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Deciphering My Statement Insert

Hi!  I'm not so good at figuring these out.  Can someone give me the short version please?  Need to know if my payments are going to go up (the APR already is).  Thanks!

 

(FYI:  We are not late or over the limit EVER...I'll stop eating first.  So you can disregard that.  Thanks again!)

 

Changes to Minimum Payment Due

 

If the payments made to your account in each of two consecutive billing cycles are less than the periodic rate finance charges, late fees, & over limit fees assessed to your account for the cycle immediately preceding the cycle in which each such payments were made & your account was not delinquent in each of those two consecutive billing cycles, your account will be in "negative amortization for two consecutive billing cycles.

 

 If your account is in negative amortization for two consecutive billing cycles, the minimum payment due on your statement for the billing cycle immediately after the two consecutive billing cycles in which your account was in negative amortization (the "transition billing cycle" ) will be equal to 1% of the new balance shown on that statement (excluding any periodic rate finance charge, late fee & over limit fee assessed for that billing cycle) plus any periodic rate finance charge, late fee, & over limit fee assessed for that billing cycle plus any unpaid periodic rate finance charges, late fees, & over limit fees that were billed in the three billing cycles immediately preceding the transition billing cycle.

 

The minimum payment due on your statement for each billing cycle after the transition billing cycle will be equal to 1% of the new balance shown on that statement (excluding any periodic rate finance charge, late fee, & over limit fee assessed for that billing cycle) plus any periodic rate finance charge, late fee, & over limit fee assessed for that billing cycle.

 

The minimum payment due will always include any amounts delinquent or over limit and will not be less than $15, unless the entire new balance or the periodic finance charges on your account are less than $15, in which case the minimum payment due will be equal to the greater of the entire new balance or the periodic finance charges.  For payments greater than $15, the minimum amount due is rounded to the next highest whole dollar.

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