Terms and Conditions
Old Navy Credit Card/Old Navy Gift Cards
OLD NAVY
REWARDS PROGRAM TERMS AND CONDITIONS
E. A Transaction Fee for each Balance Transfer that posts to your Account will be charged. This fee will be a FINANCE CHARGE equal to the greater of $5.00 or 3% of the amount of the Balance Transfer. F. A Returned COnvenience Check Fee of $29, on your Account in the event any Convenience Check on your Account is not honored by us because (i) the portion of your Credit Limit available for Convenience Checks is insufficient to cover the amount of the Convenience Check, (iI) you have filed a petition in bankruptcy, (iii) the Convenience Check has expired, or (iv) your Account has been closed. G. A Stop Payment Fee of $29 if we stop payment on any Convenience Check at your request. You may request that we stop payment on a Convenience Check (only before it is negotiated) by calling us at the telephone number on your billing statement. If you.call and order a stop payment, we must receive written confirmation of the stop payment order from you within fourteen (14) days of the call or the stop payment order will expire.
The written stop payment order must include the Convenience Check number, payee, amount and date of the Convenience Check on which payment is to be stopped. A written stop payment order will expire six (6) months after we receive it unless the stop payment order is renewed in writing.
FOREIGN TRANSACTION FEE. If you make a transaction with your Card in a currency other than U.S. dollars, Visa U.S.A. Inc. ("Visa") will convert the transaction amount into U.S. dollars using its currency conversion procedure. Under the currency conversion procedure that Visa currently uses, the nonU.S. dollar transaction amount is converted into a U.S. dollar amount by multiplying the transaction amount in the non-U.S. dollar currency by a currency conversion rate. Currently, Visa operating regulations provide that the currency conversion rate is either (1) a rate selected by Visa from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Visa itself receives, or (2) the government-mandated rate in effect for the applicable central processing date. The currency conversion rate that is in effect on the central processing date may differ from the rate in effect on the transaction date or the posting date, and may be higher than the rate you could have gotten if you had converted U.S. dollars into the foreign currency.
We charge a fee for each transaction that you make in a country other than the United States, whether or not the transaction was in a foreign currency. This fee will be a FINANCE CHARGE equal to 3% of the dollar amount of the foreign transaction.
INITIAL DISCLOSURES FOR THE OLD NAVY CREDIT CARD FINANCE CHARGES.
A. The Finance Charge for a billing period is calculated by applying the Periodic Rate to the Account balance subject to Finance Charge for each day in the billing period and adding together all of those
daily Finance Charge amounts. There is a minimum FINANCE CHARGE of $1.00 for a billing period in which a Finance Charge is assessed.
B. The Periodic Rate for a billing period is the greater of (i) the Prime Rate plus 15.8%, times 1/365, or (ii) .05754% (ANNUAL PERCENTAGE RATE 21.00%). The "Prime Rate" for a billing period is the highest bank prime loan rate as published in The Wall Street Journal in its Money Rates section on the last business day of the calendar month preceding the first day of the billing period. As of March
1, 2008, the Periodic Rate was .05973% (ANNUAL PERCENTAGE RATE 21.80%).
C. The Standard Periodic Rate and corresponding Annual Percentage Rate may vary. If the Prime Rate increases, the Standard Periodic Rate and corresponding Annual Percentage Rate may increase, and as a result the Finance Charge, Minimum Payment and number of payments also may increase. Any change in the Standard Periodic Rate will apply to your entire Account balance. We may select a new interest rate index if the Prime Rate is not available.
D. The Periodic Rate and corresponding APR for all Account balances (including promotional rates) may be increased if you fail to make a Minimum Payment to us when due, you make a payment to us that is not honored by your bank or you exceed your Credit Limit. The delinquency rate ("Delinquency Rate")
for a billing period will be a fixed rate of .06548% (ANNUAL PERCENTAGE RATE 23.90%). If we increase your Periodic Rate, the new Periodic Rate will be equal to the Delinquency Rate, or at our discretion a lower rate. Our decision may be based on factors such as the timing or seriousness of any default, your payment and purchase history on this Account and other indications of Account performance. The increased Periodic Rate will apply to your existing balances and future transactions and will take effect as of the first day of the billing period in which your missed or returned payment was due or in which you exceeded your Credit Lirnit. Once the Delinquency Rate applies, if you make at least any required Minimum Payment by the Payment Due Date in six consecutive billing periods, the next statement you receive will reflect the Standard Rate (rather than the Delinquency Rate) that will apply to all existing balances on your Account and all new transactions beginning with the first day
of the billing period reflected on that Statement. We may also change rates or other terms as provided in the Termination/Change in Terms section of this Agreement.
BALANCE SUBJECT TO FINANCE CHARGE.
A. The balance subject to Finance Charge is the Daily Balance of the Account. However, there is no baiance subject to Finance Charge for a billing period if there is no Previous Balance on your Account for that billing period or the sum of your payments and credits posted to your Account by the Payment Due Date is at least equal to the Previous Balance.
B. To determine the Account balance subject to Finance Charge, we take the beginning balance of your Account each day, which includes any unpaid Finance Charges, and add any new Purchases and other debits for that day and subtract any payments and other credits applied that day. Each day, we also add any Finance Charges, Late Payment Fees and Returned Check Fees assessed that day. Credit insurance premiums, if any, are not included. This gives us the "Daily Balance" of the Account. Any Daily Balance of less than zero will be treated as zero.
WHEN FINANCE CHARGES BEGIN TO ACCRUE. If there is no Previous Balance for the billing period or the sum of your payments and credits posted to your Account by the Payment Due Date is at least equal to the Previous Balance, new Purchases and other charges in that billing period will begin to accrue a Finance Charge as of the first day of the next billing period if a Finance Charge is imposed in the next billing period. If there is a Previous Balance for the billing period, including any balance of Purchases made under any Special Payment Plan, and the sum of your payments and credits posted to your Account by the Payment Due Date is not at least equal to that Previous Balance, new Purchases and other charges in that billing period will begin to accrue a Finance Charge from the later of the date of the transaction or the first day of the billing period in which the transaction is posted to your Account. PAYMENTS. You must pay at least the Minimum Payment on your Statement by 5 p.m. (ET) on the Payment Due Date shown on the Statement.
You may pay more than the Minimum Payment at any time. If you have a balance subject to finance charge, earlier payment may reduce the amount of finance
charges you will pay. Your Payment Due Date may vary from month to month and the length of time you have to pay may be
longer or shorter from month to month.
Please check the Payment Due Date on your Statement carefully each month to
ensure timely payment. The Minimum Payment initially will be the greater of: $10 or 1/2Oth of the New Balance shown on your Statement,
rounded to the next highest dollar. If, during any four month period immediately
following a billing period in which a late fee is assessed, you pay at least the Minimum Payment
each month but the total of your payments does not at least equal the sum of the finance charges
billed on your Statement each month, plus 1 % of your New Balance each month, plus the particular late fee
that was assessed in the billing period before the four month period, your Minimum Payment will be changed for future months
to the greatest of (i) $10, (iI) 1I20th of your New Balance rounded to the next highest dollar, or (iii) the sum of 1 % of your
New Balance plus finance charges and late fees billed on your Statement, rounded to the next highest dollar.
In each case, your Minimum Payment (1) is the New Balance if the New Balance is less than $10, and (2) if your New Balance is greater than $10, your Minimum Payment also will include any past due amounts and any payment due in connection with a specific promotional purchase.
We reserve the right to select the method by which payments and credits are allocated to your Account in our sole discretion. The payment allocation method that we use may result in higher Finance Charges on your Account, depending on the types of transactions you make (such as promotional or non-promotional purchases), and the timing and amount of your payments. If you have any questions about the allocation of your payment or if your payments are not allocated to your promotional purchase in a manner you desire, please call customer service to see whether we can reallocate your payments based on another payment allocation option we offer.
FEES. You agree to pay the following fees.
A. We may impose a Late Payment Fee if we do not receive your Minimum Payment by 5:00 p.m. (ET) on the Payment Due Date shown on your Statement. The amount of the Late Payment Fee will be based on your Account balance at the time the Late Payment Fee is posted to your Account, as set forth below:
Balance Late Payment Fee
$29.99 or less $10
$30 - $249.99 $25
$250 - $999.99 $29
$1,000 or more $35
B. A Returned Check Fee of $29 if any check or other instrument sent to us, or any electronic payment authorization you provide us in payment on your Account, is not honored upon first presentment, even' if the check, instrument or electronic authorization is later honored.
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Terms and Conditions based on information given by Old Navy. If you have any questions or concerns, please contact Old Navy directly.
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