Common use of Minimum Payment and Overlimit Amount Minimum Payment Amount Clause in Contracts

Minimum Payment and Overlimit Amount Minimum Payment Amount. The minimum payment amount is specified in your master billing statement of account and is computed by taking 1% of the current balance plus 1% of any outstanding unbilled instalment amounts plus interest charges (including interest/service charges for any recurring/ instalment payments) plus late payment charge or S$50 whichever is greater, plus any overdue amounts. If the current balance is less than S$50, the minimum payment amount shall be equivalent to the current balance. The overlimit amount is specified in your master billing statement of account and refers to the balance (including any unbilled balances) in excess of your credit limit and must be paid immediately. The overlimit amount is in addition to the minimum payment amount.