We calculate interest on your debt using the average daily balance (as further described below) but we only add it to your debt once a month on each statement on the last day of your statement period.

If interest applies, we calculate the amount of interest as follows:

1. Add the amounts you owe each day in each transaction category (for example, the amount of purchases, advances, and cash advances, less any applicable payments or credits) and divide that total by the number of days in your statement period (usually 30 or 31). This is your average daily balance for the total amount you owe; then
2. Multiply the average daily balance by the daily interest rate(s) that applies (the daily interest rate(s) is equal to the annual interest rate(s) divided by 365 or 366 in a leap year); then
3. Multiply the result by the number of days in your statement period

The total is the amount of interest we charge.

If different daily interest rate(s) apply to the average daily balance, we use the different daily interest rate(s) applicable in our above calculation (for example, for the balance of a promotional rate cash advance we’ll use a different daily interest rate (the applicable promotional rate) than for the balance of a regular rate cash advance we use the applicable regular rate.

Interest is charged at the rate applicable under the Agreement both before and after the final payment date, maturity, default and judgment, until that amount has been paid in full.

Any unpaid interest from a statement is included in the balance on your next statement (as part of the New Balance that appears on that next statement).

You can also find this information in the Revolving Credit Agreement.