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Mostly all credit cards nowadays operate in this manner. Any balance carried forward from the last month, you will be charged interest on the full amount. You get your 1st month credit card bill for $4001. You pay $4000 on it, guess what you are going to still be charged interest for the whole month on the full $4001 not just $1, b/c you did not pay the card in full. If you arent paying your card in full ever month, dont bother trying to do the math on the interest owing, I guess you can, but who has that much time to waste? :P
Also the past year I know that with Visas, the interest was not charged on purchases until the date of the statement, but now, they charge interest as they do for a Cash advance, the day that you purchase (again only if your full balance is not paid each month) Fun stuff inst it?
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Don't you know about the bird?
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