Common use of Calculation of Interest Charges Clause in Contracts

Calculation of Interest Charges. If payment in full for the entire New Balance shown on your Statement for the previous billing cycle was received by us by the Payment Due Date of that Statement we do not assess periodic Interest Charges on the Purchase portion of your Account balance. Periodic Interest Charges are imposed on Purchases when the New Balance shown on the previous Statement is not paid in full within 25 days of the Statement Closing Date as indicated on the Statement as Payment Due Date. However, Interest Charges will be assessed and will accrue on any Advance portion of your balance from the date that such Advance is posted to your Account until the date the Advance balance is paid in full or the Statement Closing Date whichever comes first, even if payment of the entire New Balance is received by us by the Payment Due Date. In other words, there is no time period within which credit extended to you by an Advance may be repaid without incurring Interest Charges. Interest Charges for each monthly billing cycle will be calculated by multiplying the Average Daily Balance of Purchases by the Monthly Periodic Rate and multiplying the Average Daily Balance of Advances by the Monthly Periodic Rate. We will calculate your Average Daily Balance of Purchases by taking the outstanding Purchase balance (amount you owe) at the start of the day and add all new purchases and debit transactions and subtract credits and payments as described in this Agreement as well as Late Charges and Interest Charges that remain unpaid. The result is the daily balance of Purchases for that day. We add together all the daily balances for each day in the billing cycle and divide the total by the number of days in the billing cycle. The result is the Average Daily Balance of Purchases for that billing cycle. We will calculate your Average Daily Balance of Advances by taking the beginning Cash Advance balance each day, add any new Advance or Advance debit transaction and subtract credits and payments as described in this Agreement as well as Late Charges and Interest Charges that remain unpaid. The result is the daily balance of Advances for that day. We add together all the daily balances of Advances for each day in the billing cycle and divide the total by the number of days in the billing cycle. This result is the Average Daily Balance of Cash Advances. This determines your total Interest for the billing cycle. The actual period Interest Charges will be shown on your Statement. You will be charged Interest Charges only to the date you repay your entire Account balance. Making larger than Minimum Monthly Payments may reduce the total amount of Interest Charges that you will pay. While partial payments of your balance will not advance your next payment due date(s), any payment that accelerates the payment of your unpaid balance will decrease your monthly periodic Interest Charge and any payment that delays the payment of your unpaid balance will increase your monthly periodic Interest Charge.

Calculation of Interest Charges. If payment in full The total amount of interest charges for the entire New Balance shown on your Statement for the previous a billing cycle was received by us by the Payment Due Date of that Statement we do not assess periodic Interest Charges on the Purchase portion of your Account balance. Periodic Interest Charges are imposed on Purchases when the New Balance shown on the previous Statement is not paid in full within 25 days of the Statement Closing Date as indicated on the Statement as Payment Due Date. However, Interest Charges will be assessed and will accrue on any Advance portion of your balance from the date that such Advance is posted to your Account until the date the Advance balance is paid in full or the Statement Closing Date whichever comes first, even if payment of the entire New Balance is received by us by the Payment Due Date. In other words, there is no time period within which credit extended to you by an Advance may be repaid without incurring Interest Charges. Interest Charges for each monthly billing cycle will be calculated as follows: (1) Regular Plan - We calculate the interest charge on your account by multiplying applying the periodic rate to the Average Daily Balance of Purchases by the Monthly Periodic Rate and multiplying your account (including new transactions). To get the Average Daily Balance of Advances by we take the Monthly Periodic Rate. We will calculate your Average Daily Balance of Purchases by taking the outstanding Purchase balance (amount you owe) at the start of the day and add all new purchases and debit transactions and subtract credits and payments as described in this Agreement as well as Late Charges and Interest Charges that remain unpaid. The result is the daily beginning balance of Purchases for that day. We add together all the daily balances for each day in the billing cycle and divide the total by the number of days in the billing cycle. The result is the Average Daily Balance of Purchases for that billing cycle. We will calculate your Average Daily Balance of Advances by taking the beginning Cash Advance balance Regular Plan account each day, add any new Advance or Advance debit transaction purchases and fees and subtract credits and any payments as described in this Agreement as well as Late Charges and Interest Charges that remain unpaidor credits. The result is This gives us the daily balance of Advances for (any unpaid interest charges incurred during that daybilling period are not included in the daily balance). We Then we add together up all the daily balances of Advances for each day in the billing cycle and divide the total by the number of days in the billing cycle. This result is gives us the “Average Daily Balance,” which is also called the “Balance Subject to Interest Rate” on your monthly statement. (2) Promotional Plans - We calculate the interest charge on your account by applying the periodic rate to each Promotional Plan Average Daily Balance. These are special promotional transaction balances on which interest charges are accruing but will be waived provided (i) the balance for the Promotional Plan is paid in full by the Promotion Expiration Date as specified on the front of Cash Advancesyour billing statement, and (ii) you do not default, by failing to make any Minimum Payment Due by 60 days from the due date shown on your billing statement, before the Promotional Plan has been paid in full. Promotional Plans with different promotional expiration dates or terms are treated as different Credit Plans for this purpose. To get the Promotional Plan Average Daily Balance, we take the beginning balance of each Promotional Plan account each day and subtract any payments or credits applicable to that Plan. This determines your gives us the daily balance. Then we add up all the daily balances for the billing cycle and divide the total Interest for by the number of days in the billing cycle. This gives us each Promotional Plan Average Daily Balance, which is also called the “Deferred Interest Balance” on your monthly statement. (3) The actual period Interest Charges will be sum of the amounts determined under (1) and (2) above is your interest charge on purchases. The deferred interest charge, if any, determined under (2) above is accumulated from billing cycle to billing cycle and posted to your Account as interest charges only if the applicable Promotional Plan has not been paid in full by the Promotion Expiration Date or if you default, by failing to make any Minimum Payment Due by 60 days from the due date shown on your Statement. You will be charged Interest Charges only to billing statement, before the date you repay your entire Account balance. Making larger than Minimum Monthly Payments may reduce the total amount of Interest Charges that you will pay. While partial payments of your balance will not advance your next payment due date(sPromotional Plan transactions have been paid in full.(c), any payment that accelerates the payment of your unpaid balance will decrease your monthly periodic Interest Charge and any payment that delays the payment of your unpaid balance will increase your monthly periodic Interest Charge.