earn from a loan. 💵

Understanding interest rates can help you make better decisions when borrowing or deciding what credit card to use 💪