COPYRIGHTED MATERIAL
3 Late Payment Warning. This
Previous Balance Payments Other Credits Purchases Balance Transfers Cash Advances Past Due Amount Fees Charged Interest Charged Summary of Account Activity 2 Payment balance, which includes all the Information. This reveals your new
Payment Information
section is tells you that additional fees and a higher APR may be charged if your payment is late.
2
$535.07 -$450.00 $0.00 +$517.12 +$785.00 +318.00 +$0.00 +$69.45 +$11.36
New Balance Minimum Payment Due Payment Due Date
$1,786.00 $53.00 4/20/16
3 4
Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 fee and your APRs may be increased up to the Penalty APR of 28.99% Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and take you longer to pay off your balance. For example:
new charges and the balance that was carried over from the previous billing cycle. The minimum payment amount and payment due date must be clearly stated on the Credit Card Billing Statement.
4 Minimum Payment Warning. This is a sobering revelation of the impact of
$1,786.00
New Balance
$2,000.00 $214.00 3/22/2016 30
Credit limit Available credit Statement closing date Days in billing cycle
If you make no additional charges using this card and each month you pay...
You will pay off the balance shown on this statement in about...
And you will end up paying an estimated total of...
making only minimum payments. This tells you how much you will pay if you make no further charges on the card and make only minimum payments on the current balance. It tells you how long it will take to pay off the card balance. $1,786.00 $53.00 4/20/16
Only the minimum payment
QUESTIONS? Call Customer Service Lost or Stolen Credit Card
8 years
$2,785
Please send billing inquiries and correspondence to: PO Box XXXX, Anytiown, Anystate XXXXX New Balance Minimum Payment Due Payment Due Date $535.07 -$450.00 $0.00 PRODUCT PREVIEW 1-XXX-XXX-XXXX 1-XXX-XXX-XXXX $62 3 years $2,232 (Savings=$553) Previous Balance Payments Other Credits Purchases Balance Transfers Cash Advances Past Due Amount Fees Charged Interest Charged Summary of Account Activity Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay a $35 fee and your APRs may be increased up to the Penalty APR of 28.99% Minimum Payment Warning: If you make only the minimum payment each period, you will pay more in interest and tak you lo ger to pay off your balance. For example: Payment Information You will pay off the balance shown on this statement in about... 8 years And you will end up paying an estimated total of... $2,785
Reflect on Learning: Observe the billing statement. The payment due date is April 20. So, when did the grace period start? Answer: March 23 (when the billing cycle closed). In order to avoid interest charges on the purchases made in this billing cycle, when the cardholder pay? Answer: During the grace period between March 23 and April 20. Read the minimum payment warning. If the cardholder makes only minimum payments and makes no other charges on this card, when will they pay off the charge and how much will they have paid to borrow $1786? (8 years; about $1000 of the $2785 represents interest!) You have triggered the Penalty APR of 28.95%. This change will impact your account as follows: Transactions made on or after 4/9/16: As of 5/10/16, the Penalty APR will apply to these transactio s. We may keep the APR at is level indefinitely. Transactions made before 4/9/16: Current rates will continue to apply to th se transactions. However, if you become more than 60 days late on your account, the Penalty APR will apply to those transactions as well. Notice of Changes to Your Interest Rate The following is a summary of changes that are being made to your account terms. For more detailed information, please refer to the booklet enclosed with this statement. These changes will impact your account as follows: Transactions made on or after 4/9/16: As of 5/10/16, any changes to APRs described below will apply to these transcations. Transactions made before 4/9/16: Current APRs will continue to apply to these transactions. If you are already being charged a higher Penalty APR for purchases: In this case, any changes to APRs described below will not go into effect at this time. These changes will go into effect when the Penalty APR no longer applies to your account. Important Changes t Your Account Terms New Balance Credit limit Available credit Stat ment closing date Days in billing cycle QUESTIONS? Call Customer Service Lost or Stolen Credit Card 1-XXX-XXX-XXXX 1-XXX-XXX-XXXX $1,786.00 $2,000.00 $214.00 3/22/2016 30 +$517.12 +$785.00 +318.00 +$0.00 +$69.45 +$11.36 If you mak no additional charges using this card and each month you pay... Only the minimum payment $62
$2,232 (Savings=$553)
3 years
5 Notice of Changes to Your Interest Rates. Careful! If you’re over your credit limit or pay your bill late, you will trigger the penalty rate! This is where your credit card company tells you about the penalties. They are very steep. The penalty rate applies to all future transactions. If you are over 60 days late, the credit card issue may apply the penalty rate to the entire outstanding balance.
Please send billing inquiries and correspondence to: PO Box XXXX, Anytiown, Anystate XXXXX
Revised Terms, as of 5/10/16
5
16.99% Notice of Changes to Your Interest Rate
APR for Purchases
Tras Date 2/22 2/25 2/25 2/26 2/27 2/28 3/4 3/15 Post Date 2/23 2/25 2/26 2/26 You have triggered the Penalty APR of 28.95%. This change will impact your account as follows: Transactions made on or after 4/9/16: As of 5/10/16, the Penalty APR will apply to these transactions. We may keep the APR at thi level ind finitely. Transactions made before 4/9/16: Current rates will continue to apply to these transactions. However, if you become more than 60 days late on your account, the Penalty APR will apply to those transactions as well. Description of Transaction or Credit Store #1 Pymt Thank You Store #2 Cash Advance Balance Transfer Amount $133.74 $450.00- $247.36 $318.00 $785.00 2/23 2/27 2/28 The following is a summary of changes that are being made to your account terms. For more detailed information, please refer to the booklet enclosed with this statement. These changes will impact your account as follows: Transactions made on or after 4/9/16: As of 5/10/16, any changes to APRs described below will apply to these transcations. Transactions made before 4/9/16: Current APRs will continue to apply to these transactions. If you are already being charged a higher Penalty APR for purchases: In this case, any changes to APRs described below Important Changes to Your Account Terms Late Fee Balance Transfer Fee Cash Advance FEE TOTAL FEES FOR THIS PERIOD Interst Charge on Purcashes Interest Charge on Cash Advance $6.57 $4.79 Fees Interest Charged 3/1 3/1 3/5 3/17 2/23 2/27 2/28 Store #3 Store #4 Store #5 $34.32 $29.45 $72.25 $35.00 $23.55 $10.90 $69.45
Transactions
Reference Numbers 5884188PS0388W6YM 854338203FS8OO0Z5 564891561545KOSHD 1542202074TWWZV48 4545754784KOHUIOS 2564561023184102315 045148714518979874 0547810544898718AF 9525156489SFD4545Q 84151564SADS8745H 256489156189451516L
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 247
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