Author Topic: AMEX Interest Charge calculation  (Read 712 times)

Offline mgarfin

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AMEX Interest Charge calculation
« on: August 31, 2023, 06:35:06 PM »
Can anyone help explain the calculation?

If the balance due was $136,101.77 and Paid $120,000.00 = Unpaid $16,101.77
Why is interest charged on $39,514.11



Offline AsherO

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Re: AMEX Interest Charge calculation
« Reply #1 on: August 31, 2023, 08:49:30 PM »
Can anyone help explain the calculation?

If the balance due was $136,101.77 and Paid $120,000.00 = Unpaid $16,101.77
Why is interest charged on $39,514.11


The previous statement was paid in full and on time?
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Offline hvaces42

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Re: AMEX Interest Charge calculation
« Reply #2 on: August 31, 2023, 11:19:34 PM »
Average daily balance.
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Offline mgarfin

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Re: AMEX Interest Charge calculation
« Reply #3 on: August 31, 2023, 11:53:20 PM »
The previous statement was paid in full and on time?

Yes

Offline CountValentine

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Re: AMEX Interest Charge calculation
« Reply #4 on: September 01, 2023, 10:41:00 AM »
Interest is charged on a credit card when you don't pay the full balance from the previous billing cycle. Interest is calculated on a daily basis, based on the annual percentage rate (APR) divided by 365. This daily rate is applied to the unpaid balance and added to your bill as a finance charge. Interest will continue to accrue until you pay off the balance in full.
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Offline theyankel

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Re: AMEX Interest Charge calculation
« Reply #5 on: September 03, 2023, 12:10:10 AM »
Interest is charged on a credit card when you don't pay the full balance from the previous billing cycle. Interest is calculated on a daily basis, based on the annual percentage rate (APR) divided by 365. This daily rate is applied to the unpaid balance and added to your bill as a finance charge. Interest will continue to accrue until you pay off the balance in full.
Average daily balance.