1. Jun 24, 2000 #1
   

   Lisa Guest

   What does it mean when interest on a credit card is accrued daily? Does it mean if I take a cash advance of $500 out on a cc and the interest rate is 10%, that'll I'll be hit with a $50.00 charge everyday before I pay back the $500?
   Thanks

    

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3. Jun 24, 2000 #2
   

   creditwork Well-Known Member

   No, the interest rate is accrued daily, but it is never 10% daily. A more likely figure would be 0.027 if you have a 9.9% APR.
   
   Profit from the experience.
   
   http://www.creditsense.com

    

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