Total cost of credit
Cards & borrowingThe total amount you repay, including interest and fees.
Overview
It shows the true cost of borrowing beyond the headline rate.
Fees, interest, and term length all affect the total.
Why it matters
- It helps you compare products fairly.
- It highlights the cost of longer terms.
- It supports better borrowing decisions.
FAQs
Is total cost the same as APR?
No. APR is a rate, while total cost is the overall amount paid.
How can I reduce total cost?
Borrow less, choose lower rates, and repay faster if possible.
Related terms
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