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Top Question:
How is the the finance charge on my credit card statement calculated?
Best Answer:

If you pay your New Balance shown on each monthly statement in full by the Payment Due Date, no Finance Charge will be imposed on purchases.  If you do not pay your New Balance in full by the Payment Due Date, a Finance Charge will be imposed on Purchases, determined by multiplying your “average daily balance” by the “Periodic Rate” defined below.

Average Daily Balance for Purchases, Cash Advances, Balance Transfers (including new Purchases, Cash Advances and Balance Transfers). We figure the interest charge on your account by applying the periodic rate to athe “average daily balance” of your account.  To get the “average daily balance” we take the beginning balance of your account each day (any credit balance is treated as a “0” balance), add any new purchases, cash advances and fees, and subtract any unpaid interest, other finance charges, annual fees, returned check fees and any payments or credits.  This gives us the daily balance.  Then, we add up all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle.  This gives us the “average daily balance.”

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