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We’ll help you decipher the jargon around Card interest so you really understand how it works when it applies to Credit Cards.
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:
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.
The dates for which your statements are issued and report transactions for. Generally, your statement period will be every 30 days, and actual dates can vary slightly from month to month.
Type of charge incurred as a result of borrowing money and not repaying in full within the indicated time. Interest is usually expressed as an annual percentage rate, also known as the interest rate.
The amount you owe at the end of a particular statement period.
Charge & Credit Cards Explained
Has talk of interest, annual fees, rates and percentages left you feeling confused?
Our simple Credit and Charge Card guides are a great place to start.
How Credit Cards and Charge Cards work
Where is American Express accepted
What Credit Card fees am I expected to pay
How to apply for a Credit Card
