Banks arrive at the daily periodic rate by dividing the annual percentage rate by 365 or 360. (growingfamilybenefits.com)
Other credit cards charge interest monthly by applying the monthly periodic rate to the average daily balance. (growingfamilybenefits.com)
For any given account, the interest charged is equal to the card's periodic rate multiplied by the average daily balance and number of days in a billing period. (valuepenguin.com)