Common use of Application of Clause in Contracts

Application of. PAYMENTS If you pay the required minimum payment of the monthly Account Statement, the payment shall be applied in the following way: first to INTEREST CHARGES and the rest shall be applied first to the debt resulting from purchases and cash advances, with the lowest APR and then to the debt with the higher APR in ascending order. Consequently, the debt with the higher APR will not be reduced, until the debt with the lower APR is paid in full. If you pay an amount in excess of the minimum required payment, the excess shall be applied first to the debt resulting from purchases and cash advances with the highest APR and then to the debt with the lowest APR in descending order. All payments by mail must be made by check or money order. Payments may not be made by attempting to effect a transfer or by using a convenience check from this Account or from any other Banco Popular North America Credit Card Account. You agree that any payment you make may be, but is not required to be, returned to you without applying it to your Account and without presentment or protest, for reasons including, but not limited to, that the check or money order: (1) is missing a signature; (2) is drawn with different numeric and written amounts; (3) contains a restrictive endorsement; (4) is post dated; (5) is not payable to Banco Popular North America; (6) is not payable in U.S. dollars; (7) is not paid upon presentment; or (8) results from an attempted transfer or is drawn on a convenience check. You agree to pay any bank collection fees we incur for any check payments made in U.S. dollars drawn on a financial institution not located in the United States. All payments made by mail under this Agreement must be received at the address specified on your billing statement. Any conditional check, money order or any other instrument tendered as full satisfaction of a disputed debt or as an accord and satisfaction or containing a restrictive endorsement must be sent to us at the Banco Popular North America, Cardmember Service Center, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇-▇▇▇▇, ▇▇. ▇▇▇▇▇▇▇▇▇▇, ▇▇, ▇▇▇▇▇. You must note conspicuously on the face of the payment that it is tendered for this purpose. If you make a payment in any other manner and we accept it, we will not have waived our rights to collect any amounts owed under this agreement. Even though your payment may be posted to your Account, we may not restore or more, depending upon the payment due date on your account. The Average Daily Balance for cash advances is obtained by taking into account the initial daily balance on cash advances, plus any new cash advances, and any unpaid interest charges on cash advances, and any other cash advance fees that we add that day, minus any payments and credits we apply to the cash advance balance that day. Then all the daily balances within the billing period are added and the total is divided by the number of days in the billing period. The INTEREST CHARGE on cash advances, balance transfers and convenience checks will be imposed from the date the transaction is conducted. There is no “free ride” period for such transactions. Please refer to the accompanying cardmailer for other terms which are made a part of this agreement.