As you may be aware reading my previous posts, I have a credit card and I’ve always tried to be safe and secure with it. Recently I have been making a few extra purchases on it and don’t have the funds available to repay it before my end statement date. Currently it sits just under a negative balance of $500(AU). It’s a Westpac Credit Card with a interest rate of just over 18.9%, and yes, unfortunately that’s a little bit hefty however I can’t alter that now.

I’m wanting to do a Credit Card Interest Calculation, to see how much interest I will pay on just under $500. Yes, we can do the math now though I’m very intrigued to see what Westpac works it out to be. I probably should’ve gone with the Westpac Ignite Credit Card, it has a lower interest rate and have 55 days interest free — too bad I’m not a Virgin customer!

Hopefully I can visualise my pain and never fall into this trap again and remember, always do your own Credit Card Interest Calculation and match it with the banks, because they can be wrong too, they just won’t tell you.