Common use of Credit Purchases Clause in Contracts

Credit Purchases. Average Daily Balance (Excluding New Purchases). Cardholder has a grace period for payment of balance of Credit Purchases. This means if Cardholder pays the entire new balance of Credit Purchases only shown on the periodic statement by the due date shown on the statement, the Issuer will not charge a finance charge on the average daily balance of new Credit Purchases. The due date will be 25 days from the closing date of that Statement. If the entire new balance shown is not paid within that 25 day period, a finance charge will be imposed on the average daily balance. We calculate the interest charge on your account by applying the periodic rate to the "average daily balance" of your account. To get the "average daily balance" we take the beginning balance of your account each day and subtract any unpaid interest or other finance charges and any payments or credits. We do not add in any new purchases or fees. This gives us the daily balance. Then, we add all the daily balances for the billing cycle together and divide the total by the number of days in the billing cycle. This gives us the "average daily balance."

Credit Purchases. Average Daily Balance (Excluding New Purchases). ) Cardholder has a grace period for payment of balance of Credit Purchases. This means if Cardholder pays the entire new balance of Credit Purchases only shown on the periodic statement by the due date shown on the statement, the Issuer will not charge a finance charge on the average daily balance of new Credit Purchases. The due date will be 25 28 days from the closing date of that Statement. If the entire new balance shown is not paid within that 25 28 day period, a finance charge will be imposed on the average daily balance. We calculate figure the interest charge on your account by applying the periodic rate to the "average daily balance" of your account. To get the "average daily balance" we take the beginning balance of your account each day and subtract any unpaid interest or other finance charges and any payments or credits. We do not add in any new purchases or fees. This gives us the daily balance. Then, we add all the daily balances for the billing cycle together and divide the total by the number of days in the billing cycle. This gives us the "average daily balance."