Residual Interest

2 topics · 3 sources

Banking

Interest that continues to accrue on your credit card balance from the statement cycle date until the bank receives your payment.

For example, if your statement cycle date was January 10 and the bank received your payment on January 20, there were ten days for which interest accrued. This amount will be posted on your next statement.

The Office of the Comptroller of the Currency — Dictionary of Banking Terms and Phrases
Office of the Comptroller of the Currency, U.S. Department of the Treasury — Dictionary of Banking Terms and Phrases retrieved 2014-05-16

Business› Finance

Personal Finance

Interest that continues to accrue on your credit card balance from the statement cycle date until the financial institution receives your payment. For example, if your statement cycle date was January 10 and the bank received your payment on January 20, there were ten days for which interest accrued. This amount will be posted on your next statement.

National Credit Union Administration — Pocket Cents Glossary retrieved 2014-05-16