How Do You Calculate Daily Interest On Credit Cards?
Despite the fact that the majority of credit cards list their interest rates as an annual percentage rate (APR) they are actually compounded daily. This simply means that your credit card is accruing interest on the balance remaining each day. Your interest rate will change daily. This can make it seem overwhelming to be able to calculate daily interest on credit cards when, in reality, it is an easy to understand mathematical equation. Note the number of days since your last payment was made to your credit card company. Be certain you know when the payment was made, not just when it was due to come out of your account. Write this down. Look up the principle balance that is still owed on your credit card and write this amount down underneath the first number. This will vary so you may need to phone your credit card company and inquire in order to get an accurate amount. Chargebacks, returns, payments and interest itself all factor in to this figure being different on a daily basis. Don
