Diamond Credit Card - How Do I Start
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Understanding your daily usage limit
Understanding your monthly statement
How is my interest calculated?
- At Diamond Bank, we take all your transactions from the 16th of one month (January for example) to the 15th of the following month (February), and we group them all together on your statement and send this to you on the 18th of the month. In this example, this statement is due for payment on the 29th of February.
- If you make a purchase on 16th January and you repay 100% of your outstanding balance on 29th February, interest will not be charged on the purchase, allowing you 45 days interest-free credit.
- The repayment date is the 29th of each month. However, the closer you get to this date, the less interest-free days you can enjoy. If you make a purchase on the 12th of the next month and you repay 100% of your outstanding balance, you can enjoy 17 days interest-free credit.
- What happens when you don't pay in full? Interest accumulated by those transactions, will be loaded onto your credit card statement for repayment the following month.
- However, remember that interest will start calculating on all cash transaction from the withdrawal date.
- What happens on the 16th February? We start a new statement cycle, with all transactions made between 16th February and 15th March payable on the 29th of March. This cycle continues until your card account is closed.