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We calculate the interest on balance transfers for a
statement period in three steps:
■ first, we average the outstanding daily amount of
each balance transfer outstanding during the
statement period. The balance transfer may have
been made in that statement period or an earlier
statement period;
■ then we multiply the average of each balance
transfer by the daily percentage rate applying to
that balance transfer; and
■ finally, we multiply the result we get from the prior
step by the number of days in the statement period.
The result we get from the last step is the amount of
interest on a balance transfer we charge to your card
account in the statement period. |
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