Common use of Calculating Interest Charges Clause in Contracts

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 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 purchase 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.