COST OF CREDIT. The dollar amount you pay for money borrowed is called a FINANCE CHARGE (inter- est). The FINANCE CHARGE is calculated at a daily periodic rate of .049%. This is an ANNUAL PERCENTAGE RATE of 18.00%. To figure the Finance Charge on your Overdraft Line of Credit, we compute a daily Finance Charge by applying the daily periodic rate to the amount you owe at the end of the day (including new advances and deducting payments and credits made during that day). We do not include unpaid finance charges in the calculation of your daily balance. Then, we add up all the daily finance charges for each day of the billing cycle. This gives us the finance charges for that billing cycle. There is no “free period” or “grace period.” You can reduce the finance charge by making your payments as promptly as possible.
Appears in 13 contracts
Samples: Odloc Agreement, Odloc Agreement, Odloc Agreement
