*Interest payable *is the amount of interest you've accrued on your outstanding principal balance over a monthly cycle. Our cycle runs from the 7th of every month, to the 8th of the following month.

Interest is charged in advance for the upcoming cycle and is based on the number of days in that period. That means the interest you'll be accruing in the next period will be charged on the 8th (the start of your next cycle).