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1.When will the changes in calculation to my JN Bank VISA Credit Card become effective?

On April 1, 2019, the interest rate on your JN Bank VISA Gold and Classic credit cards will be reduced from 35 per cent to 34 per cent.

In keeping with best practices globally and across the financial services sector, the interest on your credit card balances will also be calculated, effective April 1, 2019, from the transaction processing date of each purchase. Previously, JN Bank forgave the interest accrued on your transactions from your transaction processing date to your next statement.

2. How will interest be calculated on my JN Bank VISA credit card?

The calculation will now begin from the transaction processing date of each purchase. Previously, the interest was calculated only on your balance on your statement from to the day before your next statement subject, of course, to any partial payments applied during the next period. This means that, prior to the charge outlined earlier, JN Bank forgave the interest from the date your transaction was processed to the next statement. In keeping with best practices globally and across the local financial services sector, we have discontinued this practice.  

3. Does this mean I will be paying less or more interest on my credit card?

Whether you pay more or less interest will depend on the timing of your credit card transactions and the way in which you administer your payments. JN Bank has lowered your interest rate from 35 per cent to 34 per cent, however, if you do not pay in full on or before the due date of payment indicated on your statement, interest will be applied starting from the transaction date.

4. Will interest still be calculated using the reducing balance method?

Yes, interest will continue to be calculated using the reducing balance method. You will always benefit from a lower interest charge as a result of any partial payments made during the period of the interest calculation cycle.

5. What benefits are available on my JN VISA credit card

Effective October 1, 2018, VISA has communicated the following benefits for Classic and Gold cardholders:

Gold card benefits

  • Price protection of up to US$200
  • Purchase protection of up to US$1,000
  • Extended warranty of up to US$5,000

Conditions apply*

Classic card benefits

  • Price protection of up to US$200

Conditions apply*