Common use of For Cash Advances and Balance Transfers Clause in Contracts

For Cash Advances and Balance Transfers. An INTEREST CHARGE will be imposed on cash advances and balance transfers from the date made or from the first day of the billing cycle in which the cash advance or balance transfer is posted to my account, whichever is later, and will continue to accrue until the date of payment. There is no grace period for cash advances or balance transfers. You figure the INTEREST CHARGE on my account by applying the periodic rate to the “average daily balance” of my account. To get the “average daily balance”, you take the beginning balance of my account each day, add any new purchases, cash advances, balance transfers and fees, and subtract any unpaid other interest charges and any payments or credits. This gives you the daily balance. Then, you add up all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives you the “average daily balance”.