Common use of Statement Credits Clause in Contracts

Statement Credits. Cash back rewards are paid annually by way of a statement credit to your card account. The cash back rewards amount: (i) will be applied by us as a credit against the outstanding balance on your card account on or before the next statement date after the calculation date; and (ii) will appear on the next billing statement after the calculation date. Depending on your billing statement’s balance, this could result in your account having a credit balance. We may pay cash back rewards using a method other than a statement credit. If you wish to find out more about how cash back rewards are applied against the outstanding balance please call 0-000-000-0000. CASH BACK REWARDS FOR THE SIMPLYCASH CARD Your earn rate is • 1.25% of all card purchases each year Below is an example of the amount of the monthly cash back balance calculated on several transaction types: Transaction #1: $5,000.00 purchase x 0.0125 = $62.50; Transaction #2: $0.33 purchase x 0.0125 = $0.004 (rounded down to $0.00); Transaction #3: $750.00 for travellers cheques: not considered a “purchase”, so $0.00 Transaction #4: $200.49 purchase x 0.0125 = $2.506 (rounded up to $2.51) Monthly cash back balance: $62.50 + $2.51 = $65.01 CASH BACK REWARDS FOR THE SIMPLYCASH PREFERRED CARD Your earn rate is • 2% of all card purchases each year Below is an example of the amount of the monthly cash back balance calculated on several transaction types: Transaction #1: $5,000.00 purchase x 0.02 = $100.00; Transaction #2: $0.33 purchase x 0.02 = $0.007 (rounded up to $0.01); Transaction #3: $750.00 for travellers cheques: not considered a “purchase”, so $0.00 Transaction #4: $200.49 purchase x 0.02 = $4.0098 (rounded up to $4.01) Monthly cash back balance: $100.00 + $0.01 + $4.01 = $104.02