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 rates are • 2% on all eligible gas station purchases in Canada. • 2% on all eligible grocery store purchases in Canada, up to a maximum of $15,000 in purchases posted to your account on this category (equal to $300 cash back) annually. Once the maximum is reached, you will no longer earn 2% regardless of credits, returns and adjustments subsequently posted to your account. After that, you will then earn 1.25% on eligible purchases. Calculation resets to zero each year on the Cardmembership anniversary date. • 1.25% on all other purchases charged to your card that are not eligible gas station purchases or eligible grocery store purchases. Below is an example of the amount of the monthly cash back balance calculated on several transaction types: Transaction #1: $175.51 eligible gas station purchase x 0.02 = $3.5102 (rounded down to $3.51); Transaction #2: $5,000.00 eligible grocery store purchase x 0.02 = $100.00; Transaction #3: $200.75 other purchase that is not an eligible gas station or eligible grocery store purchase x 0.0125 =$2.509375 (rounded up to $2.51); Transaction #4: $0.33 other purchase that is not an eligible gas station or eligible grocery store purchase x 0.0125 = $0.004 (rounded down to $0.00); Transaction #5: $750.00 for travellers cheques: not considered a “purchase”, so $0.00 Monthly cash back balance: $3.51 + $100.00 + $2.51 = $106.02 CASH BACK REWARDS FOR THE SIMPLYCASH PREFERRED CARD Your earn rates are • 4% on all eligible gas station purchases in Canada. • 4% on all eligible grocery store purchases in Canada, up to a maximum of $30,000 in purchases posted to your account on this category (equal to $1,200 cash back) annually. Once the maximum is reached, you will no longer earn 4% regardless of credits, returns and adjustments subsequently posted to your account. After that, you will then earn 2% on all eligible purchases. Calculation resets to zero each year on the Cardmembership anniversary date. • 2% on all other purchases charged to your card that are not eligible gas station purchases or eligible grocery store purchases. Below is an example of the amount of the monthly cash back balance calculated on several transaction types: Transaction #1: $200.49 eligible gas station purchase x 0.04 = $8.0196 (rounded up to $8.02); Transaction #2: $5,000.00 eligible grocery store purchase x 0.04 = $200.00; Transaction #3: $100.51 other purchase that is not an eligible gas station or eligible grocery store purchase x 0.02 = $2.0102 (rounded down to $2.01); Transaction #4: $0.23 other purchase that is not an eligible gas station or eligible grocery store purchase x 0.02 = $0.0046 (rounded down to $0.00); Transaction #5: $750.00 for travellers cheques: not considered a “purchase”, so $0.00 Monthly cash back balance: $8.02 + $200.00 + $2.01 = $210.03