How is interest calculated?
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If you cannot find your credit cards you need to report them as lost or stolen using the emergency number provided by your credit card issuer, this will be a 24 hour/365 days a year number. If you have more than one credit card you will need to ring all the separate companies.
Interest is calculated on a monthly basis on the outstanding balance if full payment has not been received.
When interest is charged, it is usually calculated based on an Average Daily Balance on the account. This uses a monthly Interest Rate derived from the Annual Interest Rate you selected during application (or which has subsequently applied to your account), and charges this rate of interest on the average daily balance for the statement period. This means that the sooner you make a payment to your account, the lower your Average Daily Balance will be and the less interest you will pay.
Some credit cards will have a minimum interest charge if you don't pay your bill in full, so even if you only have a small amount outstanding you will pay a disproportionate amount of interest.
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