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Credit card interest

usman330 Avatar
5y, 11m agoPosted 5 years, 11 months ago
How is it calculated?
usman330 Avatar
5y, 11m agoPosted 5 years, 11 months ago
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#1
http://www.myinvestmentanalysis.com/wp-content/uploads/2009/05/credit-card-size.jpg
#2
Balance last month was £946.72.
Payment due date 26 Nov.
I paid the minimum payment of £25 before the payment due date of 26 Nov.
And made a further payment of £1000 on 29 Nov, so that I made sure I had cleared my balance.

So I went around 2 days with £921.72 balance on the card, then cleared the balance off in full.

Got my statement today showing £18.09 interest....

How is this? Is the interest calculated as the statement amount of £946.72 is outstanding for the whole month just because I didnt pay the balance off in full on the due date ?

Or is interest calculated on how many days the balance is outstanding on the account, and interest stops once the outstanding balance is cleared?

Confused.... Im just going to stick to clearing the balance off in full by the due date from now on


Edited By: usman330 on Dec 23, 2010 13:30
#3
Interest is most likely calculated on a daily basis, read the terms and conditions for your card!
#4
usman330

Confused.... Im just going to stick to clearing the balance off in full by the due date from now on



That is always the best option, no interest to pay.
3 Likes #5
They charge interest from day one for the full amount if you do not pay it all off by the due date
#6
Ilnf
They charge interest from day one for the full amount if you do not pay it all off by the due date


Thanks, repped

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