Who can help me by explaining terms about my new credit card?
Your interest rate will increase to 24.99% on perchases, and 26%99 on cash advcances, balance transders and scotia credit card cheques for at least 6 months starting with your next statement if, including during any promitional rate period, you:
miss 2 minimum payments in a row, or
miss 3 minimum payments in any 12 months period
including making any payment that is returned or beyond the next statement date.

What does "miss 2 minimum payments in a row" and "including mking any payment that is returnned or beyond the next statement date" mean?
Can you take an example?

Thank you!

Question

Who can help me by explaining terms about my new credit card?
Your interest rate  will increase to 24.99% on perchases, and 26%99 on cash advcances, balance transders and scotia credit card cheques for at least 6 months starting with your next statement if, including during any promitional rate period, you: 
miss 2 minimum payments in a row, or
miss 3 minimum payments in any 12 months period
including making any payment that is returned or beyond the next statement date.

What does "miss 2 minimum payments in a row" and "including mking any payment that is returnned or beyond the next statement date" mean?
Can you take an example?

Thank you!

Answer

Suppose you have to pay at least $10 each month. If you paid nothing in January, and then $5 in February, you would have missed two minimum payments in a row. If you paid nothing in January, $10 in February, and $5 in March, you would have missed two minimum payments, but not two minimum payments in a row.

A payment that is returned is a payment that you give to the company, but then is given back to you for some reason. A payment beyond the next statement date is a payment that the company receives after the allowable period for payment has passed - in other words, you can't make January's payment in February.

Answers · 2

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