Common use of Applying Your Payments Clause in Contracts

Applying Your Payments. When you make a payment we will apply the amount, up to your Minimum Payment, first to any Total Monthly Plan Payments on any Installment Plans, second to any interest (excluding interest on Installment Plans), and third to any fees (excluding monthly fees on Installment Plans). We will apply the remainder of any Minimum Payment to your New Balance, generally starting with amounts bearing the lowest interest rates before amounts bearing higher interest rates. If you pay more than your Minimum Payment, we will apply the amount over the Minimum Payment to the remainder of your New Balance. If the different amounts that make up your New Balance are subject to different interest rates, we will allocate your excess payment in the same proportion as each amount bears to the remainder of your New Balance. If the same interest rate is applicable to both a Cash Advance (which never benefits from an interest-free grace period) and a purchase, we will apply your payment against the Cash Advance and the purchase in a similar proportionate manner. If you have paid more than your New Balance, we will apply any payment in excess of the New Balance in the following order: (i) to amounts that have not yet appeared on your monthly statement in the same manner as set out above, and then (ii) to any Installments Not Yet Due, in the same manner as set out above. Credits arising from returns or adjustments are generally first applied to transactions of a similar type, second to any interest and fees, and the remainder to other amounts owing in the same manner as we apply payments in excess of the Minimum Payment. Credits arising from returns of eligible purchases converted into Installment Plans are generally applied as follows: ◾ For Installment Plans set up through digital banking after the purchase is made, such credits are applied to your regular purchases first and will not normally reduce, pay off, or automatically cancel the amount of your Installment Plan balance outstanding. Any excess is applied in the manner set out above. If you have returned an installed purchase, you may cancel the Installment Plan through digital banking. ◾ If you have selected to pay in installments at the time you make your purchase, such credits will be applied to your Installment Plan balance outstanding first. This means that depending on the amount, such credits may automatically reduce your Total Monthly Plan Payment in the current or a future month, reduce the number of Total Monthly Plan Payments remaining, or pay off your Plan entirely. Any excess is applied to your regular purchases first, and then to other amounts owing in the manner set out above.

Applying Your Payments. When you make a payment we will apply the amount, amount up to your Minimum Payment, first to any Total Monthly Plan Payments on any Installment Plans, interest and second to any interest (excluding interest on Installment Plans), and third to any fees (excluding monthly fees on Installment Plans)fees. We will apply the remainder of any Minimum Payment to your New Balance, generally starting with amounts bearing the lowest interest rates before amounts bearing higher interest rates. If you pay more than your Minimum Payment, we will apply the amount over the Minimum Payment to the remainder of your New Balance. If the different amounts that make up your New Balance are subject to different interest rates, we will allocate your excess payment in the same proportion as each amount bears to the remainder of your New Balance. If the same interest rate is applicable to both a Cash Advance (which never benefits from an interest-free grace period) and a purchase, we will apply your payment against the Cash Advance and the purchase in a similar proportionate manner. If you have paid more than your New Balance, we will apply any payment in excess of the New Balance in the following order: (i) to amounts that have not yet appeared on your monthly statement in the same manner as set out above, and then (ii) to any Installments Not Yet Due, in the same manner as set out above. Credits arising from returns or adjustments are generally first applied to transactions of a similar type, second to any interest and fees, and the remainder to other amounts owing in the same manner as we apply payments in excess of the Minimum Payment. Credits arising from returns of eligible purchases converted into Installment Plans are generally applied as follows: ◾ For Installment Plans set up through digital banking after Your initial or current credit limit appears in the purchase Information Box accompanying your Credit Card. This is madethe maximum amount which we allow you and your Authorized Users, such credits are applied taken together, to charge to your regular purchases first Account to cover purchases, Cash Advances, interest and will not normally reducefees. As the charges on your Account increase, pay off, or automatically cancel the amount of credit available for you to use will decrease. We calculate how much credit you have available by deducting from your Installment Plan credit limit the amount you owe us including the amount of any purchases we have authorized but not yet posted to your Account. We may from time to time allow the amount you owe us to exceed your credit limit by authorizing transactions in excess of your credit limit. An Overlimit Fee will be charged to your Account when your balance outstandingexceeds your credit limit at any time during your monthly statement period. Any However, the Overlimit Fee does not apply if you reside in Quebec. We may, at any time, refuse to authorize transactions in excess is applied in the manner set out aboveof your credit limit and require you to pay any balances which exceed your credit limit. Your monthly statement shows your current credit limit as well as your available credit. If you consistently make late payments — or make no payments at all — we may reduce your credit limit. From time to time, we may ask you if you want your credit limit increased. We will not increase your credit limit without your express consent to do so. You may also ask us at any time to review your eligibility for a credit limit increase. Some merchants require that purchases be pre-authorized. Your available credit will decrease by the amount authorized, whether or not you receive goods or services at that time. You have returned an installed purchasea minimum 21 day interest-free Grace Period for new purchases. Your new purchases for each month are those which appear in the Activity Description of that month’s statement (your Current Statement). You can avoid interest on those new purchases by paying the New Balance in full on or before the Current Statement’s Payment Due Date. Your New Balance is made up of all your purchases, Cash Advances, interest and fees incurred up to the date your Current Statement was prepared. If you do not pay your New Balance in full on or before the Current Statement’s Payment Due Date, you may cancel must pay interest on each new purchase appearing on that statement retroactively from the Installment Plan through digital bankingtransaction date until the day we process your payment in full for those purchases. ◾ If you have selected Your next monthly statement will include interest accrued on each of those new purchases from its transaction date to pay in installments at the date we prepare that next monthly statement. We will continue to charge interest on the unpaid portion of those new purchases until the next time you make your purchase, such credits will be applied pay the New Balance in full on or before its Payment Due Date. Interest related to your Installment Plan balance outstanding firstpurchases could appear on the first statement you receive after we process that payment. This means is interest that depending on the amount, such credits may automatically reduce your Total Monthly Plan Payment was not included in the current or New Balance you paid in full because it accrued between the date the monthly statement which showed that New Balance was prepared and the date you made your payment. Fees are treated in the same manner as purchases for the purpose of charging interest. The transaction date for a future month, reduce fee is the number of Total Monthly Plan Payments remaining, or pay off your Plan entirely. Any excess date that the fee is applied posted to your regular Account. Cash Advances are treated differently from purchases first, and then to other amounts owing in never benefit from an interest-free grace period – see the manner set out abovesection titled “Cash Advances.” We do not charge interest on interest. The amount of interest we charge you on your Current Statement is calculated as follows:

Applying Your Payments. When you make a payment we will apply the amount, amount up to your Minimum Payment, first to any Total Monthly Plan Payments on any Installment Plans, interest and second to any interest (excluding interest on Installment Plans), and third to any fees (excluding monthly fees on Installment Plans)fees. We will apply the remainder of any Minimum Payment to your New Balance, generally starting with amounts bearing the lowest interest rates before amounts bearing higher interest rates. If you pay more than your Minimum Payment, we will apply the amount over the Minimum Payment to the remainder of your New Balance. If the different amounts that make up your New Balance are subject to different interest rates, we will allocate your excess payment in the same proportion as each amount bears to the remainder of your New Balance. If the same interest rate is applicable to both a Cash Advance (which never benefits from an interest-free grace period) and a purchase, we will apply your payment against the Cash Advance and the purchase in a similar proportionate manner. If you have paid more than your New Balance, we will apply any payment in excess of the New Balance in the following order: (i) to amounts that have not yet appeared on your monthly statement in the same manner as set out above, and then (ii) to any Installments Not Yet Due, in the same manner as set out above. Credits arising from returns or adjustments are generally first applied to transactions of a similar type, second to any interest and fees, and the remainder to other amounts owing in the same manner as we apply payments in excess of the Minimum Payment. Credits arising Your initial or current credit limit appears in the Information Box accompanying your Credit Card. This is the maximum amount which we allow you and your Authorized Users, taken together, to charge to your Account to cover purchases, Cash Advances, interest and fees. As the charges on your Account increase, the amount of credit available for you to use will decrease. We calculate how much credit you have available by deducting from returns your credit limit the amount you owe us including the amount of eligible any purchases converted into Installment Plans we have authorized but not yet posted to your Account. We may from time to time allow the amount you owe us to exceed your credit limit by authorizing transactions in excess of your credit limit. An Overlimit Fee will be charged to your Account when your balance exceeds your credit limit at any time during your monthly statement period. RBC Avion® Visa Infinite Privilege‡ and RBC Avion Visa Infinite Privilege for Private Banking Accounts are generally applied not charged an Overlimit Fee. We may, at any time, refuse to authorize transactions in excess of your credit limit and require you to pay any balances which exceed your credit limit. Your monthly statement shows your current credit limit as well as your available credit. If you consistently make late payments — or make no payments at all — we may reduce your credit limit. From time to time, we may ask you if you want your credit limit increased. We will not increase your credit limit without your express consent to do so. You may also ask us at any time to review your eligibility for a credit limit increase. Some merchants require that purchases be pre-authorized. Your available credit will decrease by the amount authorized, whether or not you receive goods or services at that time. You have a minimum 21 day interest-free Grace Period for new purchases. Your new purchases for each month are those which appear in the Activity Description of that month’s statement (your Current Statement). You can avoid interest on those new purchases by paying the New Balance in full on or before the Current Statement’s Payment Due Date. Your New Balance is made up of all your purchases, Cash Advances, interest and fees incurred up to the date your Current Statement was prepared. If you do not pay your New Balance in full on or before the Current Statement’s Payment Due Date, you must pay interest on each new purchase appearing on that statement retroactively from the transaction date until the day we process your payment in full for those purchases. Your next monthly statement will include interest accrued on each of those new purchases from its transaction date to the date we prepare that next monthly statement. We will continue to charge interest on the unpaid portion of those new purchases until the next time you pay the New Balance in full on or before its Payment Due Date. Interest related to your purchases could appear on the first statement you receive after we process that payment. This is interest that was not included in the New Balance you paid in full because it accrued between the date the monthly statement which showed that New Balance was prepared and the date you made your payment. Fees are treated in the same manner as purchases for the purpose of charging interest. The transaction date for a fee is the date that the fee is posted to your Account. Cash Advances are treated differently from purchases and never benefit from an interest-free Grace Period – see the section titled “Cash Advances”. We do not charge interest on interest. The amount of interest we charge you on your Current Statement is calculated as follows: ◾ For Installment Plans ■ We add the amount you owe each day, and divide that total by the number of days in the statement period. This is your average daily balance. ■ We multiply the average daily balance by the applicable daily interest rate(s) (obtained by taking the annual interest rate(s) and dividing by the number of days in the year). We then multiply this value by the total number of days in the statement period to determine the interest we charge you. When there is more than one applicable interest rate, we calculate your interest based on the average daily balances for each rate. Your Current Statement will show your New Balance, Payment Due Date, transaction and posting dates, and your interest rates, including any applicable Introductory Interest Rate or Promotional Interest Rates. Interest is always charged on Cash Advances from the day the Cash Advance is made. Cash Advance Fees or Promotional Rate Fees also apply to certain Cash Advances, as set out in the “Other Fees” section of your Agreement. All of the following types of transactions are treated as Cash Advances, and we charge interest from the transaction date: ■ When you make a cash withdrawal from your Account at an RBC branch or ATM, or at any other financial institution’s branch or ATM; ■ When you take advantage of a balance transfer offer by transferring all or part of a balance you owe elsewhere to your Account, through our online banking service or by calling our Cards Customer Service at 1-800 ROYAL® 1-2 (▇-▇▇▇-▇▇▇-▇▇▇▇); ■ When you make bill payments from your Account or transfer funds from your Account to another RBC Royal Bank bank account, at one of our branches or ATMs, or through our online banking or telephone banking service (1-800 ROYAL® 1-1) (note that bill payments made by pre-authorized charges to your Account that you set up through digital banking after the purchase is madewith a merchant will usually be treated as purchases, such credits are applied to your regular purchases first not as Cash Advances, and we will not normally reducecharge interest from the transaction date); and ■ When you make Cash-Like transactions, pay which are transactions similar to cash. This includes money orders, wire transfers, travellers’ cheques and gaming transactions (including betting, off-track betting, or automatically cancel the amount of your Installment Plan balance outstanding. Any excess is applied in the manner set out aboverace track ▇▇▇▇▇▇, casino gaming chips, and lottery tickets). If you have returned an installed are uncertain as to whether a particular transaction will be treated as a Cash Advance or as a purchase, you may cancel the Installment Plan through digital banking. ◾ If you have selected to pay in installments at the time you make your purchase, such credits will be applied to your Installment Plan balance outstanding first. This means that depending on the amount, such credits may automatically reduce your Total Monthly Plan Payment in the current or a future month, reduce the number of Total Monthly Plan Payments remaining, or pay off your Plan entirely. Any excess is applied to your regular purchases first, and then to other amounts owing in the manner set out aboveplease contact us.

Applying Your Payments. When you make a payment we will apply the amount, amount up to your Minimum Payment, first to any Total Monthly Plan Payments on any Installment Plans, interest and second to any interest (excluding interest on Installment Plans), and third to any fees (excluding monthly fees on Installment Plans)fees. We will apply the remainder of any Minimum Payment to your New Balance, generally starting with amounts bearing the lowest interest rates before amounts bearing higher interest rates. If you pay more than your Minimum Payment, we will apply the amount over the Minimum Payment to the remainder of your New Balance. If the different amounts that make up your New Balance are subject to different interest rates, we will allocate your excess payment in the same proportion as each amount bears to the remainder of your New Balance. If the same interest rate is applicable to both a Cash Advance (which never benefits from an interest-free grace period) and a purchase, we will apply your payment against the Cash Advance and the purchase in a similar proportionate manner. If you have paid more than your New Balance, we will apply any payment in excess of the New Balance in the following order: (i) to amounts that have not yet appeared on your monthly statement in the same manner as set out above, and then (ii) to any Installments Not Yet Due, in the same manner as set out above. Credits arising from returns or adjustments are generally first applied to transactions of a similar type, second to any interest and fees, and the remainder to other amounts owing in the same manner as we apply payments in excess of the Minimum Payment. Credits arising from returns of eligible purchases converted into Installment Plans are generally applied as follows: ◾ For Installment Plans set up through digital banking after Your initial or current credit limit appears in the purchase Information Box accompanying your Credit Card. This is madethe maximum amount which we allow you and your Authorized Users, such credits are applied taken together, to charge to your regular purchases first Account to cover purchases, Cash Advances, interest and will not normally reducefees. As the charges on your Account increase, pay off, or automatically cancel the amount of credit available for you to use will decrease. We calculate how much credit you have available by deducting from your Installment Plan credit limit the amount you owe us including the amount of any purchases we have authorized but not yet posted to your Account. We may from time to time allow the amount you owe us to exceed your credit limit by authorizing transactions in excess of your credit limit. An Overlimit Fee will be charged to your Account when your balance outstandingexceeds your credit limit at any time during your monthly statement period. Any RBC Avion® Visa Infinite Privilege‡ and RBC Avion Visa Infinite Privilege for Private Banking Accounts are not charged an Overlimit Fee. We may, at any time, refuse to authorize transactions in excess is applied in the manner set out aboveof your credit limit and require you to pay any balances which exceed your credit limit. Your monthly statement shows your current credit limit as well as your available credit. If you consistently make late payments — or make no payments at all — we may reduce your credit limit. From time to time, we may ask you if you want your credit limit increased. We will not increase your credit limit without your express consent to do so. You may also ask us at any time to review your eligibility for a credit limit increase. Some merchants require that purchases be pre-authorized. Your available credit will decrease by the amount authorized, whether or not you receive goods or services at that time. You have returned an installed purchasea minimum 21 day interest-free Grace Period for new purchases. Your new purchases for each month are those which appear in the Activity Description of that month’s statement (your Current Statement). You can avoid interest on those new purchases by paying the New Balance in full on or before the Current Statement’s Payment Due Date. Your New Balance is made up of all your purchases, Cash Advances, interest and fees incurred up to the date your Current Statement was prepared. If you do not pay your New Balance in full on or before the Current Statement’s Payment Due Date, you may cancel must pay interest on each new purchase appearing on that statement retroactively from the Installment Plan through digital bankingtransaction date until the day we process your payment in full for those purchases. ◾ If you have selected Your next monthly statement will include interest accrued on each of those new purchases from its transaction date to pay in installments at the date we prepare that next monthly statement. We will continue to charge interest on the unpaid portion of those new purchases until the next time you make your purchase, such credits will be applied pay the New Balance in full on or before its Payment Due Date. Interest related to your Installment Plan balance outstanding firstpurchases could appear on the first statement you receive after we process that payment. This means is interest that depending on the amount, such credits may automatically reduce your Total Monthly Plan Payment was not included in the current or New Balance you paid in full because it accrued between the date the monthly statement which showed that New Balance was prepared and the date you made your payment. Fees are treated in the same manner as purchases for the purpose of charging interest. The transaction date for a future month, reduce fee is the number of Total Monthly Plan Payments remaining, or pay off your Plan entirely. Any excess date that the fee is applied posted to your regular Account. Cash Advances are treated differently from purchases first, and then to other amounts owing in never benefit from an interest-free Grace Period – see the manner set out above.section titled “Cash Advances”. We do not charge interest on interest. The amount of interest we charge you on your Current Statement is calculated as follows:

Applying Your Payments. When you make a payment we will apply the amount, amount up to your Minimum Payment, first to any Total Monthly Plan Payments on any Installment Plans, interest and second to any interest (excluding interest on Installment Plans), and third to any fees (excluding monthly fees on Installment Plans)fees. We will apply the remainder of any Minimum Payment to your New Balance, generally starting with amounts bearing the lowest interest rates before amounts bearing higher interest rates. If you pay more than your Minimum Payment, we will apply the amount over the Minimum Payment to the remainder of your New Balance. If the different amounts that make up your New Balance are subject to different interest rates, we will allocate your excess payment in the same proportion as each amount bears to the remainder of your New Balance. If the same interest rate is applicable to both a Cash Advance (which never benefits from an interest-free grace period) and a purchase, we will apply your payment against the Cash Advance and the purchase in a similar proportionate manner. If you have paid more than your New Balance, we will apply any payment in excess of the New Balance in the following order: (i) to amounts that have not yet appeared on your monthly statement in the same manner as set out above, and then (ii) to any Installments Not Yet Due, in the same manner as set out above. Credits arising from returns or adjustments are generally first applied to transactions of a similar type, second to any interest and fees, and the remainder to other amounts owing in the same manner as we apply payments in excess of the Minimum Payment. Credits arising from returns of eligible purchases converted into Installment Plans are generally applied as follows: ◾ For Installment Plans set up through digital banking after Your initial or current credit limit appears in the purchase Information Box accompanying your Credit Card. This is madethe maximum amount which we allow you and your Authorized Users, such credits are applied taken together, to charge to your regular purchases first Account to cover purchases, Cash Advances, interest and will not normally reducefees. As the charges on your Account increase, pay off, or automatically cancel the amount of credit available for you to use will decrease. We calculate how much credit you have available by deducting from your Installment Plan credit limit the amount you owe us including the amount of any purchases we have authorized but not yet posted to your Account. We may from time to time allow the amount you owe us to exceed your credit limit by authorizing transactions in excess of your credit limit. An Overlimit Fee will be charged to your Account when your balance outstandingexceeds your credit limit at any time during your monthly statement period. Any However, RBC Avion® Visa Infinite Privilege‡ and RBC Avion Visa Infinite Privilege for Private Banking Accounts are not charged an Overlimit Fee. The Overlimit Fee does not apply if you reside in Quebec. We may, at any time, refuse to authorize transactions in excess is applied in the manner set out aboveof your credit limit and require you to pay any balances which exceed your credit limit. Your monthly statement shows your current credit limit as well as your available credit. If you consistently make late payments — or make no payments at all — we may reduce your credit limit. From time to time, we may ask you if you want your credit limit increased. We will not increase your credit limit without your express consent to do so. You may also ask us at any time to review your eligibility for a credit limit increase. Some merchants require that purchases be pre-authorized. Your available credit will decrease by the amount authorized, whether or not you receive goods or services at that time. You have returned an installed purchasea minimum 21 day interest-free Grace Period for new purchases. Your new purchases for each month are those which appear in the Activity Description of that month’s statement (your Current Statement). You can avoid interest on those new purchases by paying the New Balance in full on or before the Current Statement’s Payment Due Date. Your New Balance is made up of all your purchases, Cash Advances, interest and fees incurred up to the date your Current Statement was prepared. If you do not pay your New Balance in full on or before the Current Statement’s Payment Due Date, you may cancel must pay interest on each new purchase appearing on that statement retroactively from the Installment Plan through digital bankingtransaction date until the day we process your payment in full for those purchases. ◾ If you have selected Your next monthly statement will include interest accrued on each of those new purchases from its transaction date to pay in installments at the date we prepare that next monthly statement. We will continue to charge interest on the unpaid portion of those new purchases until the next time you make your purchase, such credits will be applied pay the New Balance in full on or before its Payment Due Date. Interest related to your Installment Plan balance outstanding firstpurchases could appear on the first statement you receive after we process that payment. This means is interest that depending on the amount, such credits may automatically reduce your Total Monthly Plan Payment was not included in the current or New Balance you paid in full because it accrued between the date the monthly statement which showed that New Balance was prepared and the date you made your payment. Fees are treated in the same manner as purchases for the purpose of charging interest. The transaction date for a future month, reduce fee is the number of Total Monthly Plan Payments remaining, or pay off your Plan entirely. Any excess date that the fee is applied posted to your regular Account. Cash Advances are treated differently from purchases first, and then to other amounts owing in never benefit from an interest-free Grace Period – see the manner set out above.section titled “Cash Advances”. We do not charge interest on interest. The amount of interest we charge you on your Current Statement is calculated as follows: