1. What is Maybank Credit Card Interest?

Maybank credit card interest is calculated based on your outstanding balance and the annual percentage rate (APR). The interest is compounded monthly on any unpaid balances.

2. How Does the Calculator Work?

The calculator uses the formula:

Where:

• \( I \) — Monthly interest (MYR)
• \( P \) — Principal balance (MYR)
• \( R \) — Monthly interest rate (APR / 12 as decimal)

Explanation: The formula calculates the monthly interest charge by multiplying the principal balance by the monthly interest rate (APR divided by 12).

3. Importance of Interest Calculation

Details: Understanding how interest is calculated helps cardholders make informed decisions about payments and debt management, potentially saving money on interest charges.

4. Using the Calculator

Tips: Enter your current credit card balance in MYR and the APR percentage. The calculator will show your estimated monthly interest charge.

5. Frequently Asked Questions (FAQ)

Q1: When does Maybank charge interest?
A: Interest is charged when you don't pay your full statement balance by the due date.

Q2: How can I avoid paying interest?
A: Pay your full statement balance by the due date each month.

Q3: Does the interest compound daily or monthly?
A: Maybank typically calculates interest on a daily basis but compounds it monthly.

Q4: Are there different APRs for different transactions?
A: Yes, cash advances often have higher APRs than purchases.

Q5: How can I reduce my interest payments?
A: Pay more than the minimum payment, pay on time, and consider balance transfer options.