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Finance Charge (Interest)       In general terms, a finance charge is the cost of credit. It is what you pay a lender for using credit. The finance charge on your monthly credit card statement is the interest you pay on the unpaid balance of your account. The calculation method used to determine the finance charge has an effect on the amount you pay in finance charges.      The most commonly used calculation method is the average daily balance. When this method is used, the average amount of debt you have in your account each day is used to determine the monthly finance charge. To calculate the Monthly Finance Charge using the Average Daily Balance: • Average Daily Balance x Daily Periodic Rate x    Days in Cycle = Monthly Finance Charge Or • $100 x .03288% x 31 Days = $1.02 Monthly    Finance Charge. Your Daily Periodic Rate is typically found near the bottom of your statement where the Finance Charges are explained.

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