Common use of ANNUAL CREDIT RATES AND CALCULATION OF CREDIT CHARGES Clause in Contracts

ANNUAL CREDIT RATES AND CALCULATION OF CREDIT CHARGES. a) Regular purchase: Credit charges shall not apply to regular purchases appearing on the statement of account provided the statement’s total balance is paid in full by the due date shown on the statement. Otherwise, the regular purchases appearing on the statement shall be subject to credit charges based on the average daily balance from the date of each purchase on the statement until the purchases have been paid in full, at the annual interest rate in effect during the period covered by the statement of account. However, if the balance indicated on a subsequent statement is paid in full by the due date shown, purchases not yet paid shall be exempt from credit charges for the period for which full payment has been made.

ANNUAL CREDIT RATES AND CALCULATION OF CREDIT CHARGES. a) Regular purchase: Credit charges shall not apply to regular purchases appearing on the statement of account provided the statement’s total balance is paid in full by the due date shown on the statement. Otherwise, the regular purchases appearing on the statement shall be subject to credit charges based on the average daily balance from the date of each purchase pur- chase on the statement until the purchases have been paid in full, at the annual interest rate in effect during the period covered by the statement of account. However, if the balance indicated on a subsequent statement is paid in full by the due date shown, purchases not yet paid shall be exempt from credit charges for the period for which full payment has been made.