Interest Accrual

Discussion in 'Credit Talk' started by Lisa, Jun 24, 2000.

  1. Lisa

    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?
  2. creditwork

    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.

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