Common use of Transaction Statement Clause in Contracts

Transaction Statement. 7.1 A statement will normally be sent to the Cardholder monthly on the Statement Date (“Statement Date”) with details of (i) the total amount outstanding on the Card Account (“Statement Balance”), (ii) the minimum sum to be paid by the Cardholder (“Minimum Payment Due”), and (iii) the date by which the Cardholder must make Minimum Payment Due at the minimum to the Bank (“Payment Due Date”). If no transactions take place within the statement cycle date, the Statement Balance will not be generated for that month and any transaction occurring after the statement generation date will be shown on the following month’s Statement Balance. Payment of any part of the Statement Balance affected by cash or other means will be accepted on and subject to the Bank’s normal terms and conditions.