Variable APRs Sample Clauses

Variable APRs. We calculate variable APRs by adding a percentage, called a “Margin”, to an index, which is the highest U.S. Prime Rate published in the Consumer Money Rates section of The Wall Street Journal on the last publication day in each of your Billing Cycles. The variable APR will increase or decrease each Billing Cycle if the Prime Rate changes. Any change in the variable APR will take effect beginning on the first day of your next Billing Cycle. This new variable APR will apply to existing balances and new transactions that have a variable APR. If the variable APR increases, you will pay a higher interest charge and may pay a higher Total Minimum Payment Due. If The Wall Street Journal stops publishing the U.S. Prime Rate, we may, in our discretion, substitute another index. You can find the Margin used for your Purchase APR and for your Balance Transfer APR, and the current U.S. Prime Rate, in the Credit Card Terms and Conditions document included as part of this Agreement. Each statement closing date is the last day of that Billing Cycle. A Billing Cycle begins on the first day following the closing date on your last monthly statement, and ends on the statement closing date. Each monthly statement shows one Billing Cycle.

Variable APRs. The APRs for Purchases and Balance Transfers vary with the market and therefore are considered variable APRs. We calculate variable APRs by adding a percentage, called a “Margin,” to an “Index.” The Index is the highest U.S. Prime Rate published in the Consumer Money Rates section of The Wall Street Journal’s website. The applicable Index rate for each Billing Cycle is determined on the 15th day of the calendar month that precedes the month in which that Billing Cycle begins (the “Index Date”). If the Prime Rate is not published on the 15th day (for example, because it is a weekend or holiday), the Index Date will be the next day on which the Index is published. The variable APR(s) will increase or decrease each Billing Cycle if the Index rate changes. Once we determine the applicable Index rate, we then add your Margin(s) to the Index rate to determine the APR(s) that will apply to the applicable Billing Cycle. Any change in the variable APR(s) will take effect beginning on the first day of the Billing Cycle. For example, if a Billing Cycle begins on February 16th, the Index Date for that Billing Cycle is January 15th. We use the Index rate from January 15th and then add your Margin(s) to determine the APR(s) that will apply to the Billing Cycle that begins on February 16th. Any new variable APR will apply to existing balances and new Transactions to which that variable APR applies. If a variable APR increases, you will pay a higher interest charge and may pay a higher Total Minimum Payment Due. If The Wall Street Journal stops publishing the U.S. Prime Rate, we may, in our discretion, substitute another interest rate index as the Index. You can find the Margin used for your Purchase APR and for your Balance Transfer APR, and the U.S. Prime Rate that will apply to your first Billing Cycle, in the Credit Card Terms and Conditions.