What is annual margin rate?

I’m getting so confused
I have a margin account and I wanted to maybe someday use it. However I’m using webull and came across this table. Does annual margin rate mean they will charge me for using leverage ? Sorry and any help would be of great help. I have included the picture below. Thank you

 

It's basically the same thing as APR that credit card companies use to charge interest.



https://www.webull.com/help/faq/257-What-is-the-interest-on-margin-trading-and-short-selling

 

Does that mean they’ll charge this to me every time I use leverage during intraday trading?

 

No, read #1 in the pic, which states:

1) Margin interest is only charged for leveraged positions held overnight.

If you close out your position before the market closes, they will not charge your interest.

 

Ah ok. Thank you so much. I should have noticed that. Sometimes the pictures are too overwhelming

 

Now a run to cash accounts will happen...

 

Wow, thanks for the answer, but the pictures are really too overwhelming))