Understanding
Credit Card interest

What is Credit Card interest?

If you have a Credit Card, you’ll be charged interest unless you repay the full closing balance by the statement due date.

The amount of interest you will be charged depends upon:

• The interest rate of your Credit Card
• The amount you spend
• When you spend it
• When you pay your Credit Card bill

When you receive your statements, the details of your purchases and the amount of interest you have been charged will be clearly displayed.

Does my interest rate fluctuate?

From time to time, we may review the interest rate on any of our products. We will make sure that you are notified well in advance if the interest rate on your Credit Card is changing.

How does interest differ between Credit Cards and Charge Cards?

The key difference is that Charge Cards require you to repay the full closing balance of the statement each month, meaning no interest is charged on your purchases. However, a fee will be charged if the closing balance is not paid in full by the due date. On the other hand, a Credit Card allows you to repay your balance over time by making the minimum payment each month, with interest applied to the unpaid balance. A late payment fee will apply if you don’t meet your minimum monthly repayment obligation.

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