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'Every month your Balance and outstanding Interest are used to calculate the interest that we will charge you.,

This isn't as bad as it first appears. Interest is based on average daily balance. As a billing period closes, interest is posted to the account. It now adds to the average daily balance.

The closer the payment is made to the start of the billing cycle, the less "compound interest" paid.

The minimum payment is required to cover interest, fees, past due amounts, and some principal (around 1%?).

As long at least the minimum payment is made, interest is paid each billing cycle and there is no negative amortization to accumulate compound interest.
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