Credit card interest calculation
How interest is calculated on your credit card
In-line with Australian Government legislation, customers who don’t pay their full Closing Balance will generally only be charged interest on their purchases balance from the day after the Due Date shown on their statement.
The way interest is calculated on purchases balances will be different depending on how you use your credit card.
See the scenario most suited to you below, to learn how interest may be calculated for you.
How do you pay off your credit card balance?
I pay my credit card balance off in full every month.
If you keep paying off your balance in full every month by the Due Date, you’ll continue to enjoy the benefit of interest free days and pay no interest on your purchases balance.
I usually pay my credit card balance off in full every month, but sometimes I miss a full payment.
If you usually pay your credit card balance off in full every month, but don't pay the full Closing Balance of your next statement by the Due Date, you will generally only be charged interest on your purchases balance from the day after the Due Date shown on that statement.
Before 17 November 2018 I started paying interest on an existing purchases balance.
If you're paying interest on a purchases balance accrued before 17 Novemer 2018, interest will be calculated using the old method. This is until you pay the full Closing Balance (shown on a statement by the Due Date) and regain the benefit of interest-free days.