For line of credit and ScotiaLine for business Visa card accounts, interest is calculated on your debt daily, but it’s only added to your debt once a month on each statement.

The amount of daily interest is calculated by adding any new advances, subtracting any payments, then multiplying the unpaid balance of the debt on which interest is payable by the annual interest rate then dividing by 365 (or 366 in a leap year). Interest is charged on a leap day in a leap year. Interest is charged at the rate applicable under the agreement both before and after the final payment date, maturity, default and judgment, until the credit account has been paid off in full.

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

What lines of credit do you have?

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