Can someone tell me what is interest rate?

Question

Hi every, everybody are saying that store credit card have higher interest rate. But I have no idea what is a interest rate. Can someone explain please, thank you

I have a MACY's store card, if I don't use it ($0 balance everymonth), will I get high interest rate?

Answer 1

Money you pay for money you temporarily borrowed until you pay it back in full.  In other words, a legal form of highway robbery.

Answer 2

If you don't use the card, you don't get charged interest.  if you use the card and pay off the entire balance when you receive the statement, you don't get charged interest.  If you use the card and only pay a portion of the charges when you receive the statement, you will be charged interest.

If you don't already know this, you should not have a credit card.