Common use of Balance Transfer Clause in Contracts

Balance Transfer. The INTEREST CHARGE on Balance Transfers begins from the date the Balance Transfer is posted to your account. There is no grace period. We calculate the INTEREST CHARGES for a billing cycle by applying the monthly Periodic Rate to the Average Daily Balance of your account. To get the Average Daily Balance, we take the beginning balance of your account each day, add any new cash advances, and subtract any payments, credits, non-accruing fees, and unpaid INTEREST CHARGES. This gives us the daily balance. Then we add all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the average daily balance. Minimum Interest Charge. We will charge a minimum INTEREST CHARGE for purchases, Cash Advances, and Balance Transfers of $.50 for each billing period in which an INTEREST CHARGE is payable. The INTEREST CHARGE will be added to your purchase balance, Cash Advance balance, or Balance Transfer.

Balance Transfer. The INTEREST CHARGE on Balance Transfers begins from the date the Balance Transfer is posted to your account. There is no grace period. We calculate the INTEREST CHARGES for a billing cycle by applying the monthly Periodic Rate to the Average Daily Balance of your account. To get the Average Daily Balance, we take the beginning balance of your account each day, add any new cash advances, and subtract any payments, credits, non-accruing fees, and unpaid INTEREST CHARGES. This gives us the daily balance. Then we add all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the average daily balance. Minimum Interest Charge. We will charge a minimum INTEREST CHARGE Interest Charge for purchases, Cash Advances, and Balance Transfers purchases of $.50 and a minimum Interest Charge for Balance Transfers/Cash Advances of $3.00 for each billing period in which an INTEREST CHARGE Interest Charge is payable. The INTEREST CHARGE Interest Charge will be added to your purchase balance, balance and/or Cash Advance balance, or Balance Transfer.