How credit card interest works.

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

Credit card interest: What you really need to know.

Credit card interest, and how it’s calculated, can be pretty confusing. We hear this a lot. In fact, it's the topic our staff get asked about the most.

To help answer this question, we put together a short video that explains how interest is calculated and added some easy-to-remember tips about reducing the amount of interest a cardholder pays over time.

How to avoid paying interest.

You won’t have to pay interest on purchases that appear on your statement for the first time if you pay your credit card 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.

enviro™ Visa interest rates.

Regular interest rate Low interest rate
Annual interest rate 19.5% 11.25%
Daily interest rate 0.05342% 0.03082%
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Here's an example:

Let’s say your statement period is April 1–30. The end of your statement period is April 30 and the payment due date is May 21. This means:

Keep learning.

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