Figuring the Finance Charge for Visa Premier Sample Clauses

Figuring the Finance Charge for Visa Premier. For the first six billing cycles, the FINANCE CHARGE (interest) is calculated at the periodic rate of .2416% per month, which is an ANNUAL PERCENTAGE RATE of 2.9%. The balance on which the FINANCE CHARGE is computed is as follows: First, take the Previous Balance at the beginning of the statement period. Second, add new cash advances but not purchases, and subtract payments and credits, which gives you the daily balances for each day. Third, add the daily balances for each day of the statement period and divide by the number of days in the statement period, which gives you the average daily balance. Fourth, multiply the average daily balance by the monthly periodic rate. This amount is your FINANCE CHARGE for the statement period. After the first six billing cycles, your APR may vary. The APR for purchases and balance transfers is determined for each billing period by adding 9.9% to the Prime Rate. The Prime Rate for each billing period is the Prime Rate published in The Wall Street Journal on the first day of that billing period or two days prior to the closing date of that billing period, whichever is higher. For either of those days that is not a customary publication day for The Wall Street Journal we will substitute the closest preceding customary publication day.
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