Minimum Payment and Overlimit Amount Minimum Payment Amount Sample Clauses
The 'Minimum Payment and Overlimit Amount Minimum Payment Amount' clause defines the minimum sum a borrower must pay on their account each billing cycle, including any additional requirements if the account exceeds its credit limit. Typically, this clause outlines how the minimum payment is calculated—such as a percentage of the outstanding balance, a fixed dollar amount, or the total of interest and fees—and specifies that any overlimit amount must also be paid in addition to the regular minimum. Its core function is to ensure that borrowers make regular payments to reduce their debt and to address situations where the account balance surpasses the agreed credit limit, thereby managing lender risk and maintaining account discipline.
Minimum Payment and Overlimit Amount Minimum Payment Amount. The minimum payment amount is specified in your statement of account and is computed by taking 1% of the current balance plus 1% of any outstanding unbilled instalment amounts plus interest charges (including interest/ service charges for any recurring/instalment payments) plus late payment charge or S$50 whichever is greater, plus any overdue amounts. If the current balance is less than S$50, the minimum payment amount shall be equivalent to the current balance. The overlimit amount is the outstanding balance (including any unbilled balances) in excess of customer’s combined credit card limit and must be paid immediately. The overlimit amount is in addition to the total minimum payment amount.
Minimum Payment and Overlimit Amount Minimum Payment Amount. The minimum payment amount is specified in your master billing statement of account and is computed by taking 1% of the current balance plus 1% of any outstanding unbilled instalment amounts plus interest charges (including interest/service charges for any recurring/ instalment payments) plus late payment charge or S$50 whichever is greater, plus any overdue amounts. If the current balance is less than S$50, the minimum payment amount shall be equivalent to the current balance. The overlimit amount is specified in your master billing statement of account and refers to the balance (including any unbilled balances) in excess of your credit limit and must be paid immediately. The overlimit amount is in addition to the minimum payment amount.