Common use of Interest Charges Clause in Contracts

Interest Charges. In order to avoid an INTEREST CHARGE on purchases made since your last statement, you must pay the “Total New Balance” shown on or before the “Statement Due Date” shown on that statement (which will not be less than 25 days from the “Statement Date”). Otherwise, the INTEREST CHARGE on purchases is calculated on the next statement period on previously billed but unpaid purchases and on new purchases from the date they are posted to your account. Balance transfers and cash advances are always subject to an INTEREST CHARGE from the date they are posted to your account. The INTEREST CHARGE (interest) on purchases, balance transfers, and cash advances is calculated at the Daily Periodic Rate. The ANNUAL PERCENTAGE RATE (APR) on purchases, balance transfers and cash advances is between 13.9% (0.03808% Daily Periodic Rate) and 17.9% (0.04904% Daily Periodic Rate). The APR you receive is determined based on your creditworthiness, and we have notified you of your initial APR in the Platinum Plus Visa Account-Opening Credit Disclosures. We reserve the right to adjust or increase your APR, as allowed by applicable law. Separate INTEREST CHARGES for purchases, balance transfers, and cash advances are determined by multiplying the Daily Periodic Rate by the separate average daily balances for purchases, balance transfers, and cash advances by the number of days in the statement period. Each average daily balance is determined by taking the beginning balance (of purchases, balance transfers, or cash advances) in your account each day, adding any new purchases, balance transfers, or cash advances (whichever is applicable), and subtracting any payments or credits. The results are the daily balances. All the daily balances for the statement period are added and the total is divided by the number of days in the statement period to arrive at the average daily balances for the period.

Interest Charges. In order to avoid an INTEREST CHARGE on purchases made since your last statement, you must pay the “Total New Balance” shown on or before the “Statement Due Date” shown on that statement (which will not be less than 25 days from the “Statement Date”). Otherwise, the INTEREST CHARGE on purchases is calculated on the next statement period on previously billed but unpaid purchases and on new purchases from the date they are posted to your account. Balance transfers and cash advances are always subject to an INTEREST CHARGE from the date they are posted to your account. The INTEREST CHARGE (interest) on purchases, balance transfers, and cash advances is calculated at the Daily Periodic Rate. The ANNUAL PERCENTAGE RATE (APR) on purchases, balance transfers and cash advances is between 13.99.9% (0.038080.02712% Daily Periodic Rate) and 17.9% (0.04904% Daily Periodic Rate). The APR you receive is determined based on your creditworthiness, and we have notified you of your initial APR in the Platinum Plus Visa Account-Opening Credit Disclosures. Balance transfers receive 0% APR for the first 6 months from the date the Platinum Visa Credit Card account is opened. Introductory balance transfer APR applies only to balance transfers from another financial institution’s credit card. After 6 months, rate will revert to your standard rate (between 9.9% and 17.9% ). We reserve the right to adjust or increase your APR, as allowed by applicable law. Separate INTEREST CHARGES for purchases, balance transfers, and cash advances are determined by multiplying the Daily Periodic Rate by the separate average daily balances for purchases, balance transfers, and cash advances by the number of days in the statement period. Each average daily balance is determined by taking the beginning balance (of purchases, balance transfers, or cash advances) in your account each day, adding any new purchases, balance transfers, or cash advances (whichever is applicable), and subtracting any payments or credits. The results are the daily balances. All the daily balances for the statement period are added and the total is divided by the number of days in the statement period to arrive at the average daily balances for the period.