Common use of Minimum Balance Due Clause in Contracts

Minimum Balance Due. The Primary Cardholder(s) must make a minimum monthly payment by the Payment Due Date for each Statement in an amount at least equal to the Minimum Balance Due. The Minimum Balance Due for each Statement will be equal to: (a) $10.00 plus all outstanding interest and fees on your Card Account; plus (b) Any amount that exceeds the Credit Limit or Any amount that is overdue, whichever is greater. However, if the New Balance on the Statement is less than $10.00, it must be paid in full by the Payment Due Date. Any amounts which exceed the Credit Limit must be paid immediately (whether or not a Statement disclosing the excess has been provided). You may lose the benefit of any lower annual interest rate promotional offers in which you are participating if you do not pay the Minimum Balance Due by the Payment Due Date for any Statement. From time to time, we may advise the Primary Cardholder(s) that the requirement to pay the Minimum Balance Due is waived. In that case even though the Primary Cardholder(s) are not required to make a payment for that Billing Period, interest at the annual interest rate(s) applicable will continue to apply. All amounts owed to ATB under this Agreement must be paid in Canadian currency, unless your Card is a US Dollar MasterCard in which case all amounts owed to ATB under this Agreement must be paid in US currency.

Minimum Balance Due. The Primary Cardholder(s) must make a minimum monthly payment by the Payment Due Date for each Statement in an amount at least equal to the Minimum Balance Due. The Minimum Balance Due for each Statement will be equal to: (a) $10.00 plus all outstanding interest and fees on your Card Account; plus (b) Any amount that exceeds the Credit Limit or Any amount that is overdue, whichever is greater. However, if the New Balance on the Statement is less than $10.00, it must be paid in full by the Payment Due Date. Any amounts which exceed the Credit Limit must be paid immediately (whether or not a Statement disclosing the excess has been provided). You may lose the benefit of any lower annual interest rate promotional offers in which you are participating if you do not pay the Minimum Balance Due by the Payment Due Date for any Statement. From time to time, we may advise the Primary Cardholder(s) that the requirement to pay the Minimum Balance Due is waived. In that case even though the Primary Cardholder(s) are not required to make a payment for that Billing Period, interest at the annual interest rate(s) applicable will continue to apply. All amounts owed to ATB under this Agreement must be paid in Canadian currency, unless your Card is a US Dollar MasterCard Mastercard in which case all amounts owed to ATB under this Agreement must be paid in US currency.