How is interest calculated and charged?

If you don’t pay your credit card balance in full each month, interest charge will apply. Interest is the cost of borrowing money and is typically expresses as an Annual Percentage Rate (APR). This rate determines how much extra you’ll pay when carrying a balance from month to month.

Types of APRs You May See:

• Purchase APR- The standard rate applied to purchases when a balance is carried
• Introductory APR- A temporary, lower rate offered to new cardholders for a limited time.
• Balance Transfer APR- The rate applied to balances moved from other credit cards.
• Cash Advance APR- The rate charged when withdrawing cash using your credit card.

Interest is calculated based on your average daily balance throughout the billing cycle. The higher your balance and APR, the more interest you’ll pay. Making only minimum payments means carrying credit card debt and paying interest on it.