When you use your Credit Card, you are borrowing money – and will be charged interest unless you repay the full balance within the specified period. 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.
Interest is calculated on any unpaid balance from the due date of your previous month’s statement. It is applied to your closing balance at the end of each day and then added up to make the current statement.