Interest on Due in Full balances. Delinquent due in full amounts are subject to interest from the first day of the billing period after they become delinquent, until the date we receive payment in FULL of this balance. Interest is not charged on interest or fees (except for annual card membership fees). Interest is calculated each day during a billing period on the daily closing balance of charges on which interest is payable (taking into account any payments or credits to your account) at the daily rate (which is the annual interest rate divided by 365 or 366 in the case of a leap year). We add together the interest charges for each day and the total interest for the billing period is then charged to your account and will appear on your statement on the last day of the billing period identified as “interest”. If different interest rates apply to different parts of the balance on your account, we will separately calculate each daily closing balance and interest in the same manner. Daily closing balances with a credit balance are treated as zero (0). What interest rates apply to your account? We charge interest at the annual interest rate or rates (called interest rate) set out in the information box and disclosure statement. Please refer to the information box and disclosure statement for an explanation of how we determine which interest rate applies to the account. The interest rate(s) applicable to a billing period will be set out on your statement.
