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We put each charge on your account, including interest or fees, into a balance category. We use the different balances to calculate the correct interest charges on your account. If any type of charge has a separate interest rate, we will put it into a separate balance. This means that your account may have separate balances for purchases, cash advances, and balance transfers. It also means that if any charges are subject to an introductory or other promotional interest rate for a period, we will place such charges into a separate balance for the time period that you qualify for the special rate.
We place interest charges into the balance that generated those charges. For example, we place interest charges on purchases into your purchase balance.
We place fees that result from a specific charge into the same balance as that specific charge. For example, we place a foreign transaction fee that we assess on a cash advance into your cash advance balance. We place fees that do not result from a specific charge, such as a returned payment fee, into your purchase balance.
- Browse Related Terms: "Go-to" rate, Average daily balance method with compounding, Average daily balance method without compounding, balance, Daily balance method with compounding, Daily balance method without compounding, Daily periodic rate (DPR), Default APR, Interest-free period, Introductory APR, Penalty APR, Periodic rate, Purchase APR
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You make a balance transfer when you use a balance transfer check that we send you or when you contact us to transfer a balance electronically or by phone.
The act of transferring debt from one credit card account to another. Balance-transfer fees may apply.
- Browse Related Terms: Annual Percentage Rate (APR), Balance Transfer, Balance-transfer fee, Cash-advance fee, Interest rate, Membership fee, Participation fee
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All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
- A fee charged when you make a balance transfer. It may be a flat fee or a percentage of the transfer.
- Browse Related Terms: Annual Percentage Rate (APR), Balance Transfer, Balance-transfer fee, Cash-advance fee, Interest rate, Membership fee, Participation fee
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
Your bill is the statement of your account. Your bill will tell you the total amount that you owe us as of the end of the last billing period. It will also tell you the minimum payment that you must make to us by the stated due date.
We will send you a bill at the end of each billing period if at that point you have a credit or debit on the account equal to or more than $1. We may not send you a bill, however, if we have decided your account is uncollectible or if we have sent the account for collection proceedings against you.
In our discretion, we may choose to send you a bill even if you do not have a credit or debit of $1 or more.
- Browse Related Terms: Bill, Billing period, Due date, Fixed-rate APR, Grace Period, index, Late payment, Minimum interest charge, Minimum Payment, Variable-rate APR
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All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
The billing period is the fixed period of time covered by the bill we send you. The bill will show your new charges, including interest and fees, and any payments that posted to your account during that period. Each bill that we send will identify the billing period that it covers.
If you have a credit or debit on the account of $1 or more at the end of any billing period, we will send you a bill, showing what you owe us as of the end of that billing period.
- Browse Related Terms: Bill, Billing period, Due date, Fixed-rate APR, Grace Period, index, Late payment, Minimum interest charge, Minimum Payment, Variable-rate APR