How Interest is Calculated. Interest is calculated by multiplying the total interest-bearing portions of your Balance at the end of each day by the daily interest rate applicable to each portion. The daily interest rate is the annual interest rate divided by the number of days in the year. Interest is calculated daily and added to your Balance monthly as of the Statement Date. We do not charge interest on interest.
Appears in 2 contracts
Samples: Credit Card Agreement, Credit Card Agreement
How Interest is Calculated. Interest is calculated by multiplying the total interest-bearing portions of your Balance at the end of each day by the daily interest rate applicable to each portion. The the daily interest rate is the annual interest rate divided by the number of days in the year. Interest is calculated daily and added to your Balance monthly as of the Statement Datemonthly. We do not charge interest on interest.
Appears in 2 contracts
Samples: Cibc Cardholder Agreement, Cibc Cardholder Agreement
How Interest is Calculated. Interest is calculated by multiplying the total interest-bearing portions of your Balance at the end of each day by the daily interest rate applicable to each portion. The daily interest rate is the annual interest rate divided by the number of days in the year. Interest is calculated daily and added to your Balance monthly as of the Statement Datemonthly. We do not charge interest on interest.
Appears in 1 contract