Common use of USE OF YOUR ACCOUNT Clause in Contracts

USE OF YOUR ACCOUNT. Your use of the open-end credit offered pursuant to this Agreement, or its use by anyone you authorize, shall constitute acceptance of the terms of this Agreement and the arbitration provision contained in this Agreement. Your use of the Account also acknowledges that you are of legal age to enter into a binding agreement with us. Billing Period. A Billing Period is the interval between monthly billing statements. The Statement Closing Date is the last day of the Billing Period for that statement. Payment. You promise to pay us for all purchases charged to your Account plus any Interest Charges and any other charges that may be assessed as provided in this Agreement. You promise to pay at least the Minimum Payment Due as shown on your billing statement each month by the Payment Due Date. We will advise you of your Payment Due Date each month on your billing statement. Your Payment Due Date will be the same day of the month for each monthly Billing Period and will be at least twenty two (22) days after the close of each Billing Period. Your Minimum Payment Due is the sum of all past due amounts plus the greater of $20.00 or 3% of the New Balance shown on your billing statement, rounded up to the next dollar. At any time we can require you to pay all amounts by which your balance exceeds your Credit Limit. You may pay all or any part of your balance at any time without penalty. When Periodic Interest Charge is Imposed. Interest Charges on purchases will accrue from the shipment date or the in-store purchase date of the product until the date we receive payment in full of the balance on your Account. However, if you paid in full the New Balance from your immediately preceding Billing Period by the Payment Due Date shown on the statement, then: (1) if your Previous Balance was zero (0) and you pay the New Balance for the current Billing Period by the Payment Due Date shown, you will not be charged any Interest Charges; and (2) if you make a payment by the Payment Due Date shown on the current statement that is less than the New Balance, that payment will be credited as of the payment date and interest will be assessed. Periodic Interest Charge. We figure the “Interest Charge” on your Account for any Billing Period by applying the Daily Periodic Rate to the Average Daily Balance of your Account (including new purchases) and multiplying the result by the number of days in the Billing Period. To determine your “Average Daily Balance,” we calculate a new balance each day of the Billing Period for each separate credit plan that is part of your Account. For each credit plan we do the following: we take the previous balance each day, which includes any billed, but unpaid Interest Charges, Late Payment Fees and other fees, add any new purchases or charges, and subtract any payments or other credits. Then, we add up all the New Balances for the Billing Period, and divide the total by the number of days in the Billing Period. This gives us the Average Daily Balance for each separate credit plan that is part of your Account. The Average Daily Balance computation results in the Periodic Rate. The Daily Periodic Rate and corresponding Annual Percentage Rate (APR) are variable rates and may change each month. The Corresponding Annual Percentage Rate (the APR for purchases) that applies to your Account is determined by adding a Margin to the Index, which is described below.

USE OF YOUR ACCOUNT. Your use of the open-end credit offered pursuant to this Agreement, or its use by anyone you authorize, shall constitute acceptance of the terms of this Agreement and the arbitration provision contained in this Agreement. Your use of the Account also acknowledges that you are of legal age to enter into a binding agreement with us. Billing Period. A Billing Period is the interval between monthly billing statements. The Statement Closing Date is the last day of the Billing Period for that statement. Payment. You promise to pay us for all purchases charged to your Account plus any Interest Charges and any other charges that may be assessed as provided in this Agreement. You promise to pay at least the Minimum Payment Due as shown on your billing statement each month by the Payment Due Date. We will advise you of your Payment Due Date each month on your billing statement. Your Payment Due Date will be the same day of the month for each monthly Billing Period and will be at least twenty two (22) 22 days after the close of each Billing Period. Your Minimum Payment Due is the greater of either $20 or the sum of all past due amounts plus the greater of $20.00 or any Monthly Planned Payment Due plus 3% of the New Balance shown on your billing statementstatement (excluding any balance on a Planned Payment Purchase prior to its expiration date), rounded up to the next dollar. However, the Minimum Payment Due for any Billing Cycle will never be greater than the total balance outstanding on the Account at the end of such Billing Period. At any time we can require you to pay all amounts by which your balance exceeds your Credit Limit. You may pay all or any part of your balance at any time without penalty. When Periodic Interest Charge is Imposed. Interest Charges on purchases will accrue from the shipment date or the in-store purchase date of the product transaction posts to your Account until the date we receive payment in full of the balance on your Account. However, if you paid in full the New Balance from your immediately preceding Billing Period by the Payment Due Date shown on the statement, then: (1) if your Previous Balance was zero (0) $0 and you pay the New Balance for the current Billing Period by the Payment Due Date shown, you will not be charged any Interest Charges; and (2) if you make a payment by the Payment Due Date shown on the current statement that is less than the New Balance, that payment will be credited as of the payment date and interest will be assessed. Periodic Interest Charge. We figure the “Interest Charge” on your Account for any Billing Period by applying the Daily Periodic Rate to the Average Daily Balance of your Account (including new purchases) and multiplying the result by the number of days in the Billing Period. To determine your “Average Daily Balance,” we calculate a new balance each day of the Billing Period for each separate credit plan that is part of your Account. For each credit plan we do the following: we take the previous balance each day, which includes any billed, but unpaid Interest Charges, Late Payment Fees and other fees, add any new purchases or charges, and subtract any payments or other credits. Then, we add up all the New Balances for the Billing Period, and divide the total by the number of days in the Billing Period. This gives us the Average Daily Balance for each separate credit plan that is part of your Account. The Average Daily Balance computation results in the compounding of interest on your Account, and you agree that we may compound interest on your Account. Please see above, under “When Periodic Interest Charge is Imposed,” for special rules that apply if new purchases are posted to your Account in Billing Periods when your prior Billing Period’s New Balance was $0 or was paid in full. Interest Charges for purchases subject to a Promotional Credit Plan with a deferred interest feature will not be added to your Account if you pay your balance in full by the appropriate Payment Due Date. If the Interest Charge on any billing statement is less than $2, a minimum Interest Charge fee of $2 will be imposed. The fee will be referred to on your billing statement as “Minimum Interest Charge Fee.” Periodic Rate. The Daily Periodic Rate and corresponding Annual Percentage Rate (APR) are variable rates and may change each month. The Corresponding Annual Percentage Rate (the APR for purchases) that applies to your Account is determined by adding a Margin to the Index, which is described below.