Question:

How is interest calculated on NAB credit card?

by Guest22767030  |  8 years, 8 month(s) ago

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I am charged to much interest on my National Australia Bank credit card but cannot understand how they calculate interest on my credit card. Please tell me that how is interest calculated on National Australia Bank credit card?

 Tags: calculated, card, credit, NAB

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1 ANSWERS

  1. Banking Expert
    Interest for a statement period is calculated by applying the relevant daily percentage rate(s) (the account's annual percentage rate/s divided by 365) to the total "aggregated balance" of the account for that period. The daily percentage rate(s) can be found on your card account statement. This means that the aggregated balance includes purchases, cash advance and special balances, and any interest charges shown on a statement of account which are outstanding. Interest on each component (purchase, cash advance, and special) is calculated separately and then added together. Interest that is shown on a statement of account which is outstanding is calculated on each component at the rate applicable to that component. Fees are not included in the aggregated balance and are not subject to interest charges.

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