Hi all I'm almost graduating into the working world and even if I hate it I'd have to start learning credit cards and stuff.
There is a transaction in my iBanking that shows "Interest Earned $amount-here". I was wondering is this money that the bank earned from me due to my purchases using my credit card, or is this money that I've earned from the bank because of the interest of the money in my bank?
It's almost certainly the money you've earned from the bank. Money the bank earned from you would normally be described as "Interest charged" or "Interest payable".
A bank will never tell you how much they made off you when you are a customer. That level of information can be gleaned somewhat from the P&L it posts to its shareholders every FY.
TLDR: It's how much you earned and should report as income in your tax documents.
Are you saying that you have an account where the same form (or screen, if on line) shows interest you earn on savings, and also interest charged on a credit card balance?
I've never seen such a situation. It's safe to say if the rate is over 6%, it's what they are charging you. If it's under 2%, it's what you are earning.
