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How is interest calculated on cash advances or Convenience Cheques?

April 26, 2017calculated cash advances cheques convenience

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How is interest calculated on cash advances or Convenience Cheques?

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For cash advances, interest is charged from the day you receive the cash advance until the day a payment is made to cover the amount of the cash advance plus the interest that has accrued on it. For Convenience Cheques, the interest is charged from the date the cheque is posted to your credit card account until the day a payment is made to cover the amount of the cheque plus the interest which was accrued on the cheque.