Credit card rates refer to the interest rates charged on outstanding balances when a cardholder does not pay off their full balance by the due date. These rates are typically expressed as an Annual Percentage Rate (APR), which indicates the yearly cost of borrowing. Higher rates can lead to more significant interest charges, making it essential for consumers to understand their card's terms. Different factors influence credit card rates, including the cardholder's credit score, the type of card, and prevailing market conditions. Generally, individuals with higher credit scores may qualify for lower rates, while those with lower scores may face higher rates. Understanding these rates can help consumers make informed financial decisions.