Common use of Standard Rates Clause in Contracts

Standard Rates. The periodic rate and corresponding Annual Percentage Rate for your Account will vary based on an index, which is the highest Prime Rate published in The Wall Street Journal (Western Edition). We add a margin to the index. The total of the index plus the margin is the Annual Percentage Rate. The amount of the margin may be based on your credit profile. The margin for your Account, and the current periodic rate and corresponding Annual Percentage Rate(s) used to compute the Interest Charge are disclosed to you in the Account Disclosure provided with this Agreement when you open your Account. The periodic rate and Annual Percentage Rate may change on the first day of each billing cycle based on the index rate published on the 15th day of the prior billing cycle. The Annual Percentage Rate will not exceed 18.00%.