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Forum Credit Card How does interest rates work in a credit card?

Forum Credit Card How does interest rates work in a credit card?

Forum Credit Card How does interest...

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  • #1509
    M
    MoneySmart.sg
    Keymaster

    Posts: 156

    Joined: Mar 19, 2014

    Expert

    Hi Peter,

    Interest is charged on the outstanding balance you carry on the bill, so if you get charged that month and pay in full (before the due date or risk being charged late fees) then you don’t pay any interest.

    However, if you can’t pay the full amount on your bill, do pay what you can, over the minimum amount, so you take less time to pay off the amount and save on interest over time.

    Hope this helps!

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