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Credit card interest is a way in which credit card issuers generate revenue. A card issuer is a bank or credit union that gives a consumer (the cardholder) a card or account number that can be used with various payees to make payments and borrow money from the bank simultaneously.
A credit card’s interest rate is called its APR — or annual percentage rate — with different rates applied to transaction types that include purchases, balance transfers and cash advances.
One of the many ways credit card issuers make money is by charging you interest when you carry a balance on your card. In a twist absolutely everyone expected, credit card interest is not at all ...
Interest charges are determined by your card’s annual percentage rate (APR), and your APR depends on several factors, including your credit score and the type of credit card you’re using.
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Trailing interest (also known as residual or two-cycle interest) refers to the interest that accrues on a credit card balance after the statement is issued, but before the balance is repaid. The monthly statement shows how much interest is owing at the time it is produced. The balance then continues to accrue interest until it is repaid.
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