Common use of Interest Charged Clause in Contracts

Interest Charged. If You Do Not Pay Your Minimum Payment Due If you do not pay your Minimum Payment Due by the Closing Date of the billing period in which it is due, we will apply the Penalty APR to the entire balance, including the Amount Above the Credit Limit, if any, and any balance transfer (see How we calculate interest below). We also may apply the Penalty APR for other reasons (see Penalty APR and when it applies on page 2 of Part 1). If you do not pay the Minimum Payment Due on a statement by the Closing Date of the billing period in which it is due and then you pay the Minimum Payment Due on a subsequent statement by the Closing Date of the billing period in which it is due, we will not charge interest on the Amount Above the Credit Limit for the billing period for which you paid the Minimum Payment Due by the Closing Date in which it is due. However, the Penalty APR will continue to apply to other balances (including any balance transfer) in accordance with Penalty APR and when it applies on page 2 of Part 1).