Finance Charges. A finance charge is the cost you pay for credit. We will charge Interest Charges and Fees to your account as described to you in your statements and other Truth in Lending Disclosures. The fol- lowing describes how the finance charge will be calculated on the M-124281 Account. You have a 25-day grace (no finance charge) period on your pur- chase balance and for new purchases if you paid the entire New Balance on your last statement by the end of the grace period. You also have a 25-day grace period for new purchases if you did not have a balance on your last statement. The grace period starts on the billing cycle closing date. If you do not pay the entire New Balance by the end of the grace period, a finance charge will be imposed on the unpaid balance from the first day of the next billing cycle and on new purchases from the date they are posted to your Account. There is no grace period for cash advances. A finance charge will be imposed on cash advances from the date the cash advance is posted to your Account. Balance transfers as permit- xxx by Credit Union from time to time in Credit Union’s sole discre- tion will be treated as cash advances for the purpose of all finance charges and finance charge calculations. Finance charges on your Account are calculated by applying the applicable Monthly Periodic Rate to the average daily balances for purchases and cash advances. Separate average daily balances are calculated for purchases and cash advances. To get each av- erage daily balance, the daily balances for purchases and cash advances for the billing cycle are added and the totals are divided by the number of days in the cycle. To get the daily balance for cash advances, new cash advances are added to the day’s begin- ning balance and payments and credits are subtracted. To get the daily balance for purchases, new purchases are added to the day’s beginning balance and payments and credits are subtracted; how- ever, new purchases are not added if you paid the entire New Bal- ance on your last statement by the end of the grace period or if you did not have a balance on your last statement. Fees and unpaid finance charges are not included in the calculation of the average daily balance. Finance charges will continue to accrue on your Ac- count until what you owe under this Agreement is paid in full. Credit Union may offer balance transfer, introductory rate, or other special rate promotions for your Account from time to time in Credit Union’s sole discretio...
Finance Charges. On each Reconciliation Date Seller shall pay to Buyer a finance charge in an amount equal to 1.00 percentage points above Prime Rate per annum of the gross average daily Account Balance outstanding during the applicable Reconciliation Period (the “Finance Charges”). Notwithstanding the foregoing, on each Reconciliation Date, Seller shall pay to Buyer a minimum $3,000.00 Finance Charge. Buyer shall deduct the accrued Finance Charges from the Reserve as set forth in Section 3.5 below.
Finance Charges. In the case of any transactions under Your Account, the balances subject to the periodic Finance Charge are the average daily transactions balances outstanding during the month (including new transactions). To get the average daily balance, We take the beginning balance of Your Account each day, add any new purchases, balance transfers, cash advances, debit adjustments or other charges and subtract any payments, credits and unpaid Finance Charges. This gives Us the daily balance. Then, We add up all the daily balances for the billing cycle and divide them by the number of days in the billing cycle. The Finance Charge for a billing cycle is computed by multiplying the average daily balance subject to a Finance Charge by the Monthly Periodic Rate. We will mail Your periodic statement 22 days prior to the due date each month. You can avoid Finance Charges on purchases by paying the full amount of the entire balance owed each month by the payment due date. Otherwise, the new balance of purchases, and subsequent purchases from the date they are posted to Your Account, will be subject to a Finance Charge. Balance transfers and cash advances are always subject to a Finance Charge from the later of the date they are posted to Your Account or from the first day of the billing cycle in which the transaction is posted to Your Account. VARIABLE RATE (EXCEPT VISA CLASSIC AND SECURED VISA CLASSIC). All advances are subject to a Variable Rate which is based on the highest Prime Rate as published in the money rates section of The Wall Street Journal in effect on the last calendar day of each month of each year ("Index") plus Our Margin. The Index plus the Margin equals the Interest Rate. Changes in the Index will cause changes in the Interest Rate on the 1st day of the billing cycle that immediately follows any such change in the Index. Increases or decreases in the Interest Rate will cause like increases or decreases in the Finance Charge and will affect the number of Your regularly scheduled payments. Your Interest Rate will never be greater than 18.00% and will apply to Your remaining principal balance. If the Index becomes unavailable, We may select another Index and Margin which would result in a substantially similar Interest Rate.
Finance Charges. Lender may, but is not required to, deduct the amount of accrued Finance Charge from Collections received by Lender. The accrued and unpaid Finance Charge shall be due and payable within 10 calendar days after each Month End during the term hereof.
Finance Charges. We will impose Finance Charges (a fee representing the cost of credit and the cost of borrowing on your Account) by applying the Monthly Periodic Rate as described below.
Finance Charges. You can avoid FINANCE CHARGES on purchases by paying the full amount of the New Balance of Purchases each month within 25 days of your statement closing date. Otherwise, the New Balance of Purchases will be subject to FINANCE CHARGE. The Finance charge for a billing cycle is computed by applying the monthly Periodic Rate, which is an Annual Percentage Rate, to a periodic daily rate on the average daily balance. The average daily principle balance of purchases is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the billing cycle. Each daily balance of Credit Purchases is determined by subtracting from the previous balance of credit purchases any payments received and credits as posted to your account, but excluding any unpaid FINANCE CHARGES. On Cash Advances: A monthly Finance Charge will be imposed on Cash Advances from the date each Cash Advance is made or from the first day of the billing cycle in which each Cash Advance is posted to your account, whichever is later. This monthly Finance Charge will continue to accrue on the unpaid average daily balance of such Cash Advances until (i) the date of payment if paid during the same billing cycle, (ii) the closing date of the billing cycle preceding the date on which the entire New Balance is paid in full or (iii) the date of payment if more than twenty-five (25) days after the closing date The Finance charge for a billing cycle is computed by applying the monthly Periodic Rate, which is an Annual Percentage Rate, to the average daily balance of Cash Advances, which is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the billing cycle. Each daily balance of Cash Advances is determined by adding any new Cash Advances posted to your account during the billing cycle to the outstanding unpaid balance of Cash Advances at the beginning of the billing cycle, and subtracting any payments received or credits posted to your account during the billing cycle.
Finance Charges. The Monthly Periodic Rate (“MPR”) and ANNUAL PERCENTAGE RATE (“APR”) are variable rates that may change in January and July of each year. Issuer will determine the Monthly Periodic Rate and the corresponding ANNUAL PERCENTAGE RATE as follows: Issuer starts with an independent index (the “Index”), which is The Wall Street Journal Prime Rate. When a range of rates had been published, the highest rate will be used. Issuer will use an Index value available in the month immediately preceding the month of the annual percentage rate adjustment as determined by Issuer in Issuer’s sole discretion. Issuer will choose the date of any annual percentage rate adjustment in Issuer’s sole discretion; this date may change from time to time. To determine the Monthly Periodic Rate that will apply to your Account, Issuer adds a Margin to the value of the Index. Then Credit Union divides this sum by the number of months in a year (12). To obtain the ANNUAL PERCENTAGE RATE, Issuer will multiply the Monthly Periodic Rate by the number of months in a year (12). This result is the ANNUAL PERCENTAGE RATE. Your Monthly Periodic Rate, ANNUAL PERCENTAGE RATE, Margin, minimum Monthly Periodic Rate and corresponding ANNUAL PERCENTAGE RATE and maximum Monthly Periodic Rate and corresponding ANNUAL PERCENTAGE RATE are based upon your Card type and your Tier. Your Tier is based on upon certain creditworthiness factors which include, but are not limited to, payment history and credit bureau data. Your Margin and your initial Monthly Periodic Rate and corresponding ANNUAL PERCENTAGE RATE will be disclosed to you before or at the time the Account and Card are issued in the Initial Rate Disclosure, which is included with this Agreement and incorporated by reference. Subject to applicable laws and regulations, your Margin may also be increased or decreased at any time in Credit Union’s sole discretion based upon certain creditworthiness factors which include, but are not limited to, payment history and credit bureau data. Any change in your Margin will cause a corresponding change in the ANNUAL PERCENTAGE RATE and Monthly Periodic Rate. The ANNUAL PERCENTAGE RATE can change each January and each July with changes in the Index. All changes to the ANNUAL PERCENTAGE RATE will be effective on the first day of the first billing cycle of January or July as applicable. There is no limit on the amount by which the ANNUAL PERCENTAGE RATE can change during any period or the term of the Account. Your Mont...
Finance Charges. A FINANCE CHARGE will be imposed on all outstanding balances in your Account from the time they are posted to your Account; however, you can avoid FINANCE CHARGES on Purchases by paying the full amount of the New Balance of Purchases each month within 25 days of your statement closing date. Otherwise, the New Balance of Purchases will be subject to a FINANCE CHARGE. Cash Advances and Balance Transfers are always subject to FINANCE CHARGE from the date that they are posted to your Account. The periodic rate applicable to your account as of March 24, 2020 was .025% (corresponding ANNUAL PERCENTAGE RATE 9.15%). The periodic rate that will be applied to the balances in your Account is a variable rate based on the value of an index. The index is the highest “Prime Rate” as published in the Wall Street Journal, Eastern Daily Edition. Your ANNUAL PERCENTAGE RATE will be such prime rate plus 5.9%. Your daily periodic rate will be such ANNUAL PERCENTAGE RATE divided by the number of days in the year. Any change in the periodic rate will be effective the first day of the first complete billing cycle immediately following a published change in the index. The interest rate applied to your Account will increase if the Prime Rate increases. Any increase in the periodic rate may increase the number of payments required to pay your Account balance in full, and may cause your minimum payment to increase. Your daily periodic rate will not exceed .049315% (18% ANNUAL PERCENTAGE RATE). Your FINANCE CHARGE is based upon the average daily balance in your Account for the number of days in the billing cycle. The average daily balance in your Account is determined by taking the beginning balance in your Account each day, adding any new Purchases, Balance Transfers, and Cash Advances and subtracting any payment or credits. This gives us the daily balance. Then we add up all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the “average daily balance”. The FINANCE CHARGE is determined by multiplying the average daily balance by the daily periodic rate, and then by multiplying that product by the number of days in the billing cycle.
Finance Charges. The FINANCE CHARGE is the amount of money that you pay for the money you borrow. You can avoid FINANCE CHARGES (interest) on your New Purchases balance by paying the entire account balance (shown as the Total New Balance) by the Account Statement’s “Payment Due” date. FINANCE CHARGES on New Purchase and Balance Transfer balances are calculated at the periodic rate between 0.51667% and 1.68333%, which corresponds to an ANNUAL PERCENTAGE RATE between 6.20% and 20.20%. FINANCE CHARGES on the average daily balances of Cash Advances are calculated at the periodic rate between 1.18333% and 1.85000% per month, which corresponds to an ANNUAL PERCENTAGE RATE between 14.20% and 22.20%.
Finance Charges. Lender may, but is not required to, deduct the amount of accrued Finance Charge from Collections received by Lender. On each Month End Borrower shall pay to Lender any accrued and unpaid Finance Charge as of such Month End. Lender may deduct the accrued Finance Charges in calculating the Refundable Reserve.
