INTEREST AND OTHER CHARGES. 8.1 The interest rate is a variable interest rate, in fixed relationship to the Repo Rate, which means that the amount of the total interest as well as the amount of the instalments as specified in the Pre-Agreement Statement and Quotation may change if the Repo Rate changes. 8.2 Within 30 (thirty) Business Days from the day that a change in the interest rate takes place We will give You written notice of Your new interest rate. 8.3 Interest will be calculated daily and We are entitled to add any unpaid interest to the outstanding balance of the Principal Debt which at that stage is still payable in terms of this Agreement. 8.4 If You do not make the required payment by the stipulated due date, Your Card Account will be in arrears and You will therefore be in default of this Agreement. The interest charged on overdue amounts will be the same as the interest rate specified in 8.1 above. 8.5 We charge You a monthly service fee at the end of each month, which is reflected on the Pre-Agreement Statement and Quotation. We add this fee to Your outstanding balance and show it on Your statement. Should We decide to increase the monthly service fee, We will inform You. The monthly service fee will not be more than the maximum amount allowed by the NCA. 8.6 We may charge an initiation fee as specified in the Pre-Agreement Statement and Quotation. 8.7 We may also change any fees and charges set out in the Pre-Agreement Statement and Quotation. We will give You 5 (five) Business Days’ notice if We do so. The fees and charges may not be greater than the maximum amount allowed under the NCA.
Appears in 4 contracts
Samples: Credit Facility Agreement, Credit Facility Agreement, Credit Facility Agreement
