Question:

How is interest calculated Commonwealth Bank credit card?

by Guest7760  |  12 years, 7 month(s) ago

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I was charged too much interest on my Commonwealth credit card. Can someone tell me that how is interest calculated Commonwealth Bank credit card?  

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  1. Guest6325
    Interest is calculated at the end of the statement period, and then charged to your account on the last day of each statement period. They start by working out the average daily balance (ADB) outstanding over the statement period.
    Then they calculate the 'daily rate'. They work this out by dividing each annual percentage rate (APR) applying to your card (e.g. standard rate or balance transfer rate) by 365. Daily Rate = APR ÷ 365. They then multiply the ADB by the daily rate.
    Finally, this number is then multiplied by the number of days in the statement period.

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