Common use of INTEREST/FINANCE AND LATE PAYMENT CHARGES Clause in Contracts

INTEREST/FINANCE AND LATE PAYMENT CHARGES. If payment is not made in full by the payment due date of any Billing Statement, an interest or finance charge calculated at such rate per annum as we may determine on a daily basis (subject to a minimum monthly charge of $2.50 or such other sum as may be determined by us) shall be imposed on all transactions in both the current Billing Statement as well as the next month’s Billing Statement from the transaction date until the date full payment is made. No interest or finance charge will be imposed if payment is received in full by the payment due date and there is no balance carried forward from the previous Billing Statement. Interest accrued on the Card Account will be capitalised and debited from the Card Account at the end of each calendar month or on such other day or days that we may determine. All interest or finance charges due under the Card Account shall be payable as well after as before judgment at such rate(s) per annum as we may determine from the payment due date up to and including the date of actual payment.