Hey guys,
So I need some help understanding credit card interest, as I'm a total dumbass. I forgot to make a payment and was 3 days late. So they're charging me interest for the full balance, but interest from the date the statement started to the date the full balance was paid. Is this how it works? I was thinking I would get charged from the day the statement is due to the day I paid the balance in full.
I know my credit card has an annual rate of interest of 20%, which I thought would mean a daily interest of 0.0548% (20/365).
so shouldn't it be 0.0548 x balance x number of days (after statement is due) ?
fck I have no idea because I always pay my balance in full. Plz help!