Common use of Minimum Payment Due Clause in Contracts

Minimum Payment Due. You can pay off your account balance in full each month or you can pay in monthly installments. If you do not pay your balance in full, you agree to pay at least a minimum payment of 2.5% of your New Balance (rounded to the nearest whole dollar) or $10.00, whichever is greater at the end of each statement period. If the New Balance shown on your periodic statement is $10.00 or less, you agree to pay this amount. Unless the Credit Union takes other action as a result of a default under this Agreement, the Minimum Payment Due will also include any amount that is past due and any amount by which your new balance exceeds your credit limit. Payments and credits will be applied first to pay billed but unpaid finance charges; late charges, and other fees or charges provided for herein; and next to unpaid cash advances; and then to your unpaid purchase balance. The "Payment Due Date" will be shown on your periodic statement.

Minimum Payment Due. You can pay off your account Account balance in full each month or you can pay in monthly installments. If you do not pay your balance in full, you agree to pay at least a minimum payment of 2.5% of your New Balance (rounded to the nearest whole dollar) or $10.00, whichever is greater at the end of each statement period. If the New Balance shown on your periodic statement is $10.00 or less, you agree to pay this amount. Unless the Credit Union takes other action as a result of a default under this Agreement, the Minimum Payment Due will also include any amount that is past due and any amount by which your new balance New Balance exceeds your credit limit. Payments and credits will be applied first to pay billed but unpaid finance charges; late charges, charges and other fees or charges provided for herein; and next to unpaid cash advancesCash Advances; and then to your unpaid purchase Purchase balance. The "“Payment Due Date" ” will be shown on your periodic statement.