The amount of money you can charge to a credit card is called
How and when does credit card interest get charged? What average interest rate can you expect to pay on a credit card?
Credit card interest can be confusing to understand when so much of your money is being thrown around on a regular basis – not to mention some people have multiple cards with multiple rates.
Maybe thinking about your credit card interest rate and how your bill gets tallied up at the end of each month seems far too complicated to try and understand. Or you may think you know all there is to know about credit card interest. Either way, you may be surprised.
The CEO’s of the Big 4 banks faced a 3 hour Senate grilling – each – in 2016 and the topic of credit card interest rates and why they’re so much higher than the official cash rate certainly got a mention.
The trick, as it is with many financial products, is to avoid getting hit by nasty interest charges … but first you must understand them. So here’s what you need to know about credit card interest rates.
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