Common use of MINIMUM MONTHLY PAYMENT Clause in Contracts

MINIMUM MONTHLY PAYMENT. The Cardholder shall pay at least the “minimum payment due” shown on the monthly billing statement. The minimum monthly payment will always be rounded up to the nearest dollar. If the Cardholder fails to pay the minimum monthly payment, the Cardholder’s and any Authorized Users’ right to use the Account and any Card may be revoked or terminated. The Cardholder shall have the right to pay an amount in excess of the minimum monthly payment or the entire unpaid balance due on the Account at any time. The Cardholder shall send the minimum monthly payment to the Bank at its designated payment address provided on the monthly billing statement so that it will be received on or before the payment due date shown on the applicable monthly billing statement. The minimum monthly payment each month shall be the greater of (i) $10.00 or (ii) 2% of the total outstanding balance due on the Account as of the monthly billing date or (iii) the total of any interest charge and all outstanding charges and fees. If applicable, the minimum monthly payment will also include the greater of the past due amount of any prior minimum monthly payments or the amount by which the outstanding unpaid balance exceeds the approved credit limit on the Account. If the total outstanding unpaid balance due on the Account is less than $10.00, the minimum monthly payment due shall be such balance. The Cardholder may prepay the Account in whole or in part at any time without penalty. Any partial prepayment shall not affect the obligation to make subsequent minimum monthly payments, and an interest charge will continue to accrue on any remaining balance on the Account. An increase in the ANNUAL PERCENTAGE RATE may increase the Cardholder’s interest charges, minimum monthly payment amount, and/or number of minimum monthly payments required to be made.

MINIMUM MONTHLY PAYMENT. The Cardholder shall pay at least the “minimum payment due” due shown on the monthly billing statement. The minimum monthly payment will always be rounded up to the nearest dollar. If the Cardholder fails to pay the minimum monthly payment, the Cardholder’s and any Authorized Users’ right to use the Account and any Card may be revoked or terminated. The Cardholder shall have the right to pay an amount in excess of the minimum monthly payment or the entire unpaid balance due on the Account at any time. The Cardholder shall send the minimum monthly payment to the Bank at its designated payment address provided on the monthly billing statement so that it will be received on or before the payment due date shown on the applicable monthly billing statement. The minimum monthly payment each month shall be the greater of (i) $10.00 or (ii) 2% of the total outstanding balance due on the Account as of the monthly billing date or (iii) the total of any interest charge and all outstanding charges and fees. If applicable, the minimum monthly payment will also include the greater of the past due amount of any prior minimum monthly payments or the amount by which the outstanding unpaid balance exceeds the approved credit limit on the Account. If the total outstanding unpaid balance due on the Account is less than $10.00, the minimum monthly payment due shall be such balance. The Cardholder may prepay the Account in whole or in part at any time without penalty. Any partial prepayment shall not affect the obligation to make subsequent minimum monthly payments, and an interest charge will continue to accrue on any remaining balance on the Account. An increase in the ANNUAL PERCENTAGE RATE may increase the Cardholder’s interest charges, minimum monthly payment amount, and/or number of minimum monthly payments required to be made.