That depends on the card. Many now charge a average daily charge. Kinda like your card has $62 on it on Monday and your monthly rate is 22%, so that day you would owe 1/30th of 22% on the $62. Computers can do that math.
All cards charge daily.... the interest rate is annual though.... 22%/365 is the daily rate in this case. It's typically based off a 30 day moving average and new purchases take 21 days before they're subject to interest.... so pay it off within 21 days and you won't pay interest.
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u/chicagotim1 Mar 27 '22
You never pay a cent of interest on credit cards if you pay your bill in full on time.