Common use of Interest and Grace Periods Clause in Contracts

Interest and Grace Periods. 9.1. Interest accrues on purchases from and including the date of each purchase and on fees from and including the transaction date shown on your statement, however, you can avoid interest being charged on your purchases and fees by paying the total new Balance in full by the payment due date shown on your statement. The payment due date will be at least 21 days after the last day of the statement period. This period of time is referred to as an interest-free grace period. If you pay the total new Balance in full by the payment due date on your current statement, we will not charge interest on purchases, fees, or interest that appear for the first time on your current statement. There is no interest-free grace period for Cash Advances, Balance Transfers, Cash-like Transactions and Convenience Cheques nor any associated fees. Interest willalwaysaccrue on thesetransactionsandtheirassociatedfees fromthetransaction date shown on your statement. If you do not pay the total new Balance in full by the payment due date on your current statement, your grace period will increase to at least 25 days on your next monthly statement. Your grace period will return to at least 21 days if your pay your Balance due in full by the next payment due date.