The converted annual interest rate of 0.35 for a credit card means that when converting the credit card installment interest rate into an annual interest rate, the converted annual interest rate is 7.84. Credit card installment interest rates are calculated on a monthly basis, while annual interest rates are calculated on a yearly basis. Through conversion, the monthly interest rate can be converted into an annual interest rate for easy comparison and calculation. In this case, 0.35 is converted to 7.84, which means that the annual installment interest is calculated at an interest rate of 7.84. This interest rate can be used to evaluate the cost and burden of installment payments.