When a payment is credited on the statement date what balance should the finance charge be based on ??
It will vary from card to card. Flip your statement over and read the 'Computing finance charges' section on the back. But, in general, the finance charges are computed on the average daily balance of the account. That's assuming that you aren't in a grace period because you haven't carried any balances over from the last statement. Also check very carefully what the grace period will applies to. Most credit cards will only allow a grace period on new purchases - balance transfers and cash advances have no grace period. Some of my cards have a 'you will owe no interest charges if you pay $xx.xx by the due date' line on the front which can also be helpful. Hope this helps, Myschae