Common use of Variable APRs Clause in Contracts

Variable APRs. We calculate variable APRs by adding a percentage, called a “Margin”, to an index, which is the highest U.S. Prime Rate published in the Consumer Money Rates section of The Wall Street Journal on the last publication day in each of your Billing Cycles. The variable APR will increase or decrease each Billing Cycle if the Prime Rate changes. Any change in the variable APR will take effect beginning on the first day of your next Billing Cycle. This new variable APR will apply to existing balances and new transactions that have a variable APR. If the variable APR increases, you will pay a higher interest charge and may pay a higher Total Minimum Payment Due. If The Wall Street Journal stops publishing the U.S. Prime Rate, we may, in our discretion, substitute another index. You can find the Margin used for your Purchase APR and for your Balance Transfer APR, and the current U.S. Prime Rate, in the Credit Card Terms and Conditions document included as part of this Agreement. Each statement closing date is the last day of that Billing Cycle. A Billing Cycle begins on the first day following the closing date on your last monthly statement, and ends on the statement closing date. Each monthly statement shows one Billing Cycle.

Variable APRs. We calculate variable APRs by adding a percentage, called a “Margin”, to an index, which is the highest U.S. Prime Rate published in the Consumer Money Rates section of The Wall Street Journal on the last publication day in each of your Billing Cycles. The variable APR will increase or decrease each Billing Cycle if the Prime Rate changes. Any change in the variable APR will take effect beginning on the first day of your next Billing Cycle. This new variable APR will apply to existing balances and new transactions that have a variable APR. If the variable APR increases, you will pay a higher interest charge and may pay a higher Total Minimum Payment Due. If The Wall Street Journal stops publishing the U.S. Prime Rate, we may, in our discretion, substitute another index. You can find the Margin used for your Purchase APR and for your Balance Transfer APR, and the current U.S. Prime Rate, Rate in the Credit Card Terms and Conditions document included as part of this Agreement. Each statement closing date is the last day of that Billing Cycle. A Billing Cycle begins on the first day following the closing date on your last monthly statement, and ends on the statement closing date. Each monthly statement shows one Billing Cycle.