what is variable apr
A variable APR, however, is an interest rate that is normally tied to another rate, such as the prime rate or Treasury bill rate. If the other rate changes, it is likely your interest rate will change accordingly, whether it be up or down. A variable APR can change from day to day. For instance, if you have a credit card with a variable interest rate, look in your cardholder agreement to see to which interest rate your APR is tied.