How interest works

When it comes to credit cards, interest is a fee that is charged for the use of money in the form of credit.

For purchases that appear on your enviro Visa* statement for the first time, you will not be charged interest if you pay the balance in full by the payment due date, which is 21 days from your last statement period. If you don’t, interest will be charged on the full amount owing starting from the original transaction date.

The interest rates on our enviro Visa cards are:


Regular Rate

Low Rate*

Annual Rate



Daily Interest Rate



*If your enviro Visa card has the low rate and you don’t make at least your minimum payment by the payment due date for two statement periods in a row, we will charge you interest at the regular rate for at least one year starting on the statement following your second missed payment.

How we charge interest

Let’s pretend your statement period is April 1 - April 30. In this case, the end of your statement period will be April 30 and the payment due date will be May 21.

  • If you pay your entire Visa account balance by May 21, we won’t charge interest on any of the new purchases you made in April.

  • If you do not pay your entire Visa account balance by May 21, on May 22, we will start charging you interest on the purchases you made in April.

  • The interest on your April purchases will be charged daily starting on the transaction date of each purchase. Interest will be calculated on the average daily balance at the daily rate. The daily rate varies depending on the type of card you have.

  • We will continue to charge interest on your April purchases every day until your entire balance has been paid in full.

  • The 21 day grace period from May 1 – May 21 in this example applies only to new purchases in April. If you have a balance outstanding from transactions on previous statements, we will continue to charge interest on those balances at the applicable daily rate, every day (including May 1 – May 21) until you pay your entire Visa Account balance in full.

Want to learn more about how various payment amounts affect how much is paid in interest? Check out our enviro Visa interest calculator .

Make Good Money™

When you choose and use an enviro Visa card, you earn great rewards, while making good things happen in your community through the enviroFund™ granting program.

Just by using your card for daily transactions, you ensure every year a portion of Vancity enviro Visa card's profits are distributed back to your local community. We call it Good Money.

™ enviro, enviroFund, Make Good Money, and Vancity are trademarks of Vancouver City Savings Credit Union.
*Trademark of Visa Int., used under license.