Common use of Interest Charge Calculation Clause in Contracts

Interest Charge Calculation. We impose interest on each User Account using the average daily balance method (including new transactions). To calculate interest, we first calculate a separate daily balance for each balance on your User Account. (For example, current purchases, balance transfers, cash advances, and different promotional balances. Your balances are shown on your Account Statement.) To calculate the average daily balance, we take the beginning cash balance of your account each day, add any new cash advances, and subtract any payments, credits, non- accruing fees, and unpaid Interest Charges. We add any new transactions, interest, or fees and subtract any new credits or payments allocated to that balance and make other adjustments. We treat a daily balance less than zero as a balance of zero. We add a transaction to the daily balance as of the transaction date. We add a transaction fee to the same balance as the transaction. We generally add other fees to the current purchase balance. For each balance, we add up all the daily balances and divide by the number of days in the billing cycle. This gives us the Average Daily Balance for that balance. To calculate the total interest for each balance, we then multiply the Average Daily Balance by its Daily Periodic Rate and the number of days in the billing cycle. The daily periodic rate equals the APR divided by 365 (366 if a leap year). You authorize us to round interest charges to the nearest cent. We may use mathematical formulas that produce equivalent results to calculate the Average Daily Balance, interest charges and related amounts.

Interest Charge Calculation. We impose interest on each User your Account using the average daily balance method (including new transactions). To calculate interest, we first calculate a separate daily balance for each balance on your User Account. (For example, current purchases, balance transfers, cash advances, ,and different promotional balances. Your balances are shown on your Account Statement.) To calculate the average daily balance, we take the beginning cash balance of your account each day, add any new cash advances, and subtract any payments, credits, non- non-accruing fees, and unpaid Interest Charges. We add any new transactions, interest, or fees and subtract any new credits or payments allocated to that balance and make other adjustments. We treat a daily balance less than zero as a balance of zero. We add a transaction to the daily balance as of the transaction date. We add a transaction fee to the same balance as the transaction. We generally add other fees to the current purchase balance. For each balance, we add up all the daily balances and divide by the number of days in the billing cycle. This gives us the Average Daily Balance for that balance. To calculate the total interest for each balance, we then multiply the Average Daily Balance by its Daily Periodic Rate and the number of days in the billing cycle. The daily periodic rate equals the APR divided by 365 (366 if a leap year). You authorize us to round interest charges to the nearest cent. We may use mathematical formulas that produce equivalent results to calculate the Average Daily Balance, interest charges and related amounts.

Interest Charge Calculation. We impose interest on each User your Account using the average daily balance method (including new transactions). To calculate interest, we first calculate a separate daily balance for each balance on your User Account. (For example, current purchases, balance transfers, cash advances, and different promotional balances. Your balances are shown on your Account Statement.) To calculate the average daily balance, we take the beginning cash balance of your account each day, add any new cash advances, and subtract any payments, credits, non- non-accruing fees, and unpaid Interest Charges. We add any new transactions, interest, or fees and subtract any new credits or payments allocated to that balance and make other adjustments. We treat a daily balance less than zero as a balance of zero. We add a transaction to the daily balance as of the transaction date. We add a transaction fee to the same balance as the transaction. We generally add other fees to the current purchase balance. For each balance, we add up all the daily balances and divide by the number of days in the billing cycle. This gives us the Average Daily Balance for that balance. To calculate the total interest for each balance, we then multiply the Average Daily Balance by its Daily Periodic Rate and the number of days in the billing cycle. The daily periodic rate equals the APR divided by 365 (366 if a leap year). You authorize us to round interest charges to the nearest cent. We may use mathematical formulas that produce equivalent results to calculate the Average Daily Balance, interest charges and related amounts.