Aven offers several balance plans and some of them use the simple interest method of interest calculation.
For revolving balances, Aven uses the Average Daily Balance method of interest calculation. For each billing cycle, we add the interest bearing balance on each day of the cycle and divide it by the number of days in the cycle to get the Average Daily Balance for the billing cycle. We then calculate interest on this balance for the duration of the billing cycle, using the rate in effect on the last day of the billing cycle. Cardholders can find the rate used for the cycle on their statement in the "Plan Summary" section towards the end.
For fixed monthly payment plans, amount, term, and other details are presented and disclosed at the time of plan creation. (Some Aven cardholders may be able to create fixed payment fixed rate Installment plans for 5, 10, 15, or 30 years. Please check your account agreement to see if you have these plans.)
For payment estimates, please visit https://aven.com/paymentCalculator