Common use of Interest Rate for Cash Advances Clause in Contracts

Interest Rate for Cash Advances. The MPR and the corresponding variable APR will be determined by adding eleven percentage points (11.0%) to the Prime Rate in respect to the Account for the billing cycle. The Prime Rate used to calculate the APR will be the Prime Rate on the 15th day of each month or the first regular business day thereafter as published on that business day in the Money Rates column of WSJ. The APR may increase if the Prime Rate increases. An increase will take effect the day after your statement cycles following the 15th of the month. An increase will result in an increase in the finance charge and it may have the effect of increasing your periodic minimum payment. The APR will not change more often than once a month. A decrease will have the opposite effect of an increase. If the Prime Rate changes more frequently than the APR, we will always use the Prime Rate in effect on the day we adjust the APR to determine the new APR. In such case we will ignore any changes in the Prime Rate that occur between APR adjustments. Any rate change will be applied to all balances carried forward from the last statement. We reserve the right to choose a comparable new index if the WSJ ceases to publish a Prime Rate.

Interest Rate for Cash Advances. The MPR and the corresponding variable APR will be determined by adding eleven nine percentage points (11.09.0%) to the Prime Rate in respect to of the Account for the billing cycle. The Prime Rate used to calculate the APR will be the Prime Rate on the 15th day of each month or the first regular business day thereafter as published on that business day in the Money Rates column of WSJ. The APR may increase if the Prime Rate increases. An increase will take effect the day after your statement cycles following the 15th of the month. An increase will result in an increase in the finance charge and it may have the effect of increasing your periodic minimum payment. The APR will not change more often than once a month. A decrease will have the opposite effect of an increase. If the Prime Rate changes more frequently than the APR, we will always use the Prime Rate in effect on the day we adjust the APR to determine the new APR. In such case we will ignore any changes in the Prime Rate that occur between APR adjustments. Any rate change will be applied to all balances carried forward from the last statement. We reserve the right to choose a comparable new index if the WSJ ceases to publish a Prime Rate.