Introductory APR
Also called: 0% APR, teaser rate, promotional APR
An introductory APR is a temporary promotional rate — often 0% — that reverts to the standard rate on a fixed date. It's genuinely free money if the balance is cleared before the deadline. Two clauses decide whether it stays that way: whether the offer is deferred interest, which retroactively charges all the interest you avoided if any balance remains, and whether a late payment cancels the promotion immediately. Read which of the two you have before relying on the rate.