If you do not have an active Custom Pay Plan, your Grace Period Balance will be the New Balance Total. New Balance Total (also referred to as the 'Statement Balance') is the total billed amount as of the Closing Date of a billing cycle, as shown on your monthly statement, plus any adjustments for subsequently returned payments.
If you have an active Custom Pay Plan, your Grace Period Balance will be the Interest Saving Balance as shown on your monthly statement plus any adjustments for subsequently returned payments. The Interest Saving Balance is your New Balance Total, minus any balances subject to a Custom Pay Plan plus any Custom Pay Plan Payment(s) due, as shown on your monthly statement. For more information about Custom Pay Plans see the Custom Pay Plan section in this Agreement.
We will begin accruing interest on Balance Transfers and Cash Advances on the transaction date. The transaction date for access checks is the date the check is first deposited or cashed.
'Pay in Full' or 'Paid in Full' means payments and credits (excluding credits made in accordance with first-year fee limits or the Military Lending Act) in a billing cycle totaling at least your previous billing cycle's Grace Period Balance.
Your Payment Due Date will be at least 25 days from your statement Closing Date and will fall on the same calendar date each month.
BALANCES SUBJECT TO INTEREST RATE Average Daily Balance Method (including new Purchases): We
calculate separate Balances Subject to an Interest Rate for Purchases and for each Introductory or Promotional Offer balance consisting of Purchases by: (1) calculating a daily balance for each day in the current billing cycle; (2) adding all the daily balances together; and (3) dividing the sum of the daily balances by the number of days in the current billing cycle.
To calculate the daily balance for each day in the current billing cycle, we: (1) take the beginning balance less any Purchases assigned to an existing Custom Pay Plan; (2) add an amount equal to the applicable DPR multiplied by the previous day's daily balance; (3) add new Purchases, new Account Fees, and new Transaction Fees; (4) subtract Purchases assigned to a new Custom Pay Plan; and (5) subtract applicable payments and credits. If any daily balance is less than zero, we treat it as zero.
Average Balance Method (including new Balance Transfers and new Cash Advances): We calculate separate Balances Subject to an Interest Rate for Balance Transfers, Cash Advances, and for each Introductory or Promotional Offer balance consisting of Balance Transfers or Cash Advances by: (1) calculating a daily balance for each day in the current billing cycle; (2) calculating a daily balance for each day prior to the current billing cycle that had a Pre-Cycle balance - a 'Pre-Cycle balance' is a Balance Transfer or a Cash Advance with a transaction date prior to the current billing cycle but with a posting date within the current billing cycle; (3) adding all the daily balances together; and (4) dividing the sum of the daily balances by the number of days in the current billing cycle.
To calculate the daily balance for each day in the current billing cycle, we: (1) take the beginning balance; (2) add an amount equal to the applicable DPR multiplied by the previous day's daily balance; (3) add new Balance Transfers, Cash Advances and Transaction Fees; and (4) subtract applicable payments and credits. If any daily balance is less than zero, we treat it as zero.
To calculate a daily balance for each day prior to the current billing cycle that had a Pre-Cycle balance, we: (1) take the beginning balance attributable solely to a Pre-Cycle balance (which will be zero on the transaction date associated with the first Pre-Cycle balance); (2) add an amount equal to the applicable DPR multiplied by the previous day's daily balance; and (3) add only the applicable Pre-Cycle balances, and their related Transaction Fees. We exclude from this calculation all transactions posted in previous billing cycles.
CUSTOM PAY PLAN
A 'Custom Pay Plan' (also referred to as a 'Plan') is an option we may make available to you. You will be able to assign a Purchase to a Plan. That Purchase will no longer accrue interest at the APR for Purchases; however, it will be subject to an accelerated repayment schedule for the duration of that Plan and a monthly fee that we will disclose to you upon creation of the Plan.
A 'Plan-Qualified Purchase' is a Purchase that we make available to be assigned into a Plan. Balance Transfers, Cash Advances, purchases of cash or Cash Equivalents, Foreign Transaction Fees, or any fees owed to us, including annual or membership fees, cannot be assigned to a Plan.
We may offer to you from time to time the option to assign Plan-Qualified Purchases to a Plan. You can only access available Plan offers through Online or Mobile Banking. If you assign a Plan-Qualified Purchase to a Plan, the amount of the Purchase (not to exceed your current Purchase balance) will become part of a Plan, which will be repayable according to the monthly installment schedule stated in the Plan offer. A Purchase you assign to a Plan will be excluded from the Balance Subject to Interest Rate for Purchases as of the first day of the billing cycle in which the Plan was created or the transaction date of the Purchase assigned to that Plan, whichever occurs later. Instead, the Plan balance will be subject to a fixed Monthly Custom Pay Plan Fee (a Fixed Finance Charge) for the duration of that Plan. The Monthly Custom Pay Plan Fee will be charged monthly until the Plan balance is paid in full. The total of all Monthly Custom Pay Plan Fees billed for any specific Plan will not exceed the sum of the original Monthly Custom Pay Plan Fee times the original total number of monthly payments established for this Plan. The Monthly Custom Pay Plan Fee does not change over the life of the associated Plan.
When creating a Plan, you may select the Plan-Qualified Purchases to be assigned to the Plan and may be given a choice of Plan durations and fees. You will be required to pay a Monthly Custom Pay Plan Payment consisting of the Monthly Custom Pay Plan Fee plus a prorated portion of your Plan balance for the duration of the Plan. The Monthly Custom Pay Plan Fee and Monthly Custom Pay Plan Payment will be disclosed to you prior to entering into that Plan and will be based upon that Plan's duration, the APR that would otherwise apply to the Purchases, and other factors.
Custom Pay Plans are made available to you at our discretion. You will not be able to initiate a Plan if your account is closed or not in good standing. You will also not be able to initiate a Plan if one or more of your accounts is enrolled into a debt management program, or has a payment that is returned unpaid, or is delinquent. We will tell you the number of active Plans you may have and we may change this number at any time.
If you receive a merchant credit that we did not recognize as associated with a Purchase that you assigned to a Plan, you must call us promptly to have the credit applied to the Plan balance. To the extent the Plan balance equals or exceeds the amount of the merchant credit, we will apply that credit to the Plan balance. Otherwise, such credit will be applied to your account balance as a general merchant credit.
