Credit Purchases definition

Credit Purchases means extensions of credit from the Lender to you (other than Cash Advances) for Credit Purchases of merchandise or services through participating merchants, including mail or phone purchase orders of merchandise effectuated by using the account number on a Card.

Credit Purchases. A FINANCE CHARGE will be imposed on Credit Purchases only if you elect not to pay the entire New Balance shown on your monthly statement for the previous billing cycle within 25 days from closing date of that statement. If you elect not to pay the entire New Balance shown on your previous monthly statement within that 25-day period, a FINANCE CHARGE will be imposed on the unpaid average daily balance of such Credit Purchases from the previous statement closing date and on new Credit Purchases from the date of posting to your Account during the current billing cycle, and will continue to accrue until the closing date of the billing cycle preceding the date on which the entire New Balance is paid in full or until the date of payment if more than 25 days from the closing date. The FINANCE CHARGE for a billing cycle is computed by applying the monthly Periodic Rate to the average daily balance of Credit Purchases, which is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the cycle. Each daily Issuer may offer balance transfers from another loan to your Account from time to time. The Monthly Periodic Rate and ANNUAL PERCENTAGE RATE for such balance transfers will be disclosed to you before you make any such balance transfer.

Credit Purchases means extensions of credit from the Credit Union to you (other than Cash Advances) for Credit Purchases of merchandise or services through participating merchants, including mail or phone purchase orders of merchandise effectuated by using the account number on a Card. "Credit Union" means Dort Federal Credit Union or any other person or entity to which the Credit Union assigns this Agreement or any of its rights under this Agreement. "Finance Charge" means the cost of credit extended to you on your Account as determined by the Credit Union expressed as a dollar amount. "Grace Period" means the time period in which the New Balance on a Monthly Billing Statement must be paid in full to avoid the further assessment of a Finance Charge. The Grace Period begins on the day following the Closing Date of a Billing Cycle and extends until the Payment Due Date. "Daily Periodic Rate" means 1/365th of the Annual Percentage Rate as set forth in the Schedule of Fees and Charges. "Monthly Billing Statement" means the statement sent to you on a monthly basis reflecting all charges and credits to your Account for each Billing Cycle. "New Balance" means the total of the Previous Balance together with New Credit Purchases, Cash Advances, accrued Finance Charge and other fees and charges, less payments and credits, posted to your Account during a Billing Cycle. "New Credit Purchase(s)" means the Credit Purchase(s) posted to your Account during the Billing Cycle reflected on your most recent Monthly Billing Statement. "Payment Due Date" means the date specified on your Monthly Billing Statement as the Payment Due Date for payment to the Credit Union on your Account. "Preauthorized Charges" means Credit Purchases for which you have given your preauthorization for a merchant or other person to debit your Account at specified times. "Previous Balance" means the balance of your Account at the beginning of a Billing Cycle, which is the same amount as that shown on the "New Balance" on your Monthly Billing Statement for the immediately preceding Billing Cycle. "Schedule of Fees and Charges" means the schedule shown at the end of this Agreement, including all amendments to that schedule, which lists the costs associated with your Account. "Unauthorized Use" means the use of your Card by a person who does not have actual, implied or apparent authority to use that Card. If you receive a benefit from the use of a Card by another or if a Card is used by an Authorized User, such use will...

Examples of Credit Purchases in a sentence

• You promise to pay for all Credit Purchases and Cash Advances made by anyone you authorize to use your account, with or without a card, and whether or not you notify us that he or she will be using it.

• You agree to pay all charges, (including Credit Purchases and Cash Advances), to your Account that are made by you or anyone whom you authorize to use your Account.

• Each daily balance of Credit Purchases is determined by adding to the outstanding unpaid balance of Credit Purchases at the beginning of the billing cycle any new Credit Purchases posted to your account, and subtracting any payments as received and credits as posted to your account, but excluding any unpaid Finance Charges.

• Each daily balance of Credit Purchases is determined by subtracting from the previous balance of credit purchases any payments received and credits as posted to your account, but excluding any unpaid FINANCE CHARGES.

• For Credit Purchases – An INTEREST CHARGE will be imposed on Credit Purchases only if I elect not to pay the entire New Balance shown on my monthly statement for the previous billing cycle within twenty-five (25) days from the closing date of that statement.

• The FINANCE CHARGE for a billing cycle is computed by applying the monthly Periodic Rate to the average daily balance of Credit Purchases, which is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the cycle.

• No interest is payable during the promotional period, however, interest at the AIR applicable to Regular Credit Purchases accrues from the transaction posting date and the accrued interest will be charged to your Account if the promotional balance is not paid in full by the promotion’s expiry date and any outstanding balance which was subject to the promotion will be treated as a Regular Credit Purchase.

• A Finance Charge will be imposed on Credit Purchases only if you elect not to pay the entire New Balance shown on your monthly statement for the previous billing cycle within 25 days from the closing date of that statement.

• Each daily balance of Credit Purchases (and, if applicable, Cash Advances) is determined by subtracting from the Previous Balance of Credit Purchases (and, if applicable, Cash Advances) any payments received and credits as posted to Your account, but excluding any unpaid FINANCE CHARGES.

• If we do permit any such Credit Purchases, Cash Advances, or Balance Transfers, such permission will not result in any waiver of our rights under this section.