Common use of Interest Charges Clause in Contracts

Interest Charges. As a charge card, the balance must always be paid in full each month in which case no interest charges will apply. Payment in full means payment of the total new balance shown on your statement. The interest grace period from the closing date of the current statement to the closing date of the next statement varies and will be 28, 29, 30, or 31 days depending on the number of days in the calendar month in which the current closing date occurs. The payment due date that appears on your statement will be set 6 days before the closing date to allow for payment processing by your financial institution and weekends and holidays. Please see your statement for details. If we do not receive payment in full of any charge by the closing date of the next statement after the statement on which it first appears, all charges on that statement will be considered delinquent. A delinquent charge remains delinquent until we receive payment in full and we do not allow delinquent charges to remain outstanding. Even if we then receive payment in full of the new balance shown on your most recent statement, you will still be charged interest on all previously billed and unpaid charges up until the date that we receive payment in full of that statement. These additional interest charges will appear on your next statement. If a charge becomes delinquent, interest is charged from and including the day it is made (also called the transaction date on your statement), or from and including the first day of the billing period in which it is first charged to your account, if that date is later, until the day we receive payment in full and credit your account. Interest is calculated each day during a billing period on the daily closing balance of charges on which interest is payable (taking into account any payments or credit to your account) at the daily rate (which is the annual interest rate divided by 365 or 366 in the case of a leap year). The annual interest rate that applies is 30% and the equivalent daily rate is 0.0822% or 0.0820% in the case of a leap year. We add together the interest charges for each day and the total interest for the billing period is then charged to your account and will appear on your statement on the last day of the billing period identified as interest.

Interest Charges. As a charge card, the balance must While you may always be paid in choose to pay your full each month in which case no interest charges will apply. Payment in full means payment of the total new balance shown on your statement, interest charges will apply if we do not receive your full new balance by the due date on your statement. How do you receive an interest grace period? The interest grace period from the closing date of the current statement to the closing date of the next statement varies and will be 28, 29, 30, or 31 days depending on the number of days in the calendar month in which the current closing date occurs. The payment due Interest will not be charged on transactions and you will have an interest grace period of up to 31 days from the closing date that appears on your statement will be set 6 days before if every month we receive payment in FULL by the next statement date after the transaction first appeared on your billing statement. Payment in FULL means payment of the total new balance shown on your statement which is made up of all charges to your account (including purchases, funds advances, fees and other charges) up to the closing date to allow for date. Interest on flexible payment processing by your financial institution and weekends and holidays. Please see your statement for details. option balances If we do not receive payment in full of any charge FULL by the closing date of the next statement after the statement date, you will be charged interest on which it first appears, all charges transactions (except those that are not subject to interest) shown on that month’s statement and interest will be considered delinquentapplied to your account as described below. A delinquent charge remains delinquent until Any partial payment of your balance will have the effect of reducing the interest payable on your account. Except for Quebec residents, even if we receive payment in full and we do not allow delinquent charges to remain outstanding. Even if we then receive payment in full FULL of the new balance shown on your most recent statement, you will still be charged interest on all previously billed and unpaid charges transactions (except those that are not subject to interest), if any, up until the date that we receive payment in full FULL of that statement. These additional interest charges will appear on your next statement. If a charge becomes delinquentInterest on Due in Full balances Due in full balances are part of the required monthly minimum payment and must be paid by the next statement date. However, interest is charged from and including only applies to due in full balances if they become delinquent. A due in full balance becomes delinquent when it remains unpaid on the day it is made (also called the transaction date on your statement), or from and including the first last day of the billing period in which it is first charged to your account, if that date is later, until the day we receive payment in full and credit your account. Interest is calculated each day during a billing period on the daily closing balance of charges on which interest is payable (taking into account any payments or credit to your account) at the daily rate (which is the annual interest rate divided by 365 or 366 in the case of a leap year). The annual interest rate that applies is 30% and the equivalent daily rate is 0.0822% or 0.0820% in the case of a leap year. We add together the interest charges for each day and the total interest for the billing period is then charged to your account and will appear on your statement on the last day of the billing period identified as interestdue.