Average Daily Balances means the following:
Average Daily Balances means the following: • To get the Average Daily Balance for Purchases and Balance Transfers, we take the beginning balance of Purchases and Balance Transfers on your Account each day, add any new Purchases and Balance Transfers, and subtract any payments or credits, non-accruing fees, and unpaid FINANCE CHARGES during the billing cycle. This gives us the daily balance for Purchases and Balance Transfers. Then, we add up all the daily balances of Purchases and Balance Transfers for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the Average Daily Balance for Purchases. • To get the Average Daily Balance for Cash Advances, we take the beginning balance of Cash Advances on your Account each day, add any new Cash Advances, and subtract any payments or, fees, and unpaid FINANCE CHARGES during the billing cycle. This gives us the daily balance for Cash Advances. Then, we add up all the daily balances of Cash Advances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the Average Daily Balance for Cash Advances. • Credits received from merchants are effective as of the posting date. • For FINANCE CHARGE calculation purposes, the billing cycle begins on the day after the Statement/Closing date of the previous billing cycle, and includes the Statement/Closing Date of the current billing cycle. The number of days in the billing cycle may vary.
Examples of Average Daily Balances in a sentence
Average Daily Balances Used to Compute Interest To get the average daily balance for each type of transaction on your Account: (1) we calculate a daily balance for each day in the current billing cycle; (2) we add all the daily balances together; and (3) we divide the sum of the daily balances by the number of days in the current billing cycle.