Finance Charge Calculation Method for Cash Advance Transactions and Convenience Check Transactions. 7.1.1 Finance Charges on Cash Advance Transactions and Convenience Check Transactions begin to accrue on the day in which the Cash Advance Transaction or Convenience Check Transactions is posted to your Account. 7.1.2 There is no grace period with respect to Finance Charges for Cash Advance Transactions or Convenience Check Transactions. 7.1.3 The Finance Charges for Cash Advance Transactions and Convenience Check Transactions for a Billing Cycle are computed by applying the Monthly Periodic Rate to the Average Daily Balance for such Transactions. To calculate your “Average Daily Balance” with respect to Cash Advance Transactions and Convenience Check Transactions, we (a) on each day during the Billing Cycle take the beginning Balance of your Cash Advance Transactions or as applicable your Convenience Check Transactions, add new Cash Advance Transactions or as applicable Convenience Check Transactions occurring on such day, and subtract any applicable Payments, Fees, and unpaid Financing Charges allocable to such category of Transactions on such day to arrive at the “Daily Balance”, (b) we then add all the Daily Balances in the Billing Cycle and divide the total by the number of days in the Billing Cycle.
Appears in 18 contracts
Samples: Credit Card Agreement, Credit Card Agreement, Credit Card Agreement
