Common use of Annual Percentage Rate Clause in Contracts

Annual Percentage Rate. (APR). The ANNUAL PERCENTAGE RATE (APR) will be a VARIABLE rate. Variable rates are calculated by adding together a margin and an index. A margin is the percent added to the index to calculate APR. The index is the highest U.S. Prime Rate as published in the "Money Rates" section of The Wall Street Journal on the last publication day of each month. An increase or decrease in the index will cause a corresponding increase or decrease in your variable rates on the first day of your billing cycle that begins in the same month in which the index is published. An increase in the index means that you will pay higher interest charges and have a higher Total Minimum Payment Due. If The Wall Street Journal does not publish the U.S. Prime Rate, or if it changes the definition of the U.S. Prime Rate, we may, in our sole discretion, substitute another index. However, we may choose at our option and in our sole discretion to delay an APR increase resulting from an increase to the Prime Rate by one or more billing cycles. We do not have to give you advance notice of changes to the APR that are due to changes to the Prime Rate. Account statements will show the APRs that were in effect during the billing cycles covered by the statements. We also reserve the right to re-determine the margin that applies to your Account more frequently than and/or on dates other than those described above when the Prime Rate itself is subject to change. We may review your credit worthiness several times a year. Based on changes to various risk factors, including but not limited to, credit scores and other information obtained from various outside agencies, your margin (and therefore your APR) may be increased or decreased from time to time. However, we will not increase your margin during the first year after your Account is opened. If your margin and APR are increased due to a change in any of these risk factors, your Account will be reviewed semi-annually in an effort to restore your previous margin and previous APR. We will give you advance written notice of the effective date for any increase to the margin and any corresponding increase to your APR, as required by applicable law. An increase to your APR (whether due to an increase to your margin or an increase to the Prime Rate) will increase the Finance Charges payable on your Account until your APR decreases (whether due to a decrease to the Prime Rate or a decrease to your margin). Regardless of the rate as determined by adding the Prime Rate and your margin, the Annual Percentage Rate will never exceed 18% (a monthly periodic rate of 1.5%).

Annual Percentage Rate. The Annual Percentage Rate(s) (APRoften referred to as “APR(s)”) that apply to the Account may be variable or non-variable and are identified in your Pricing Schedule. The ANNUAL PERCENTAGE RATE (APR) Depending on the Account, there may be different APRs for different types of transactions. For example, a Purchase may be subject to a different APR than a Cash Advance. If your APR is variable, it will be vary with the market based on the Prime Rate. If the Prime Rate changes, a VARIABLE ratevariable APR may increase or decrease. Variable rates are calculated If a variable APR increases, you will pay more interest on your transactions and may have a higher Minimum Payment Due. Each billing period, we determine any variable APRs for the Account by adding together a number of percentage points called the margin and an index. A margin (that is the percent added shown on your Pricing Schedule) to the index to calculate APR. The index is the highest U.S. Prime Rate as published in the "Money Rates" Rates section of The Wall Street Journal (the “Prime Rate”). This sum is the APR that will apply to the applicable balances for the entire billing cycle covered by that billing statement. The Prime Rate we use for each billing cycle is determined as of the Index Date. The “Index Date” is the 15th day of the calendar month immediately prior to the statement closing date of your current billing statement. If the Prime Rate is not published on the last publication 15th day of each month. An increase (for example, it is a weekend or decrease in holiday), the index Index Date will cause a corresponding increase or decrease in your variable rates be the next day on the first day of your billing cycle that begins in the same month in which the index Prime Rate is published. An increase in If the index means that you will pay higher interest charges and have a higher Total Minimum Payment Due. If The Wall Street Journal does not publish the U.S. Prime Rate, or if it changes the definition of the U.S. Prime RateRate ceases to be published, we may, will choose a substitute index and margin in accordance with applicable law. The Regular APR(s) that apply to the Account are identified in your Pricing Schedule. A “Regular APR” applies to a balance that is not subject to a Promotional APR. In our sole discretion, substitute another index. However, we may choose at our option and in our sole discretion to delay an APR increase resulting from an increase to the Prime Rate by one or more billing cycles. We do not have to give you advance notice of changes to the APR that are due to changes to the Prime Rate. Account statements will show the APRs that were in effect during the billing cycles covered by the statements. We also reserve the right to re-determine the margin that applies to your Account more frequently than and/or on dates other than those described above when the Prime Rate itself Account is subject to change. We may review your credit worthiness several times a year. Based on changes to various risk factors, including but not limited to, credit scores and other information obtained from various outside agencies, your margin (and therefore your APR) may be increased initially opened or decreased from time to time. However, we will not increase your margin during the first year time after your Account is opened. If your margin and , we may offer you a ”Promotional APR” that is different than the Regular APR are increased due to a change in any of these risk factors, your Account will be reviewed semi-annually in an effort to restore your previous margin and previous APR. We will give you advance written notice of the effective date for any increase that otherwise applies to the margin and Account. The terms of any corresponding increase Promotional APR that we offer to you will either be described in your APRPricing Schedule or provided to you by other means, such as required by applicable law. An increase to your APR (whether due to an increase to your margin or an increase to the Prime Rate) will increase the Finance Charges payable on your Account until your APR decreases (whether due to in a decrease to the Prime Rate or a decrease to your margin). Regardless of the rate as determined by adding the Prime Rate and your margin, the Annual Percentage Rate will never exceed 18% (a monthly periodic rate of 1.5%)separate document.

Annual Percentage Rate. The Annual Percentage Rate(s) (APRoften referred to as “APR(s)”) that apply to the Account may be variable or non-variable and are identifed in your Pricing Schedule. The ANNUAL PERCENTAGE RATE (APR) Depending on the Account, there may be diferent APRs for diferent types of transactions. For example, a Purchase may be subject to a diferent APR than a Cash Advance. If your APR is variable, it will be vary with the market based on the Prime Rate. If the Prime Rate changes, a VARIABLE ratevariable APR may increase or decrease. Variable rates are calculated If a variable APR increases, you will pay more interest on your transactions and may have a higher Minimum Payment Due. Each billing period, we determine any variable APRs for the Account by adding together a number of percentage points called the margin and an index. A margin (that is the percent added shown on your Pricing Schedule) to the index to calculate APR. The index is the highest U.S. Prime Rate as published in the "Money Rates" Rates section of The Wall Street Journal (the “Prime Rate”). This sum is the APR that will apply to the applicable balances for the entire billing cycle covered by that billing statement. The Prime Rate we use for each billing cycle is determined as of the Index Date. The “Index Date” is the 15th day of the calendar month immediately prior to the statement closing date of your current billing statement. If the Prime Rate is not published on the last publication 15th day of each month. An increase (for example, it is a weekend or decrease in holiday), the index Index Date will cause a corresponding increase or decrease in your variable rates be the next day on the first day of your billing cycle that begins in the same month in which the index Prime Rate is published. An increase in If the index means that you will pay higher interest charges and have a higher Total Minimum Payment Due. If The Wall Street Journal does not publish the U.S. Prime Rate, or if it changes the definition of the U.S. Prime RateRate ceases to be published, we may, will choose a substitute index and margin in accordance with applicable law. The Regular APR(s) that apply to the Account are identifed in your Pricing Schedule. A “Regular APR” applies to a balance that is not subject to a Promotional APR. In our sole discretion, substitute another index. However, we may choose at our option and in our sole discretion to delay an APR increase resulting from an increase to the Prime Rate by one or more billing cycles. We do not have to give you advance notice of changes to the APR that are due to changes to the Prime Rate. Account statements will show the APRs that were in effect during the billing cycles covered by the statements. We also reserve the right to re-determine the margin that applies to your Account more frequently than and/or on dates other than those described above when the Prime Rate itself Account is subject to change. We may review your credit worthiness several times a year. Based on changes to various risk factors, including but not limited to, credit scores and other information obtained from various outside agencies, your margin (and therefore your APR) may be increased initially opened or decreased from time to time. However, we will not increase your margin during the first year time after your Account is opened. If your margin and , we may ofer you a ”Promotional APR” that is diferent than the Regular APR are increased due to a change in any of these risk factors, your Account will be reviewed semi-annually in an effort to restore your previous margin and previous APR. We will give you advance written notice of the effective date for any increase that otherwise applies to the margin and Account. The terms of any corresponding increase Promotional APR that we ofer to you will either be described in your APRPricing Schedule or provided to you by other means, such as required by applicable law. An increase to your APR (whether due to an increase to your margin or an increase to the Prime Rate) will increase the Finance Charges payable on your Account until your APR decreases (whether due to in a decrease to the Prime Rate or a decrease to your margin). Regardless of the rate as determined by adding the Prime Rate and your margin, the Annual Percentage Rate will never exceed 18% (a monthly periodic rate of 1.5%)separate document.