Interest Print

• Interest rates

  • What is your interest rate?

    Farmers Finance Card offers up to 55 days interest-free on purchases as long as the closing balance is paid in full by the due date every month. Our standard card interest rate is 25.50% p.a.

     

• Interest charges

  • How can I avoid being charged interest?

    If you pay the closing balance in full each month by the due date, you will not be charged interest.

  • How is interest charged?

    Interest accrues daily and is applied to your account monthly on the day that your statement is printed.

    Please note that if you pay the closing balance in full each month by the due date, you will not be charged interest.

  • How often is interest charged?

    Interest accrues daily and is applied to your account monthly on your statement date.

  • I returned a purchase on my Farmers Finance Card but I have been charged interest. Why?

    Credits to your account which arise from returning a purchase made on your card are not classed as payments.  In order to retain an interest free facility you will need to make a payment for the full closing balance listed on your statement each month by the due date – even if you have returned goods after the statement date. Doing this will put your account into credit for the amount of the returned purchase.

    Credit balances can be refunded, or you can simply leave it on your card to pay toward your next purchase.

  • How has my interest been calculated?

    Interest is calculated daily on the average balance owing; as your balance changes through the month, so does the amount of interest charged each day.  Interest is then applied to the account on the statement date, forming part of your closing balance.

    For example say there are 31 days in the month. The balance for 10 days = $50.00 and the balance for 21 days = $300.00.
    

    The interest charged for 10 days would be calculated: ($50.00 X 25.50%)  / 365 = $0.035 per day
    At 10 days the total interest would be calculated: 10 days x $0.035 = $0.35

    The interest charged for 21 days would be calculated: ($300.00 X 25.50%)  / 365 = $0.210 per day
    At 21 days the total interest would be calculated: 21 days x $0.210 = $4.41

    Therefore, total monthly interest would be calculated: $0.35 + $4.41 = $4.76.

  • Why have I been charged interest?

    Interest accrues daily and is applied to your account monthly on the day that your statement is printed.

    Please note that if you pay the closing balance in full each month by the due date, you will not be charged interest.

    Farmers Finance Card offers up to 55 days interest-free on purchases if you pay the closing balance of your monthly statement in full by your monthly due date. If you pay less than the closing balance, or pay after your monthly due date, interest will be applied to the average daily balance from date of the first purchase on the statement.