Periodic Rate
Banking
The interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is the cost of credit per month; the daily periodic rate is the cost of credit per day.
- — Dictionary of Banking Terms and Phrases
- — Dictionary of Banking Terms and Phrases retrieved 2014-05-16
Personal Finance
The interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is the cost of credit per month; the daily periodic rate is the cost of credit per day.
- — Pocket Cents Glossary retrieved 2014-05-16
Business› Finance› Personal Finance› Consumer Credit
Credit Card
The rate you are charged each billing period. For many credit card plans, the periodic rate is a monthly rate, calculated by dividing the APR by twelve. For example, a credit card with a 24 percent APR has a monthly periodic rate of 2 percent.
- — Credit Card Consumer's Guide retrieved 2014-05-16