Common use of Variable Rates Clause in Contracts

Variable Rates. We use APRs to calculate interest charges on your Account. Your APR will vary with the market based on the U.S. Prime Rate. Any change to your APR will not apply until the first day of your next billing cycle that begins after a rate change date. We will add a “Margin” to the U.S. Prime Rate to determine your standard variable rate. For each billing period, we will use the U.S. Prime Rate published in the Money Rates table of The Wall Street Journal as of the first day of the month. An increase in the Prime Rate will result in an increase in the APR. A decrease in the Prime Rate will have the opposite effect of an increase. The maximum APR for your card is 29.99%.