All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
According to this method, we calculate the interest charges for each balance by applying the “daily periodic rate” for that balance to the “daily balance” for that balance. We do this for each day in the billing cycle and sum the resulting interest charges. That gives us the total interest charges for that balance for that billing period.
The “daily periodic rate” is a daily interest rate. The daily periodic rate for a given balance is equal to the APR for that balance divided by 365.
We calculate the “daily balance” for each balance. We do this by starting with the beginning amount of that balance for each day. We add any new charges for that day, add any interest on the previous daily balance if there is one in that billing cycle, and subtract any payments or credits. This gives us the “daily balance.”
The addition of the prior day’s interest to the daily balance calculation causes interest to compound daily.
We add fees that are specific to a particular charge to the same daily balance as that particular charge. We add all other applicable fees to your purchase balance as of the first day of a billing period.
- 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
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
According to this method, we calculate the interest charges for each balance by applying the “daily periodic rate” for that balance to the “daily balance” for that balance. We do this for each day in the billing cycle and sum the resulting interest charges. That gives us the total interest charges for that balance for that billing period.
The “daily periodic rate” is a daily interest rate. The daily periodic rate for a given balance is equal to the APR for that balance divided by 365.
We calculate the “daily balance” for each balance. We do this by starting with the beginning amount of that balance. We add any new charges for that day, excluding any unpaid finance charge, and subtract any payments or credits. This gives us the “daily balance.”
We add fees that are specific to a particular charge to the same daily balance as that particular charge. We add all other applicable fees to your purchase balance as of the first day of a billing period.
- 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
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
DPR stands for “Daily Periodic Rate.” This is a daily interest rate. The daily periodic rate or DPR for a given balance is equal to the APR on that balance divided by 365.
- 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
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
Cancels your debt if you become unemployed, disabled, or meet other criteria covered by your contract.
- Browse Related Terms: Address on file, Assign, Credit bureau, Credit History, Credit limit, Credit Report, Credit reporting agency, Credit score, Debt cancellation coverage, Debt suspension coverage, Default, Foreign currency transaction, Retail credit card, Treasury bill rate, Workout agreement
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
Stops your payments during periods of unemployment, disability, or other situations covered by your contract. You will still need to pay back the debt after the situation ends.
- Browse Related Terms: Address on file, Assign, Credit bureau, Credit History, Credit limit, Credit Report, Credit reporting agency, Credit score, Debt cancellation coverage, Debt suspension coverage, Default, Foreign currency transaction, Retail credit card, Treasury bill rate, Workout agreement
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
You are in default on the account if:
- You do not make any payment when it is due; or
- You have exceeded one or more of your credit limits; or
- A payment you make is rejected or cannot be processed; or
- You provide us false, misleading, or fraudulent information; or
- You fail to comply with any term of the contract; or
- You are bankrupt or insolvency proceedings are filed against you; or
- You die or are legally declared incompetent or incapacitated; or
- We become aware that you are using your card for illegal or fraudulent purposes.
If governing law requires us to, we will give you notice and/or a right to cure your default before taking any action because of your default.
Also listed in:
- All > Business > Banking
- All > Business > Finance > Personal Finance
- All > Business > Finance > Personal Finance > Consumer Credit
- All > Business > Finance > Personal Finance > Mortgage
- All > Business > Real Estate
- All > Law > Common Legal Terms
- All > Law > Court
- All > Law > Divorce
- All > Technology > Programming > Java
- All > Technology > Programming > Perl
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
- See penalty APR.
- 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
All > Business > Finance > Personal Finance > Consumer Credit > Credit Card
The due date is the date by which we must receive your payment in order for it to be on time. Your bill lists the due date.
Your due date will always fall on the same calendar day of the month. It will be at least 21 days from the date that we send you the bill, and at least 25 days from the end of your most recently ended billing period.
To be on time, we must receive your payment on or before the due date and by the time stated on your bill. If the bill does not state a time, then your payment is on time if we receive it by 5 pm on the due date. The 5 pm deadline is measured in the time zone in which we receive the payment, which may not be your time zone.
If we do not receive or accept payments by mail on the due date, your payment will be on time if it is received by the next day that we accept or receive payments by mail.
- Browse Related Terms: Bill, Billing period, Due date, Fixed-rate APR, Grace Period, index, Late payment, Minimum interest charge, Minimum Payment, Variable-rate APR