Common use of AVERAGE DAILY BALANCES Clause in Contracts

AVERAGE DAILY BALANCES. Here is how we determine each of your Average Daily Balances: (a) For each day in the billing cycle, we take that day's beginning balance for the type of Average Daily Balance being calculated (e.g. either "purchases”, “cash advances" or "balance transfers"). (b) We then add any new transactions or debits such as fees; (c) subtract any payments or credits that were applied to that balance as of that day; {d) subtract the unpaid Interest Charges. This gives us the daily balance; (e) we will add a new purchase to the appropriate purchase balance as of the date of the purchase; (f) we will add a new cash advance or balance transfer to the cash advance or balance transfer balances on the date of their respective advances. A credit balance is treated as a balance of zero; (g) we then add the amounts of all daily balances for the billing cycle; and (h) divide the sum by the number of days in the billing cycle. This gives us the Average Daily Balance.

AVERAGE DAILY BALANCES. Here is how we determine each of your Average Daily Balances: (a) For each day in the billing cycle, we take that day's beginning balance for the type of Average Daily Balance being calculated (e.g. either "purchases”, “cash advancesad- vances" or "balance transfers"). (b) We then add any new transactions or debits such as fees; (c) subtract any payments or credits that were applied to that balance as of that day; {d) subtract the unpaid Interest Charges. This gives us the daily balance; (e) we will add a new purchase to the appropriate purchase balance as of the date of the purchase; (f) we will add a new cash advance or balance transfer to the cash advance or balance transfer balances balanc- es on the date of their respective advances. A credit balance is treated as a balance of zero; (g) we then add the amounts of all daily balances for the billing cycle; and (h) divide the sum by the number of days in the billing cycle. This gives us the Average Daily Balance.