Transactions). If interest applies to a balance, it will start applying on the day a charge is added to that balance and continue until that balance is paid in full. We consider a credit balance as a balance of zero when calculating interest on that balance.
We multiply each daily balance by its applicable daily periodic rate (each applicable A P R divided by 365).
We do this for each day in the Billing Cycle. This gives us the daily interest amounts.
Then we total all the daily interest amounts for all the daily balances and round to the nearest cent. This gives us the total interest for the Billing Cycle.
Calculating the New Balance. To calculate the New Balance at the end of each Billing Cycle, we begin with the total Account balance at the start of that Billing Cycle. Then we add any Transactions that are new to the Account during that Billing Cycle. Then we subtract any credits applied or payments made during that Billing Cycle. Then we add any interest charges or fees incurred during that Billing Cycle and make any other adjustments, as applicable.
Grace Period on Purchases. Except as indicated below, you won't pay any interest on Purchases if you pay the New Balance in full by the payment due date shown on your billing statement each Billing Cycle. We call this a grace period on Purchases. If you don't pay your New Balance in full by the payment due date in a Billing Cycle, you won't get a grace period on Purchases again until you pay the New Balance in full by the payment due date shown on your billing statement for two Billing Cycles in a row.
If you have a balance subject to a Deferred Interest Promotion and that promotion does not expire before the payment due date, that balance (an 'excluded balance') is excluded from the amount you must pay in full to get a grace period on a Purchase balance other than an excluded balance. In addition, if you have a Reduced Rate Credit Plan balance, that balance (an 'excluded balance') is excluded from the amount you must pay in full to get a grace period on a Purchase balance other than an excluded balance. However, you must still pay any separately required payment on the excluded balance. In Billing Cycles in which payments are allocated to Deferred Interest Promotion balances first, the Deferred Interest Promotion balance will be reduced before any other balance on the Account. However, you will continue to get a grace period on Purchases, other than an excluded balance, so long as you pay the New Balance (less any excluded balance, plus any separately required payment on an excluded balance) in full by the payment due date each Billing Cycle. If you have a Reduced Rate Credit Plan, you will be charged interest on the Reduced Rate Credit Plan balance from the start of the Billing Cycle following the Billing Cycle in which your Reduced Rate Credit Plan Purchase was made. This means that you will not be charged interest on the Reduced Rate Credit Plan balance during the Billing Cycle in which your Reduced Rate Credit Plan Purchase was made.
There's no grace period on Balance Transfers or Cash Advances. This means you'll pay interest on Balance Transfers and Cash Advances from the transaction date shown on your billing statement.
PROMOTIONS
From time to time we may offer you promotional terms relating to certain Transactions. These offers will be governed by the terms of the promotional offer and this Agreement. Your promotional terms will end when the promotional period expires. Promotional offers may include Deferred Interest Promotions and Reduced Rate Credit Plans.
Deferred Interest Promotion. Under a Deferred Interest Promotion, no interest charges will be imposed on your Purchase if you pay off that Purchase in full before the end of the promotional period. If you do not pay the Deferred Interest Promotion Purchase in full before the end of the promotional period, we will impose interest on that Purchase from the date the Purchase was made. Interest charges on a Deferred Interest Promotion Purchase are based upon the A P R for regular Purchases.
Reduced Rate Credit Plan. Under a Reduced Rate Credit Plan, we may offer you a promotional A P R on a specific Purchase. If a promotional A P R applies, it will apply so long as any portion of that Purchase balance remains on the Account. We also calculate a separate amount that will be due on your Reduced Rate Credit Plan Purchase. This amount will be included in the Minimum Payment Due until your Reduced Rate Credit Plan Purchase is paid in full.
FEES & FOREIGN CURRENCY CONVERSION
Annual Membership Fee. If you are approved for the My Best Buy Visa Gold an annual membership fee applies. The Credit Card Disclosures show this fee. You'll see this annual membership fee on your first billing statement after opening your account and each year after that. We'll charge the fee if your account is open, even if you don't have a balance.
Late Fee. We have the right to charge you a late fee if you have a Late Payment. The late fee is $30 and, if you have another Late Payment within the next 6 Billing Cycles the late fee will be $41. The amount of your late fee will not exceed the amount permitted by law.
Returned Payment Fee. We have the right to charge you a $30 returned payment fee if you have a Returned Payment. If you have a Returned Payment, we'll resubmit the payment request. If you have another Returned Payment within 6 consecutive Billing Cycles, the returned payment fee will go up to $41. The amount of your returned payment fee will not exceed the amount permitted by law.
Transaction Fee for Balance Transfers. We charge you a fee for each Balance Transfer. The amount of your Balance Transfer fee will be either $15 or 5% of the amount of each Balance Transfer, whichever is greater.
