If you pay off the entire bill amount on the final payment date, you do not need to pay any interest or late fees, and you can enjoy the interest-free period given by the bank; if the bill for the month is not paid off in full, there is no exemption. During the interest period, all purchases will be subject to interest of 0.5% per day starting from the day you make the purchase, and interest will be calculated on a daily basis and compounded monthly.