1. What is the Maybank Shopee Credit Card Interest Calculation?

The Maybank Shopee Credit Card interest calculation determines the interest charged on outstanding balances based on the average daily balance, annual interest rate, and number of days in the billing cycle. This helps cardholders understand their interest obligations.

2. How Does the Calculator Work?

The calculator uses the interest calculation formula:

Where:

• \( ADB \) — Average Daily Balance (currency units)
• \( R \) — Annual Interest Rate (%)
• \( D \) — Number of Days in billing cycle (days)

Explanation: The formula calculates daily interest by converting the annual rate to a daily rate and multiplying by the average balance and number of days.

3. Importance of Interest Calculation

Details: Understanding credit card interest helps cardholders manage their finances, avoid unnecessary charges, and make informed decisions about payments and balances.

4. Using the Calculator

Tips: Enter the average daily balance in currency units, annual interest rate as a percentage, and number of days in the billing cycle. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What is Average Daily Balance (ADB)?
A: ADB is the sum of each day's balance divided by the number of days in the billing cycle.

Q2: How is the annual interest rate determined?
A: The annual interest rate is set by Maybank and specified in your credit card agreement, typically ranging from 15-18% annually.

Q3: Why divide by 365 in the formula?
A: Dividing by 365 converts the annual interest rate to a daily interest rate for accurate daily calculation.

Q4: When is interest charged on credit cards?
A: Interest is charged on outstanding balances that are not paid by the due date each billing cycle.

Q5: How can I avoid paying interest?
A: Pay your full statement balance by the due date each month to avoid interest charges on purchases.