FINANCE CHARGE CALCULATION METHOD Sample Clauses

FINANCE CHARGE CALCULATION METHOD. New purchases and balance transfers posted to your account during a billing cycle will not incur a finance charge for that billing cycle if you had a zero or credit balance at the beginning of that billing cycle, or you paid the entire new balance on the previous cycle's billing statement by the payment due date of that statement; otherwise a finance charge will accrue from the date a purchase or balance transfer is posted to your account. To avoid an additional finance charge on the balance of purchases, you must pay the entire new balance on the billing statement by the payment due date of that statement or no later than twenty-five (25) days from the statement closing date, (this 25-day period is called the “grace period”), whichever is later. If your statement says the payment is “Now Due,” your payment is due no later than twenty-five (25) days from the statement closing date. The finance charge is computed by applying the periodic rate to the average daily balance of purchases. To calculate the average daily balance of purchases, we take the beginning outstanding balance of purchases each day, add any new purchases, and subtract any payments and/or credits. This gives us the daily balance of purchases. We then add all of the daily balances of purchases 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 of purchases.

FINANCE CHARGE CALCULATION METHOD. Cash Advances – The FINANCE CHARGE on Cash Advances is calculated in accordance with Method F which is described later in this document. Credit Purchases – The FINANCE CHARGE on Credit Purchases is calculated in accordance with Method G which is described later in this document.

FINANCE CHARGE CALCULATION METHOD. In order to avoid a finance charge on purchases made since your last statement date, you must pay the total new balance shown on your statement within 25 days of the statement closing date. Otherwise, FINANCE CHARGE on purchases and on new purchases from the date they are posted to your account. Cash advances are always subject to FINANCE CHARGE from the date they are posted to your account FINANCE CHARGE (interest) is calculated at the ANNUAL PERCENTAGE RATE, on the average daily principal balances of purchases and cash advances in the account. The principal balances of purchases and cash advances are determined each day during the statement period, beginning with the principal portion of your Previous Balances, reduced by payments you make and credits we apply, and increased by purchases and cash advances you make and debit adjustments we make during the statement period. The daily principal balances are totaled, and divided by the number of days in the statement period, to produce separate average daily principal balances for purchases and cash advances to which the periodic rate is then applied. The default rate applies to your account if we do not receive your mini- mum monthly payment within 60 days after it is due.