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Do credit cards calculate interest daily?
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CL
Posts: 1,537 Forumite
in Credit cards
Hi all,
Just wondering do credit cards calculate interest daily? basically I have a virgin card with a reduced rate of 2.9% until the 1st July, I've made a blance transfer to clear it unto my barcalycard but it probably won't clear until after 1st July, will I have to pay interest for the whole month of just a few days at the start until it is cleared?
Thanks for any help
Just wondering do credit cards calculate interest daily? basically I have a virgin card with a reduced rate of 2.9% until the 1st July, I've made a blance transfer to clear it unto my barcalycard but it probably won't clear until after 1st July, will I have to pay interest for the whole month of just a few days at the start until it is cleared?
Thanks for any help
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Most charge the interest monthly but calculate it on a daily basis.All posts made are simply my own opinions and are neither professional advice nor the opinions of my employers
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