Common use of Variable Rate Clause in Contracts

Variable Rate. If your Account has a variable rate as indicated in your Credit Terms, then the rates applicable to each Balance Type and penalty rate on your Account may vary from month to month. The rates applicable to each Balance Type and your penalty rate will vary based on the Prime Rate (as defined below) plus a stated percentage rate (“Margin”). The “Prime Rate” is the highest U.S. rate listed in the “Money Rates” section of The Wall Street Journal on the 14th day (or the next business day, if the 14th is not a business day) of the calendar month preceding the first day of the billing period. If the Prime Rate is no longer published, we may choose a similar, alternative published rate. We will notify you of such a choice. Different Margins may apply to balance transfers, purchases, cash advances and to your penalty rate. As a result, the APR applicable to each Balance Type and the penalty rate may differ. The Credit Terms also set forth the initial APR applicable to each Balance Type that would apply in the absence of an Introductory Rate. The Margin applicable to each Balance Type and the Margin for the penalty rate are shown on a separate table accompanying your Credit Terms. You agree that, upon notice to you in accordance with this Agreement and applicable law, we may increase the Margin applicable to any Balance Type and the Margin for the penalty rate. An increase in the APR applicable to any Balance Type or the penalty rate may occur if (i) the Prime Rate increases or (ii) if we increase the applicable Margin, but no APR will exceed the maximum rate permitted by applicable law. If the Prime Rate changes during a calendar month, the APR applicable to each Balance Type and the penalty rate will change on the first day of the billing cycle beginning in the next calendar month. The new rate applicable to each Balance Type (and corresponding APR) will apply to new transactions of that type and to the existing balance of the applicable Balance Type on your Account. If your rates increase, the amount of interest and the Minimum Payment Due may increase.

Variable Rate. If your Account has a variable rate as indicated in your Credit Terms, then the rates applicable to each Balance Type and penalty rate Penalty Rate on your Account may vary from month to month. The rates applicable to each Balance Type and your penalty rate Penalty Rate will vary based on the Prime Rate (as defined below) plus a stated percentage rate (“Margin”). The “Prime Rate” is the highest U.S. rate listed in the “Money Rates” section of The Wall Street Journal on the 14th day (or the next business day, if the 14th is not a business day) of the calendar month preceding the first day of the billing period. If the Prime Rate is no longer published, we may choose a similar, alternative published rate. We will notify you of such a choice. Different Margins may apply to balance transfers, purchases, cash advances and to your penalty ratePenalty Rate. As a result, the APR applicable to each Balance Type and the penalty rate Penalty Rate may differ. The Credit Terms also set sets forth the initial APR applicable to each Balance Type that would apply in the absence of an Introductory Rate. The Margin applicable to each Balance Type and the Margin for the penalty rate Penalty Rate are shown on a separate table accompanying your Credit Terms. You agree that, upon notice to you in accordance with this Agreement and applicable law, we may increase the Margin applicable to any Balance Type and the Margin for the penalty rateany Penalty Rate. An increase in the APR applicable to any Balance Type or the penalty rate any Penalty Rate may occur if (i) the Prime Rate increases or (ii) if we increase the applicable Margin, but no APR will exceed the maximum rate permitted by applicable law. If the Prime Rate changes during a calendar month, the APR applicable to each Balance Type and the penalty rate any Penalty Rate will change on the first day of the billing cycle beginning in the next calendar month. The new rate applicable to each Balance Type (and corresponding APR) will apply to new transactions of that type and to the existing balance of the applicable Balance Type on your Account. If your rates increase, the amount of interest and the Minimum Payment Due may increase.

Variable Rate. If your Account has a variable rate as indicated in your Credit Terms, then the rates applicable to each Balance Type and penalty rate on your Account may vary from month to month. The rates applicable to each Balance Type and your penalty rate will vary based on the Prime Rate (as defined below) plus a stated percentage rate (“Margin”). The “Prime Rate” is the highest U.S. rate listed in the “Money Rates” section of The Wall Street Journal on the 14th day (or the next business day, if the 14th is not a business day) of the calendar month preceding the first day of the billing period. If the Prime Rate is no longer published, we may choose a similar, alternative published rate. We will notify you of such a choice. Different Margins may apply to balance transfers, purchases, cash advances and to your penalty rate. As a result, the APR applicable to each Balance Type and the penalty rate may differ. The Credit Terms also set sets forth the initial APR applicable to each Balance Type that would apply in the absence of an Introductory Rate. The Margin applicable to each Balance Type and the Margin for the penalty rate are shown on a separate table accompanying your Credit Terms. You agree that, upon notice to you in accordance with this Agreement and applicable law, we may increase the Margin applicable to any Balance Type and the Margin for the any penalty rate. An increase in the APR applicable to any Balance Type or the any penalty rate may occur if (i) the Prime Rate increases or (ii) if we increase the applicable Margin, but no APR will exceed the maximum rate permitted by applicable law. If the Prime Rate changes during a calendar month, the APR applicable to each Balance Type and the any penalty rate will change on the first day of the billing cycle beginning in the next calendar month. The new rate applicable to each Balance Type (and corresponding APR) will apply to new transactions of that type and to the existing balance of the applicable Balance Type on your Account. If your rates increase, the amount of interest and the Minimum Payment Due may increase.

Variable Rate. If your The current ANNUAL PERCENTAGE RATE for all variable rates is shown on the Account Opening Disclosure which has a variable rate as indicated in your Credit Terms, then the rates applicable been provided to each Balance Type and penalty rate on your Account may vary from month to monthyou with this Agreement. The rates applicable to Daily Periodic Rate and the corresponding ANNUAL PERCENTAGE RATE may change each Balance Type and month on the first day of each of your penalty billing cycles. Each date on which the rate of interest could change is called a “Change Date.” Changes will vary be based on changes in the “Index.” The Index is the Prime Rate (as defined below) plus a stated percentage rate (“Margin”). The “Prime Rate” is the highest U.S. rate listed published in the “Money Rates” section table of The Wall Street Journal on the 14th business day (immediately preceding the day your billing cycle ends. If the Index is no longer available, we will choose a new index which is based upon comparable information and will give you notice of our choice. The ANNUAL PERCENTAGE RATE may increase or the next business day, decrease each month if the 14th is not a business day) Index changes. Any new rate will be applied as of the calendar month preceding the first day of your billing cycle during which the Index has changed. If the ANNUAL PERCENTAGE RATE increases, you will pay a higher INTEREST CHARGE, which may result in a higher minimum payment. Your interest rate for Purchases (after the Introductory Period) and Balance Transfers on your Wealth Management World Elite MasterCard Account is based on a variable rate equal to the sum of the Index plus a “Rate Spread” of 3.90 percentage points. The interest rate for Cash Advances on your Account is based on a variable rate equal to the sum of the Index plus a “Rate Spread” of 21.74 percentage points. Immediately before each Change Date we will determine the new interest rate by adding the Rate Spread to the Index. The new interest rate will become effective at the start of your first billing cycle after the Change Date. Only one ANNUAL PERCENTAGE RATE and Daily Periodic Rate will be in effect for each Balance Category during the billing period. If the Prime Rate is no longer published, we may choose a similar, alternative published rate. We The ANNUAL PERCENTAGE RATE will notify you of such a choice. Different Margins may apply to balance transfers, purchases, cash advances and to your penalty rate. As a result, the APR applicable to each Balance Type and the penalty rate may differ. The Credit Terms also set forth the initial APR applicable to each Balance Type that would apply in the absence of an Introductory Rate. The Margin applicable to each Balance Type and the Margin for the penalty rate are shown on a separate table accompanying your Credit Terms. You agree that, upon notice to you in accordance with this Agreement and applicable law, we may increase the Margin applicable to any Balance Type and the Margin for the penalty rate. An increase in the APR applicable to any Balance Type or the penalty rate may occur if (i) the Prime Rate increases or (ii) if we increase the applicable Margin, but no APR will not exceed the maximum rate permitted by applicable law. If The effect of any increase in the Prime Annual Percentage Rate changes during a calendar month, the APR applicable to each Balance Type ANNUAL PERCENTAGE RATE and the penalty rate will change on the first day of the billing cycle beginning in the next calendar month. The new rate applicable Daily Periodic Rate would be to each Balance Type (and corresponding APR) will apply to new transactions of that type and to the existing balance of the applicable Balance Type on your Account. If your rates increase, increase the amount of INTEREST CHARGE or interest you must pay and the Minimum Payment Due may increasethus increase your monthly payments.