Common use of MINIMUM MONTHLY PAYMENT Clause in Contracts

MINIMUM MONTHLY PAYMENT. Though You need only pay the Minimum Monthly Payments, You understand that You have the right to repay Your Account or make larger payments at any time without penalty. You will only be charged periodic Finance Charges to the date You repay Your entire Account balance. Any partial payment or prepayment of Your Account will not delay Your next scheduled payment. All payments to Us must be in lawful money of the United States. Payments will be applied in the following order: (a) any Fees and Charges owing; (b) any Finance Charges due; (c) the balance for cash advances; (d) the balance for balance transfers; and then to (e) the balance for purchases. Any unpaid portion of any Finance Charges and Late Charges will be paid by subsequent payments and will not be added to the principal. You understand that any payment that delays the repayment of Your unpaid balance will increase Your Finance Charge and any payment that accelerates the reduction of Your unpaid balance will decrease Your Finance Charges. Minimum Monthly Payments for advances on Your Account will be an amount equal to 2.00% of Your balance at the end of each billing cycle, subject to the lesser of $10.00 or Your Account balance, plus any portion of the Minimum Payments shown on prior statement(s) which remains unpaid, plus any amount that exceeds Your approved Credit Limit.