Common use of How Rates and Fees Work Clause in Contracts

How Rates and Fees Work. Rates When the penalty APR will apply The penalty APR applies to all balances on your account if: ● you do not pay at least the Minimum Payment Due by the Closing Date of the billing period in which it is due; ● you do not pay at least the Minimum Payment Due by the Payment Due Date 2 times in 12 billing periods; or ● your payment is returned by your bank. If the penalty APR is applied for any of these reasons, it will apply, subject to applicable law, to Payment Terms purchases from the day after the Payment Terms period ends and for the remaining duration that the Penalty APR applies. See When we charge interest in Part 2. How long the penalty APR will apply The penalty APR will continue to apply until after you have made timely payments with no returned payments for 12 billing periods in a row.