Finance Charges. The Bank, in its sole discretion, may change the monthly Periodic Rate and Annual Percentage Rate from time to time in compliance with any specifically applicable laws and/or regulations. Any change in the Finance Charge will apply only to any new purchases, cash advances and balance transfers.
(a) When Finance Charge Begins. A Finance Charge will be imposed on cash advances and balance transfers from the date made or from the first day of the billing cycle in which the cash advance or balance transfer is posted to your Account, whichever is later, and will continue to accrue until the date of payment. A Finance Charge will be imposed on purchases only if you elect not to pay the entire new balance of purchases shown on your monthly statement within 25 days from the closing date of that statement. If you elect not to pay the entire new balance of purchases shown on your monthly statement within that 25 day period, a Finance Charge will be imposed on the unpaid amount of those purchases beginning on the statement closing date and will continue to accrue until the closing date of the billing cycle preceding the date on which the entire new balance of purchases is paid in full or until the date of payment if more than 25 days from the closing date.
(b) Figuring the Finance Charge. The FINANCE CHARGE is calculated at the monthly periodic rate of 0.958%, which is an ANNUAL PERCENTAGE RATE of 11.5%.
(c) Cash Advances. The Finance Charge on cash advances for a billing cycle is computed by applying the monthly periodic rate to the average daily balance of cash advances of your Account, which is determined by dividing the sum of the daily balances of cash advances made during the billing cycle by the number of days in the cycle. Each daily balance is determined by subtracting from the beginning balance of cash advances of your Account each day any payments received or credits posted to your Account.
(d) Purchases. The Finance Charge on purchases for a billing cycle is computed by applying the monthly periodic rate to the average daily balance of purchases, which is determined by dividing the sum of the daily balances of purchases during the billing cycle by the number of days in the cycle. Each daily balance of purchases is determined by subtracting from the beginning balance of purchases of your Account each day any payments received and credits posted to your Account.
(e) Balance Transfers. The Finance Charge on balance transfers for a billing cycle is computed by applying the monthly periodic rate to the average daily balance of balance transfers of your Account, which is determined by dividing the sum of the daily balances of balance transfers during the billing cycle by the number of days in the cycle. Each daily balance is determined by subtracting from the beginning balance of balance transfers of your Account each day any payments received or credits posted to your Account.
We add the average daily balances of cash advances, balance transfers and purchases to calculate your total new balance.
Charges and Fees. The following other charges and fees will be added to your Account, as applicable:
(a) Late charge equal to the minimum payment up to $25.00 (over 15 days from the due date)
(b) Returned payment fee $5.00
(c) Statement copy fee $5.00
(d) Card replacement fee $5.00
Default. You will be in default if you fail to make any minimum payment within 25 days after your monthly statement closing date. You will also be in default if your ability to repay is materially reduced by a change in your employment, an increase in your obligations, bankruptcy or insolvency proceedings involving you, you die, or you fail to abide by this Agreement. We have the right to demand immediate payment of your full Account balance if you default, subject to our giving you any notice required by law.
Using the Card. To make a purchase or cash advance, there are two alternative procedures to be followed. One is for you to present the Card to a participating MasterCard plan merchant, to us or to another financial institution and follow the instructions provided. The other is to complete the transaction by using your PIN in conjunction with the Card in an Automated Teller Machine or other type of electronic terminal that provides access to the MasterCard system. Cash advances are limited to a total of $2,500 per day. There are no daily limits on the amount of purchases. Your monthly statement will identify the merchant, electronic terminal or financial institution at which transactions were made, but sales, cash advance, credit, or other receipts cannot be returned with the statement. You must retain the copy of such receipts furnished at the time of the transaction in order to verify the monthly statement.
Returns and Adjustments. Merchants and others who honor the Card may give credit for returns or adjustments, and they will do so by sending us a credit which we will post to your Account. If your credits and payments exceed what you owe us, we will hold and apply this credit balance against future purchases and cash advances, or if it is $1 or more, refund it upon receipt of your written request or automatically after 6 months.
Foreign Transactions. Purchases and cash advances made in foreign countries and foreign currencies will be billed to you in U.S. Dollars. The exchange rate for transactions in a foreign currency will be a rate selected by MasterCard from the range of rates available in wholesale currency markets for the applicable central processing date.
Plan Merchant Disputes. We are not responsible for the refusal of any merchant or financial institution to honor your Card. We are subject to claims and defenses (other than tort claims) arising out of goods or services you purchase with the Card only
