Adjusted New Balance definition
Adjusted New Balance which is the New Balance minus the Total Plan Balance; and • The combined total of all Plan Payments that are currently due on the Account (the “Total Plan Payment”). To calculate the New Balance at the end of each billing cycle, we start with the New Balance from the previous cycle. Then we add any new transactions in the current cycle, and subtract any payments or credits received during that cycle. Finally we add any fees and interest that accrued during the cycle, and make any necessary adjustments, such as for disputed transactions. For each billing cycle, you must pay at least the Total Minimum Payment Due shown on your billing statement by its Payment Due Date. The Total Minimum Payment Due for each billing cycle will be: If a payment is credited to your Account but is returned unpaid in a later billing cycle, we will recalculate the Total Minimum Payment Due for the billing cycle in which the payment was originally credited. If you overpay or otherwise have a credit balance on your Account, we will not pay interest on the credit balance. We will send you a refund for any credit balance as required by law or earlier at your request. If a credit balance of less than $1 has remained on your account for at least 6 months (for example, because you have not used your account or requested a ref und), you agree that we may automatically remove that credit balance, and you waive any claims you may have to that credit balance. We reserve the right to reject any payment if your Account has a credit balance as of the day we receive that payment. Generally, credits to your Account, such as refunds f rom merchants, are not treated as payments and may not be applied toward your Total Minimum Payment Due. We will choose how to apply a credit to your existing Account balances. A merchant credit for a Purchase that was included in a Term It Plan will not automatically be credited to that Plan. • Any past due amount; • Any new Late Fee; • Any Term It Payment; and • The greatest of: (1) The total of (a) one percent (1%) of your Adjusted New Balance (excluding any new Late Fee or new interest charges on that balance), rounded to the nearest ▇▇▇▇▇, and (b)any interest that accrued on the Adjusted New Balance during that cycle, with this total rounded down to the nearest dollar; (2) The Adjusted New Balance, if it is less than $25; or (3) $25 if the Adjusted New Balance is at least $25. Payments made in any billing cycle that are greater than the Total Minimum Payment Du...
Examples of Adjusted New Balance in a sentence
Except as described in this section, if you do not pay the Adjusted New Balance and any Term It Payment in full by the Payment Due Date, we will start charging interest on each new Purchase on the transaction date or the first day of the billing cycle in which the Purchase posts to your Account, whichever occurs later.
If any of the above events occur, we will calculate the Minimum Payment Due as part of the Adjusted New Balance as described in Section 5 and you will no longer pay a monthly Citi Flex Plan Payment Amount.
This pay the Adjusted New Balance ($5,000) plus your Citi Flex Plan means that, if the APR for a Citi Flex Plan balance is higher than an Payment Amount ($248): $5,248.