HOW INTEREST CHARGES ARE CALCULATED. To determine your periodic Interest Charges on each billing statement, we: • determine the Average Daily Balance for each type of transaction; (for example, purchases, balance transfers, and cash advances); then • multiply this number by the applicable Daily Periodic Rate; then • multiply this number by the total number of days in the billing cycle. We use the applicable Daily Periodic Rate in effect on the billing statement closing date. To determine your Daily Balance, we: • take the beginning balance for each type of transaction that day; then • add the following that were incurred on that day:
Appears in 7 contracts
Samples: Cardmember Agreement, Cardmember Agreement, Cardmember Agreement
