Common use of Applying Your Payments Clause in Contracts

Applying Your Payments. Any payments we receive up to and including the amount of your Minimum Payment will be applied in the following order: 1) First to interest charges; 2) Then to fees shown on your Monthly Statement; 3) Then to the remaining Billed Balances shown on your Monthly Statement; and 4) Then to the balances which have not yet appeared on your Monthly Statement. Within each of the above categories, if there are different annual interest rates that apply, the payment will be applied first to the balance with the lowest annual interest rate, and then to the other balances in ascending order, based on their applicable annual interest rates. Excess payments over your Minimum Payment will be divided and applied to the remaining Billed Balances as follows: 1) First, the remaining Billed Balances on your Monthly Statement are divided into different groups based on their applicable annual interest rate so that each group represents that portion of your remaining Billed Balance that has a different annual interest rate; and 2) Then, the excess payment is divided and applied to the different groups in the proportions that the balance for each group bears to the remaining Billed Balance for that Monthly Statement. Any remaining payments will then be applied against Transactions that have not yet appeared on a Monthly Statement in the same fashion as above. We will credit a payment to your Account made at a branch of a Canadian financial institution as of the date that institution processes the payment. However, the payment may be reflected on the next Monthly Statement due to payment processing timing. The difference between any interest or fees applied to your Account as of the date we credit the payment to your Account and the date the other financial institution processes the payment, as a result, will be credited to your Account on your next Monthly Statement.

Applying Your Payments. Any payments When you make a payment we receive 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 including 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 Minimum Payment New Balance. If the different amounts that make up your New Balance are subject to different interest rates, we will be applied 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: 1: (i) First to interest charges; 2) Then to fees shown on your Monthly Statement; 3) Then to the remaining Billed Balances shown on your Monthly Statement; and 4) Then to the balances which amounts that have not yet appeared on your Monthly Statement. Within each of monthly statement in the above categories, if there are different annual interest rates that apply, the payment will be applied first to the balance with the lowest annual interest ratesame manner as set out above, and then (ii) to the other balances in ascending orderany Installments Not Yet Due, based on their applicable annual interest rates. Excess payments over your Minimum Payment will be divided and applied to the remaining Billed Balances as follows: 1) First, the remaining Billed Balances on your Monthly Statement are divided into different groups based on their applicable annual interest rate so that each group represents that portion of your remaining Billed Balance that has a different annual interest rate; and 2) Then, the excess payment is divided and applied to the different groups in the proportions that the balance for each group bears to the remaining Billed Balance for that Monthly Statement. Any remaining payments will then be applied against Transactions that have not yet appeared on a Monthly Statement in the same fashion manner as set out above. We will credit a payment Credits arising from returns or adjustments are generally first applied to your Account made at a branch transactions of a Canadian financial institution 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 date that institution processes Minimum Payment. Installment Plans are considered purchases, and credits arising from returns of or adjustments to purchases converted to Installment Plans will not normally reduce the payment. However, the payment may be reflected on the next Monthly Statement due to payment processing timing. The difference between any interest or fees applied to amount of your Account as of the date we credit the payment to your Account and the date the other financial institution processes the payment, as a result, will be credited to your Account on your next Monthly StatementInstallment Plan balance outstanding.