Common use of Liability for current balance Clause in Contracts

Liability for current balance. Without prejudice to Clause 6.5, you must pay the current balance shown on a card account statement to be outstanding as at the date of that card account statement, You may, however subject always to payment of the interest, fees and charges mentioned in Clause 6.4, elect to pay ess than the specified current balance but you must pay at least the minimum payment (calculated according to Clause 6.3), which we must receive on or before the payment due date.Any payment by cheque or other means shall not be regarded as effected until and unless the proceeds thereof have been received by us. A late payment charge of an amount equivalent o 5% of the minimum payment outstanding as a payment due date.