Balance Subject to Interest Rate definition

Balance Subject to Interest Rate is the “average daily balance,” of the account (including current transaction). To get the “average daily balance,” we take the beginning balance of the account each day, add any new cash advances, credit purchases and other charges, and subtract any payments or credits, unpaid late charges, unpaid membership fees and unpaid Interest Charges. This gives us the daily balance. Then, we add up all of 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.” Interest Charges for credit purchases begin on the date the purchase is posted to the account unless the Previous Balance shown on the statement is paid in full prior to the Closing Date of the statement. Credit purchases made during the statement period and the Previous Balance will be excluded from the calculation of the “average daily balance” if the Previous Balance shown on the front of the statement was paid in full prior to the Closing Date of the statement. The Interest Charges for cash advances begin on the date the advance is posted to the account. Holder may avoid additional Interest Charges on an account by paying in full the New Balance shown on the account’s monthly statement within 25 days after the Closing Date for that statement.
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Balance Subject to Interest Rate is the “average daily balance” of the account, including current transactions. We figure the INTEREST CHARGE on purchases on your account by applying the monthly periodic interest rate to the “average daily balance” of purchases on your account, including current transactions. To get the “average daily balance,” we take the beginning balance of the account each day, add any new cash advances, balance transfers, credit purchases, and other charges, and subtract any payments or credits, unpaid late charges, unpaid membership fees, and unpaid INTEREST CHARGES. This gives us the daily balance. Then we add up all of 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.” INTEREST CHARGES for credit purchases begin on the date the purchase is posted to the card unless the Previous Balance shown on the periodic statement is paid in full prior to the Statement Closing Date. Credit purchases made during the statement period and the Previous Balance will be excluded from the calculation of the “average daily balance” if the Previous Balance shown on the periodic statement was paid in full prior to the Statement Closing Date. Holder may avoid additional INTEREST CHARGES on account by paying in full the New Balance shown on the periodic statement within 25 days after Statement Closing Date. (Continued on reverse side) NOTICE: SEE REVERSE SIDE FOR IMPORTANT INFORMATION REGARDING YOUR RIGHTS TO DISPUTE BILLING ERRORS.
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Balance Subject to Interest Rate means the Average Daily Balance of the Account (including all current and/or processed Transactions).
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Examples of Balance Subject to Interest Rate in a sentence

  • The amount of the balance to which a periodic rate was applied and an explanation of how that balance was determined, using the term Balance Subject to Interest Rate.

  • This results in daily compounding of interest charges.• At the end of each billing period, we add together each Credit Plan’s Daily Interest Charge and make other adjustments, which gives us the total interest charge.• Your Statement will show a Balance Subject to Interest Rate, which is the sum of the Daily Balances for each day in the billing period divided by the total number of days.Rates• To calculate a variable rate, for each billing period, we use an Index.

  • This gives us the “average daily balance” which is shown on your statement as the Balance Subject to Interest Rate for Cash Advances.

  • INTEREST CHARGE: Method of Computing Balance Subject to Interest Rate: We calculate the periodic rate or interest portion of the INTEREST CHARGE by multiplying the applicable Daily Periodic Rate ("DPR") by the Average Daily Balance ("ADB") (including new transactions) of the Purchase, Advance and Balance Transfer categories subject to interest, and then adding together the resulting interest from each category.

  • The total interest charged for a Billing Cycle is the sum of the interest charged for each Balance Subject to Interest Rate.

  • This gives us the “average daily balance” which is shown on your statement as the Balance Subject to Interest Rate for Purchases.

  • We calculate interest charges for a Billing Cycle by multiplying the Balance Subject to Interest Rate for each category of transactions by its applicable monthly periodic rate.

  • Method of Computing Balance Subject to Interest Rate: We calculate the periodic rate or interest portion of the INTEREST CHARGE by multiplying the applicable DPR by the ADB (including new transactions) of the Purchase, Advance and Balance Transfer categories subject to interest, and then adding together the resulting interest from each category.

  • Your monthly billing statement shows each “Balance Subject to Interest Rate.” To calculate interest, we first calculate a daily balance for each Balance Subject to Interest Rate.

  • Interest will continue to accrue even though you have paid the full amount of any related balances because we include any accrued but unpaid interest in the calculation of each Balance Subject to Interest Rate.


More Definitions of Balance Subject to Interest Rate

Balance Subject to Interest Rate means the average of the daily balances during the Billing Cycle.
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Related to Balance Subject to Interest Rate

  • Floating Interest Rate means the variable annual interest rate calculated for each Interest Adjustment Period so as to equal the Index Rate for such Interest Adjustment Period (truncated at the 5th decimal place if necessary) plus the Margin. However, in no event will the Floating Interest Rate exceed the Capped Interest Rate.

  • Interest Cover means, in respect of any Relevant Period, the ratio of Consolidated EBIT for that Relevant Period to Consolidated Net Finance Charges for that Relevant Period.

  • Applicable Interest Rate means the rate of interest prescribed under the Act from time to time;

  • Class C Interest Coverage Ratio means, as of any Measurement Date, the ratio (expressed as a percentage) obtained by dividing the Interest Coverage Amount by the scheduled interest payments due on the Class A Notes, the Class B Notes and the Class C Notes. For the purposes of calculating the Class C Interest Coverage Ratio, the expected interest income on Collateral Debt Obligations, Eligible Investments and the Accounts (to the extent applicable) and the expected interest payable on the Class A Notes, the Class B Notes and the Class C Notes will be calculated using the then current interest rates applicable thereto as at the relevant Measurement Date.

  • Interest Rate Cap means the establishment of an upper limit for a variable interest rate.

  • Principal Funding Account Balance means, with respect to any date of determination during the Controlled Accumulation Period, the principal amount, if any, on deposit in the Principal Funding Account on such date of determination.

  • Class D Interest Coverage Ratio means, as of any Measurement Date occurring on and after the Determination Date immediately preceding the second Payment Date, the ratio (expressed as a percentage) obtained by dividing the Interest Coverage Amount by the scheduled interest payments due on the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes on the following Payment Date. For the purposes of calculating the Class D Interest Coverage Ratio, the expected interest income on Collateral Obligations, Eligible Investments and the Accounts (to the extent applicable) and the expected interest payable on the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes will be calculated using the then current interest rates applicable thereto as at the relevant Measurement Date.

  • Prime Interest Rate means the publicly quoted variable annual basic rate of interest, published from time to time by the bankers of FUNDI as being their prime rate and as certified by the auditors of FUNDI, whose appointment it shall not be necessary to prove. Details of such bankers will be provided to the Applicant when so requested in writing.