Common use of How Long Will the Clause in Contracts

How Long Will the. Penalty Rate Apply? If you are not more than 60 days late on a payment, the penalty rate will apply to transactions made on your account after a date specified in the advance notice. Once in effect, if you then make all required payments by the payment due date for six consecutive billing periods, your rate will return to the standard APR; otherwise, the penalty rate will apply indefinitely. If you are or become more than 60 days late on a payment, the penalty rate will apply to all balances and new transactions on your account not already subject to the penalty rate as specified in the advance notice. Once in effect, if you then make six consecutive minimum payments by the payment due date, starting with your first payment due date after the date specified in the advance notice, your rate for any balances created on your account prior to or within 14 days after the date of the advance notice that are not already subject to (or scheduled under a prior notice to be subject to) the penalty rate will return to the standard APR. If you do not make these six consecutive minimum payments, we may apply the penalty rate to all balances on your account indefinitely.