Common use of Statements, Payments and Interest Clause in Contracts

Statements, Payments and Interest. Section 3.1. The Bank shall prepare monthly, as of the Monthly Billing Date, a Card Account statement (the “Card Account Statement”) for each Card Account in which there is an outstanding balance as of the Monthly Billing Date or in which a Charge has been posted during the period commencing the day after the immediately preceding Monthly Billing Date and ending on the current Monthly Billing Date (the “Billing Period”). The Bank may upon request by the Member send to each Cardholder the Card Account Statement for such Cardholder’s Card Account. The Card Account Statement will include the Transactions and the outstanding balance. Section 3.2. The Bank will prepare monthly, as of the same date in each month (the “Monthly Billing Date”), and will send to the Member an invoice (the “Member Account Statement”) showing the aggregate outstanding balance of the Member Account as of such Monthly Billing Date; if more than one invoice is sent, such aggregate outstanding balance will be the sum of all the invoices. Section 3.3. Each month, the Member shall pay in full the aggregate outstanding balance of the Member Account shown on the Member Account Statement on or before the Payment Due Date in respect of such Member Account Statement, which Payment Due Date shall be the number of days after the Monthly Billing Date set out in Schedule 1. Payments must be made in Section 3.4. Interest shall be charged on the amount of all Purchases, fees and service charges from the date posted to the Member Account, and from the date of the advance for Cash Advances. Interest shall be charged at the annual rate(s) defined in Schedule 1 (the “Card Rate(s)).” Interest is calculated on a daily basis by multiplying each daily interest-bearing balance of Charges in each Card Account by a daily rate of interest. The daily rate of interest is equal to the applicable Card Rate divided by the actual number of days in the year (365 or 366, as the case may be).