The credit card issuer gives you a certain amount of time to repay the entire amount you borrowed before interest is charged. The period of time before interest is calculated is called the grace period (grace period), which usually ranges from 20 to 25 days. If you do not repay all the loan debt before the expiration of the grace period, then the bank will begin to accrue interest on the balance of the debt. The loan fee depends on the interest rate and your outstanding debt balance.

The interest rate is the annual rate you pay for borrowing money on your credit card. The interest rate usually depends on the level of market interest rates, your credit history and the type of credit card you have. If you have a positive credit history, then lower interest rates are usually available to you than regular borrowers.

You must pay off all credit card debt in full before the end of the grace period if you want to avoid paying interest. However, the credit card issuer does not usually require you to repay all outstanding loans in full, but you must pay at least the minimum payment by the due date to avoid late payments and penalties. Paying only the minimum payment is the slowest and most expensive way to pay off your credit card debt.

At the same time, it is important to always pay at least the amount of the minimum payment every month on time in order to maintain a good credit history and avoid late payments. Since you are building a positive credit history, you will be able to qualify for a lower credit card interest rate.

Alternatively, you can use Credit Card Interest Calculator. Wish you luck.