How credit card interest rate is calculated?

Do you know - we have to pay 40 % interest per annum if we don’t pay the credit card bill amount within due date?
Even though U pay Minimum Amount Due for the monthly credit card bill also, ‘U’ will be charged with 40 % interest rate p.a. for the balance amount.
Also Late Payment Fee (based on Amount) is charged if ‘U’ don’t pay the bill within due date
How the Interest Rates are calculated ?
Common Questions on Credit Card Interest Rates
1.Will the rate of interest for credit cards change frequently?
2. Do all credit cards of the same bank have the same interest rate?
3. Will all credit cards have an interest-free period?
4. What is the interest rate on credit card after due date?
5. Do you get charged interest if you pay minimum payment?
6. Why is credit card interest so high?
7. Can I pay my credit card balance in instalments?
Formula used to Calculate Interest on Credit Card - (Number of days counted from the date of transaction x outstanding amount x Interest rate per month x 12 month) / 365.
Credit Card Interest Rates by Top Banks
What is Credit Card Interest-free Period ?
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