Common use of Credit interest Clause in Contracts

Credit interest. Purchases and cash withdrawals made with the card, are interest-free until the due date following the invoicing date, after which a credit interest shall be calculated for the remaining unpaid credit in accordance with the agreement. The cardholder shall be liable to pay an annual interest accrued on the credit in use and determined annually on the interest revision dates. The credit interest shall consist of the reference rate and the margin agreed in the agreement however so the credit interest shall never be less than the margin. The interest is calculated according to actual interest days using 365 as the divisor. The reference interest rate used is 3 month’s euribor which is published at xxxxxxxxxxxx.xx. The credit interest remains unchanged during an interest rate determination period. The length of the interest rate determination period becomes evident from the name of the reference interest rate applied. The value of the reference interest rate is revised on the annual interest revision dates, that are the first (1st) banking day of March, June, September and December. If the value of the reference interest rate changes, the credit interest changes accordingly. The amendments to the interest shall be applied immediately on the interest revision dates without a prior notice. The new interest rate will be applied from the next invoice onwards. The cardholder is notified of the interest rate of an interest rate determination period afterwards in the invoice/statement. In case the agreement enters into force in between the interest revision dates, the interest in accordance with the previous interest revision date shall be applied to the agreement. If quotation of the reference interest rate ceases or is discontinued, the reference rate applied to the credit will be based on the statute issued on the new reference rate, or on a decision or instruction of the authorities. If no statute, official decision or instruction is issued on the new reference interest rate, and no agreement is reached with the cardholder about a new reference rate, the card issuer will set the new reference rate after consulting the authorities supervising finance companies.

Credit interest. Purchases and cash withdrawals made with the card, are interest-free until the due date following the invoicing date, after which a credit interest shall be calculated for the remaining unpaid credit in accordance with the agreement. The cardholder shall be liable to pay an annual interest interest, that is accrued on the credit in use and determined annually on the interest revision dates. The credit interest shall consist of the reference rate and the margin agreed in the agreement however so the credit interest shall never be less than and the margin. The interest Interest is calculated according to actual interest days using 365 as the divisor. The reference interest rate used is 3 month’s euribor which is published at xxxxxxxxxxxx.xx. The credit interest remains unchanged unhanged during an interest rate determination period. The length of the interest rate determination period becomes evident from the name of the reference interest rate applied. .The value of the reference interest rate is revised on the annual interest revision dates, that are the first (1st) banking day of March, June, September and December. If the value of the reference interest rate changes, the credit interest changes accordingly. The amendments to the interest shall be applied immediately on the interest revision dates without a prior notice. The new interest rate will be applied from the next invoice onwards. The cardholder is notified of the interest rate of an interest rate determination period afterwards in the invoice/statement. In case the agreement enters into force in between the interest revision dates, the interest in accordance with the previous interest interes revision date shall be applied to the agreement. If quotation of the reference interest rate ceases or is discontinued, the reference rate applied to the credit will be based on the statute issued on the new reference rate, or on a decision or instruction of the authorities. If no statute, official decision or instruction is issued on the new reference interest rate, and no agreement is reached with the cardholder about a new reference rate, the card issuer will set the new reference rate after consulting the authorities supervising finance companies.