Common use of Minimum Amount Due Clause in Contracts

Minimum Amount Due. The statement will show the minimum payment due. The amount will be determined by the bank from time to time. This will be calculated as a percentage of the outstanding balance on the statement or a flat charge rate (which ever is higher). The minimum payment due is due and payable by the Cardholder to the bank on or before the payment due date. Payments takes place only when the bank services it and credits the same to the Cardholders account, and not when the Cardholder dispatches it. The Cardholder will be required to pay the bank immediately if the Card account is over due or the credit limit is exceeded, and the same will be notified on the statement. The payment by the Cardholder to the bank may be more than the minimum payment due, or may be made before the payment due date, or more than once during the billing period. Such payments to the bank must be made in Sri Lankan Rupees in the manner indicated on the statement.