Credit APRs & Fees
| Interest Rate and Interest Charges |
| Annual Percentage Rate (APR) for Cash Advances |
4.99% to 19.99% when you open your account, being half of the APR of the credit card being managed. Each credit advance will vary based on which credit card it is associated with.
|
| Penalty APR and When It Applies |
20%
This APR may be applied to your account at our discretion if you:
- Are late with a payment; or
- Overdraft your linked checking account twice in a 3-month period; or
- Make a payment that is returned; or
- Do the above on another debt you have with us.
How Long Will the Penalty APR Apply?: If your APRs are increased for any of these reasons, the Penalty APR will apply until you make six consecutive minimum payments when due.
|
| Minimum Interest Charge |
If you are charged interest, the charge will be no less than $1.50
|
| Fees |
| Annual Fee |
None.
|
| Transaction Fees |
None.
|
Penalty Fees
- Late Payment
- Returned Payment
|
|
Other Fees
|
- Up to $0.85 when we use ACH to pay your credit card statement.
- Up to $1.75 when we mail a check to pay your credit card statement.
|
How we will calculate your balance: We use a method called "daily accrual balance" (Including current transactions)
We figure the interest charge on your account by applying the periodic rate to the “daily balance” of your account for each day in the billing cycle. To get the “daily balance” we take the beginning balance of your account each day, add any new advances/fees/interest, and subtract any payments or credits. This gives us the daily accrued balance.
Article ID: 26, Created On: 10/20/2019, Modified: 10/20/2019