Differences in the way interest on credit card balances is calculated can cost consumers big dollars. Consumer group Choice found that two consumers with exactly the same transaction history and exactly the same outstanding balance of $2,000 could be paying either $10 in interest or $45, depending on the credit card they are using.
If you one day late or pay less than the minimum required repayment, most credit cards will charge you a full rate of interest on the full balance going back to the date of the original transactions, with no interest free days applying. If you fail to pay your bill on time, most cards will not give you any interest free days on new purchases either.
