Common use of Amount of Minimum Payment Clause in Contracts

Amount of Minimum Payment. If the New Balance is less than $30, the minimum payment is the full amount of the New Balance. If the New Balance is $30 or more, the minimum payment is the total of two figures: the first is any past due amount; the second is the sum of the greater of $30 plus late and/or overlimit fees, or the combined total of 2.5% of the New Balance plus interest charges, late and/or overlimit fees. Borrower shall make (and the Bank shall have received at the address designated on the monthly statement) on or before the due date the minimum payment shown on the User’s monthly statement (or, at Borrowers option, any greater amount up to a User’s Outstanding Balance). Receipt of the minimum payment at any address other than that designated on the monthly statement may create a delay in posting the minimum payment to the Card Account and may thereby result in a late fee and additional interest charges.

Amount of Minimum Payment. If the New Balance is less than $30, the minimum payment is the full amount of the New Balance. If the New Balance is $30 or more, the minimum payment is the total of two figures: the first is any past due amount; the second is the sum of the greater of $30 plus late and/or and overlimit fees, or the combined total of 2.5% of the New Balance plus interest charges, late and/or and overlimit fees. Borrower shall make (and the Bank shall have received at the address designated on the monthly statement) on or before the due date the minimum payment shown on the User’s monthly statement (or, at Borrowers option, any greater amount up to a User’s Outstanding Balance). Receipt of the minimum payment at any address other than that designated on the monthly statement may create a delay in posting the minimum payment to the Card Account and may thereby result in a late fee and additional interest charges.