Deferred payment financing credit charges on purchases made by way of deferred payment financing are calculated from the payment due date shown on the account statement, until such purchases are paid in full. If the total amount of a purchase made by way of deferred payment financing is not paid in full on the due date shown on the account statement, it is automatically converted into a purchase by way of equal instalments financing, repayable by equal consecutive monthly payments (“converted balance”) as to principal and credit charges at the annual interest rate for the equal instalments financing plan offered by the merchant in effect at the date of conversion, by way of 12 equal monthly payments if the converted balance is less than $1,000, by way of 24 equal monthly payments if the converted balance is equal to or greater than $1,000 and less than $3,000, or by way of 36 equal monthly payments if the converted balance is equal to or greater than $3,000. Notice to this effect showing the number of payments and the monthly amount of the converted balance resulting from the conversion from deferred payment financing to equal instalments financing will be sent to the cardholder at least 30 days before the first payment due date. If, between the notice date and the due date shown on the account statement, the cardholder makes a partial payment only of a purchase made by way of deferred payment financing, the unpaid balance of such deferred purchase will be payable according to the monthly amount set for the converted balance as shown on the notice until the balance is paid in full.
Deferred payment financing credit charges on deferred payment purchases are calculated, starting from the payment due date shown on the account statement, until such time as purchases are paid in full. If payment of a deferred payment purchase is not made in full at the due date appearing on the account statement, it is automatically converted into payments under the equal instalments program. The payment then becomes payable, in capital and credit charges (the “converted balance”) at the annual interest rate applicable to this financing program at the date of conversion, into 12 equal monthly payments if the converted balance is less than $1,000, into 24 equal monthly payments if the converted balance is equal to or greater than $1,000 and less than $3,000, and into 36 equal monthly payments if the converted balance is equal to or greater than $3,000. Notice to this effect showing the number of payments and the monthly amount resulting from the conversion of the deferred payment purchase into an equal instalments purchase is sent to the cardholder at least 30 days before the payment due date. If, on or before the due date shown on the account statement, the cardholder makes a part payment of the deferred payment purchase, the unpaid balance remaining becomes payable at the monthly amount set for the converted balance as shown on the notice until the balance is paid in full. Annual interest rate: in accordance with the financing plan offered by the merchant, up to a maximum of 19.90%.
