Common use of Interest Charges Clause in Contracts

Interest Charges. The following interest charges will apply whether before or after default, judgment, or the closing of your Account. 10.1: Periodic Interest Charges on Purchases, Balance Transfers and Cash Advances. We will not charge periodic interest on purchases and balance transfers if you pay in full the total New Balance listed on the previous monthly statement by the payment due date. Otherwise, we will charge periodic interest on each purchase and balance transfer from the date of that purchase and balance transfer transaction. For every cash advance we charge interest from the date of that transaction. There is no grace period during which a cash advance can be repaid without incurring an interest charge. 10.2: Periodic Interest Charge Calculation(s). The interest charged on purchase transactions and balance transfers is calculated separately from the interest charged on cash advances. Those separately calculated interest amounts are then combined to determine the total interest charged for the billing period. For each category of transactions, interest is calculated as follows. (1) First, we determine the “average daily balance” by taking each day’s beginning balance, adding any new transactions, and subtracting any payments or credits. We do not add interest incurred during the billing period. The result is the “daily balance.” We then add all the daily balances for the billing period and divide by the number of days in the billing period. The result is the “average daily balance” (also called the “balance subject to interest charge” on your monthly statement). (2) Second, we multiply the average daily balance by the number of days in the billing period. That number is then multiplied by the daily periodic rate (DPR) for that category of transactions. The resulting number is the interest charged for that category of transactions. If you are charged interest, the minimum interest charge will be no less than $1.

Interest Charges. The following interest charges will apply whether before or after default, judgment, or the closing of your Account. 10.1: Periodic Interest Charges on Purchases, Balance Transfers and Cash Advances. We will not charge periodic interest on purchases and balance transfers if you pay in full the total New Balance listed on the previous monthly statement by the payment due date. Otherwise, we will charge periodic interest on each purchase and balance transfer from the date of that purchase and or balance transfer transaction. For every cash advance we charge interest from the date of that transaction. There is no grace period during which a cash advance can be repaid without incurring an interest charge. 10.2: Periodic Interest Charge Calculation(s). The interest charged on purchase transactions and balance transfers is calculated separately from the interest charged on cash advances. Those separately calculated interest amounts are then combined to determine the total interest charged for the billing period. For each category of transactions, interest is calculated as follows. (1) First, we determine the “average daily balance” by taking each day’s beginning balance, adding any new transactions, and subtracting any payments or credits. We do not add interest incurred during the billing period. The result is the “daily balance.” We then add all the daily balances for the billing period and divide by the number of days in the billing period. The result is the “average daily balance” (also called the “balance subject to interest charge” on your monthly statement). (2) Second, we multiply the average daily balance by the number of days in the billing period. That number is then multiplied by the daily periodic rate (DPR) for that category of transactions. The resulting number is the interest charged for that category of transactions. If you are charged interest, the minimum interest charge will be no less than $1.

Interest Charges. The following interest charges will apply whether before or after default, judgment, or the closing of your Account. 10.1: Periodic Interest Charges on Purchases, Balance Transfers and Cash Advances. We will not charge periodic interest on purchases and balance transfers if you pay in full the total New Balance listed on the previous monthly statement by the payment due date. Otherwise, we will charge periodic interest on each purchase and balance transfer from the date of that purchase and balance transfer transaction. For every cash advance we charge interest from the date of that transaction. There is no grace period during which a cash advance can be repaid without incurring an interest charge. 10.2: Periodic Interest Charge Calculation(s). The interest charged on purchase transactions and balance transfers is calculated separately from the interest charged on cash advances. Those separately calculated interest amounts are then combined to determine the total interest charged for the billing period. For each category of transactions, interest is calculated as follows. (1) First, we determine the “average daily balance” by taking each day’s beginning balance, adding any new transactions, and subtracting any payments or credits. We do not add interest incurred during the billing period. The result is the “daily balance.” We then add all the daily balances for the billing period and divide by the number of days in the billing period. The result is the “average daily balance” (also called the “balance subject to interest charge” on your monthly statement).is (2) Second, we multiply the average daily balance by the number of days in the billing period. That number is then multiplied by the daily periodic rate (DPR) for that category of transactions. The resulting number is the interest charged for that category of transactions. If you are charged interest, the minimum interest charge will be no less than $1.