A ‘purchase’ is when you use your credit card in a shop, on the phone or online to buy things. The variable annual interest rate is the cost of your borrowing as a percentage per year.
This is for purchases, cash transactions and balance transfers made on your card. Interest is charged one month in arrears. This means it’s charged one month after the purchase or transaction has been made.
So, a purchase made before the statement is produced will not have interest charged until the following month’s statement. This is unless the balance is paid in full by your payment due date, and then no interest is charged.
