CARD SERVICES UNDERSTANDING INTEREST

Example 4: Full payment is not received prior to the end of the introductory
period – 0% for 4 months BT
Account is approved on 3rd December 2007 and begins first statement period with
$0.00 balance.
December Statement
Statement Period 3 December 2007 – 2 January 2008
Summary of Charges
Opening Balance $0.00
Payments & Credits -$0.00
Balance Transfers $1,000.00 Dr
Cash Advances $0.00
Interest & Other Charges $0.00
Closing Balance $1,000.00 Dr
Payment Summary
Closing Balance $1,000.00
Minimum Payment Due $20.00
Minimum Payment Due Date 27/01/08
Overlimit Amount NOW DUE $0.00
Overdue Amount NOW DUE $0.00
Transaction Summary
Date Detail Amount Balance
03/12/2007 OPENING BALANCE $0.00
06/12/2007 BALANCE TRANSFER $1,000.00 $1,000.00
End of statement
Account approved 3rd December 2007 and requested Balance Transfer
(0% for 4 months) on 6th December 2007.
Example 4: Full payment is not received prior to the end of the introductory
period – 0% for 4 months BT (continued)
January Statement
Statement Period 3 January 2008 – 2 February 2008
Summary of Charges
Opening Balance $1,000.00
Payments & Credits -$20.00
Purchases $0.00 Dr
Cash Advances $0.00
Interest & Other Charges $0.00
Closing Balance $980.00 Dr
Payment Summary
Closing Balance $980.00
Minimum Payment Due $20.00
Minimum Payment Due Date 27/02/08
Overlimit Amount NOW DUE $0.00
Overdue Amount NOW DUE $0.00
Transaction Summary
Date Detail Amount Balance
03/01/2008 OPENING BALANCE $1,000.00 Dr
27/01/2008 PAYMENT -$20.00 $980.00
End of statement
Minimum payment is received and the account is still within an
introductory offer.
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