Common use of Balance Transfers Clause in Contracts

Balance Transfers. You may use your Account to transfer balances from other accounts to your Account with us (a “Balance Transfer”). You may request a balance transfer by completing the balance transfer portion of the credit application, by completing and returning to us one of the balance transfer requests forms we may send you from time to time, by writing a Balance Transfer check we may send you or by writing or telephoning us. When you request a balance transfer, we will write our check or transfer funds to your other creditor. The amount of our check or funds transfer will be the amount of your Balance Transfer. Balance Transfers are treated as Purchases rather than Cash Advances for most purposes under this Agreement. However, interest charges may begin to accrue as of the date a balance transfer is posted to your Account. Balance Transfer transactions will not be processed if made payable to cash, to you, to any individual, to a deposit account, or to a State Farm Bank credit card account. If such a Balance Transfer is processed, State Farm Bank reserves the right to convert the transaction to a Cash Advance. Credit Limit We will establish a credit limit for your Account from time to time. Your initial credit limit is shown on the card carrier. Your current credit limit will be shown on each monthly statement of your Account. The total amount of credit outstanding on your Account at any time must not be more than your then current credit limit. We may also establish at any time a separate credit limit (as a sub-limit within the overall credit limit for your Account) for Cash Advances. If we do, your outstanding Cash Advances balance of your Account must not exceed the Cash Advances credit limit at any time. We may set similar separate sub-limits for other portions of your Account balance. We may change your credit limit or sub-limits from time to time. We will attempt to notify you if we do, but the change may be effective before you receive notice. Exceeding Your Credit Limit If you request credit in any form which, if granted, would cause either your total outstanding balance or your Cash Advances balance or other applicable sub-limit (including, in either case, transactions authorized but not yet posted to your Account) to exceed your credit limit, your Cash Advances credit limit, or any other credit sub-limit we establish for your Account, whether or not those balances were more than the respective credit limits before the request, we may, refuse to honor the request or in our sole discretion, we may honor the request and extend the credit. If we extend the credit, you will not be charged an over-the-credit limit fee, and you agree to repay the credit and the interest and other charges on it as part of the balance of your Account in accordance with the terms of this Agreement. We may extend credit that exceeds any credit limit applicable to your Account on one or more occasions without waiving our rights. If we previously honored requests for credit in excess of your credit limit, that does not mean we will or must honor further over-limit requests. If we refuse to honor a Check or Balance Transfer request, we may advise the person presenting the Check or Balance Transfer that credit has been refused or that there are insufficient funds to pay the Check or Balance Transfer. Interest Charges

Balance Transfers. You may use your Account to transfer balances from other accounts to your Account with us (a “Balance Transfer”). You may request a balance transfer by completing the balance transfer portion of the credit application, by completing and returning to us one of the balance transfer requests forms we may send you from time to time, by writing a Balance Transfer check we may send you or by writing or telephoning us. When you request a balance transfer, we will write our check or transfer funds to your other creditor. The amount of our check or funds transfer will be the amount of your Balance Transfer. Balance Transfers are treated as Purchases rather than Cash Advances for most purposes under this Agreement. However, interest charges may begin to accrue as of the date a balance transfer is posted to your Account. Balance Transfer transactions will not be processed if made payable to cash, to you, to any individual, to a deposit account, or to a State Farm Bank credit card account. If such a Balance Transfer is processed, State Farm Bank reserves the right to convert the transaction to a Cash Advance. Credit Limit Access Line We will establish a credit limit access line for your Account from time to time. Your initial credit limit access line is shown on the card carrier. Your current credit limit access line will be shown on each monthly statement of your Account. The total amount of credit outstanding on your Account at any time must not be more than your then current credit limitaccess line. We may also establish at any time a separate credit limit (as a sub-limit within the overall credit limit access line for your Account) for Cash Advances. If we do, your outstanding Cash Advances balance of your Account must not exceed the Cash Advances credit limit at any time. We may set similar separate sub-limits for other portions of your Account balance. We may change your credit limit access line or sub-limits from time to time. We will attempt to notify you if we do, but the change may be effective before you receive notice. Exceeding Your Credit Limit Access Line If you request credit in any form which, if granted, would cause either your total outstanding balance or your Cash Advances balance or other applicable sub-limit (including, in either case, transactions authorized but not yet posted to your Account) to exceed your credit limitaccess line, your Cash Advances credit limit, or any other credit sub-limit we establish for your Account, whether or not those balances were more than the respective credit access line or credit sub-limits before the request, we may, refuse to honor the request or in our sole discretion, we may honor the request and extend the credit. If we extend the credit, you will not be charged an over-the-credit limit access line fee, and you agree to repay the credit and the interest and other charges on it as part of the balance of your Account in accordance with the terms of this Agreement. We may extend credit that exceeds the credit access line and any credit sub-limit applicable to your Account on one or more occasions without waiving our rights. If we previously honored requests for credit in excess of your credit limitaccess line, that does not mean we will or must honor further over-limit the-credit access line requests. If we refuse to honor a Check or Balance Transfer request, we may advise the person presenting the Check or Balance Transfer that credit has been refused or that there are insufficient funds to pay the Check or Balance Transfer. INTEREST CHARGES When Interest ChargesBegins to Accrue: