Credit card interest is a fee charged by the credit card issuer to the cardholder when they don't pay their balance in full each month. The amount of interest charged can vary based on factors such as the interest rate, the balance owed, and the length of time that the balance is carried.
Most credit card issuers will charge interest on a monthly basis. This means that the interest charged will be calculated based on the average daily balance of the cardholder's account over the course of the month. At the end of the billing cycle, the interest charged will be added to the cardholder's balance, along with any other fees or charges that may have been incurred during the cycle.
It's important to note that paying only the minimum amount due each month on a credit card can result in significant interest charges over time, as the cardholder will be carrying a balance from one month to the next. To avoid paying interest, it's best to pay the entire balance in full each month.
In conclusion, credit card interest is typically charged on a monthly basis, and the amount charged can vary depending on factors such as the interest rate, balance owed, and length of time that the balance is carried. Paying only the minimum amount due each month can result in significant interest charges, so it's best to pay the balance in full to avoid paying interest.
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