Calculating Interest Charges Sample Clauses
Calculating Interest Charges. We calculate interest charges for a Billing Cycle by multiplying the Balance Subject to Interest Rate for each category of transactions by its applicable monthly periodic rate. The total interest charged for a Billing Cycle is the sum of the interest charged for each Balance Subject to Interest Rate.
Calculating Interest Charges. 6.1 Where interest is payable, we calculate interest daily on each account by multiplying the relevant parts of the daily balance by the daily percentage rates appropriate to the transaction at the end of each day and debited on the last day of the statement period. The relevant parts of the daily balance may vary depending on whether an interest free period applies. Interest is calculated from the posting date on all debits to the account, otherwise it is the effective date. If a transaction occurs in a prior statement period but is not posted to the account until the next period, the effective date of the transaction will not be backdated further than the commencement of the statement period in which it is posted.
6.2 The interest free period for purchases starts on the date the purchase first appeared on your statement and ends on the due date for payment on that statement. The maximum length of the interest free period for a statement is 55 days. If you do not pay the closing balance for each statement by the due date on the statement, the interest free period ceases from that date on all unpaid purchases until the balance of all purchases is paid.
6.3 The interest free period is on purchases is only available if you pay the closing balance of each statement by the due date.
6.4 We will debit interest on the closing balance of each statement period. We will also debit interest on the day we close your credit card account.
Calculating Interest Charges. 6.1 We will calculate interest daily by:
(a) first subtracting any interest free purchases from the unpaid daily balance of the account at the end of the day (b) then multiplying that amount by the daily percentage rate.
Calculating Interest Charges. 5.1 We will calculate interest daily by multiplying the unpaid daily balance of the account at the end of the day by the daily percentage rate. The daily percentage rate is the Annual Percentage Rate divided by 365.
5.2 Subject to clause 5.3, we will debit interest on or about the same day every month. This day will not necessarily be the same day that your repayments are due. We will also debit interest on the day you pay the balance of your loan.
5.3 If your loan is an interest only in advance loan we will debit your annual interest charges in advance on the day that your loan is first drawn and on each anniversary of this date.
Calculating Interest Charges