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Frequently Asked Questions

Please note this document is intended to be a reference guide to help you understand your statement. For full terms and conditions, please consult your Cardmember Agreement or call us at the number listed on the back of your card.

  Understanding Your Financial Responsibilities

1. How do I figure out how much I owe in total (Including any Promotional Finance Plans I have on my account)?

Your total amount owing will include:

- Your New Balance (which will include any purchases you made, monthly installments from Equal Payment No Interest plans and Same as Cash transactions)

- Any Equal Payment No Interest, No Payment, Waived Interest or No Payment, No Interest Promotion Plan balances

For example, you bought a TV for $1,200 on a 12-month Equal Payment Plan with monthly installments of $100. You also purchased a $200 chair to enjoy your new TV for a combined total of $1,400. Your statement will show the $200 chair and the first installment of $100 in your New Balance and the remaining balance of $1,100 for the TV in the Optional Financing Program Summary.

Purchases+ $200
Equal Payment Promotion Plan Installment + $100


New Balance $300

New Balance +   $300
Equal Payment Promotion Plan balance + $1,100


The total amount you owe     $1,400


Your New Balance is $300. Over the next 11 months, the remaining $1,100 of the TV will be a part of the New Balance in monthly installments of $100.

2. How much do I owe this month to avoid interest and when do I need to pay it by?

The amount you owe this month is equal to your New Balance. As in the example above, you would owe $300.

We need to receive your payment by the Payment Due Date on your account statement.

3. How do I pay my bill?

Each of our cards has many payment options. Please visit our Payment Options page for more information. For information on the timelines related to each payment option, visit our Tips for Managing your Finances section.

4. Why do I have to pay the "Minimum Payment Due" as opposed to the "Base Payment"?

The minimum payment includes the base payment and things like past due and over your credit limit amounts. If you pay your Minimum Payment on time, you will keep your account up-to-date and avoid negatively impacting your account. Negative impacts could include delinquency or over-limit fees.

If you can't pay your Minimum Payment on time, paying your Base Payment in full will keep you from going into or further into delinquency but will not pay off any past due amounts or get your account back below your credit limit.

5. When you say that I need to keep my account "in good standing," what does that mean?

Keeping your account in good standing means you need to pay at least your monthly Minimum Payment Due on time and not go over your credit limit. If you do not meet these requirements, some consequences could include:

  • your account could report negatively to other creditors,
  • you could lose promotional offers,
  • your credit or cash limit could be reduced,
  • you could lose access to your account, and
  • your account could be closed.

6. How can I pay off my whole optional financing program plan purchase prior to the due date?

If you would like to pay off your entire plan before the end date, please call us at the number on the back of your card to discuss your options.

7. If I have more than one optional financing plan, how do I figure out how much I need to pay each month to avoid interest charges?

It would depend on the kind of optional financing plans you have as well as other transactions on your account, as outlined in the examples below. In these examples, if you were to pay less than the amount indicated, you would be charged interest.

In any of the examples below, if you were to pay less than the Base Payment as listed on your statement for four months, you would lose your financing offer.

Type of Financing Plan (s)

Other Purchases outside of a Financing Plan

What you should pay each month to avoid interest

Example

Equal Payment, No Interest

No

PAY: The New Balance amount as listed on your statement.

(This equals your monthly equal payment installment.)

$1,200 TV on a 12-month Equal Payment, No Interest plan

PAY: $100 (equal payment installment)

Yes

PAY: The New Balance amount as listed on your statement.

(This equals your monthly equal payment installment and your purchases.)

  • $1,200 TV on a 12-month Equal Payment, No Interest plan
  • $125 in purchases outside of a Financing Plan

PAY: $225

($100 equal payment installment + $125 purchases)

Type of Financing Plan (s)

Other Purchases outside of a Financing Plan

What you should pay each month to avoid interest

Example

Same as Cash with Minimum Payment or No Interest with Minimum Payment

No

PAY: The Base Payment amount as listed on your statement.

While the full purchase amount is included in your New Balance, you do not need to pay the full amount to avoid interest.

$1,200 TV — 12-month Same as Cash with Minimum Payment or No Interest with Minimum Payment

PAY: $12

(representing 1% of the financed purchase)

Yes

PAY: The total amount of your purchases or the Base Payment, whichever is greater.

Because the payment meets the requirements for the promotional plan, you do not need to add the Base Payment amount.

If you don't pay at least your Base Payment for four months, you will lose your financing offer.

While the New Balance includes the full amount of the financed purchase, you do not need to pay the full amount to avoid interest.

  • $1,200 TV — 12-month Same as Cash with Minimum Payment or No Interest with Minimum Payment and;
  • $125 in purchases outside of a Financing Plan

PAY : $125

This satisfies the $12 Base Payment required for the promotional plan.

Type of Financing Plan (s)

Other Purchases outside of a Financing Plan

What you should pay each month to avoid interest

Example

2 Promotional Plans — Equal Payments, No Interest and Same as Cash with Minimum Payment (or No Interest with Minimum Payments)

No

PAY: The monthly installment amount from your Equal Payment plan, as listed in your Account Activity as a transaction (e.g., installment 1 of 12).

The payment must be greater than the Base Payment amount shown on your bill (it usually is in this scenario).

Because the payment satisfies the requirements for the Same as Cash promotional plan, you do not need to add the Base Payment amount.

While the New Balance includes the full amount of the financed purchase, you do not need to pay the full amount to avoid interest.

  • $1,200 TV — 12-month Equal Payment, No Interest plan
  • $600 range — 12-month Same as Cash with Minimum Payment plan

PAY : $100

(equal payment installment from the TV)

This satisfies the $12 Base Payment required for the promotional plan.

* Note: This suggested payment will not pay down the $600 outstanding on the range. Interest will be charged on any remaining balance on the range at the end of the promotional period.

Yes

PAY: The total amount of all your purchases and the monthly installment from your Equal Payment plan, as listed in your Account Activity as a transaction (e.g., installment 1 of 12).

The payment must be greater than the Base Payment amount shown on your bill (it usually is in this scenario).

Because the payment satisfies the requirements for the Same as Cash promotional plan, you do not need to add the Base Payment amount.

While the New Balance includes the full amount of the Same as Cash financed purchase, you do not need to pay the full amount to avoid interest.

  • $1,200 TV — 12-month Equal Payment, No Interest plan
  • $600 range — 12-month Same as Cash with Minimum Payment plan
  • $125 regular purchases

PAY : $225

($100 monthly installment from the TV + $125 in regular purchases)

This satisfies the $12 Base Payment required for the promotional plan.

* Note: This suggested payment will not pay down the $600 outstanding on the range. Interest will be charged on any remaining balance on the range at the end of the promotional period.

8. How do you divide my Minimum Payment across my owing amounts?

We first take your Minimum Payment amount and apply it in the following order:

  1. Credit Insurance
  2. Finance charges
  3. Card Fees
  4. Previous balances
  5. Recent account activity

Same as Cash and No Interest with Minimum Payment promotions are paid last to ensure you enjoy the advantage of the promotional interest rate.

9. If I pay more than my Minimum Payment, how is that payment divided?

If you pay more than the minimum payment, we divide the remaining amount proportionately within your recent account activity among the different types of transactions (Purchases, Cash Advance, Balance Transfer, Cheques). These are grouped into categories by the applicable interest rate.

For example, you made the following transactions:

  • $1,200 TV on a 12-month Equal Payment, No Interest plan purchase
    • Which will have monthly installments of $100 / month
  • $500 range on a 12 month No Interest with Minimum Payment plan purchase
  • $309 in other store purchases
  • $100 in Cash Advance, which for this example accrued approximately $1 in interest

After the minimum payment of $10 is applied, purchases represent 90% and the Cash Advance represents 10% of the New Balance. If you pay more than the minimum payment, your payment would be divided according to those percentages.

For example, if you paid $300 more than the Minimum Payment, here is how your excess payment would be divided:

Balance

X

Proportion of New Balance

=

How a $300 above minimum payment is applied

Remaining balance

$300 new purchases + the $100 installment from the No Interest, Equal Payment Plan for the TV

$400

90%

$270

$130*

Purchase (No interest with Minimum Payment Plan - Range)

$500

$0

(Purchases are paid before plans)

$500

ATM Cash Advance

$100

10%

$30

$70*

* Remaining balance and interest charges: You now have a remaining New Balance of $700 ($500 No Interest with Minimum Payment plan, $130 of purchases + $70 of cash). Because you did not pay the remaining balance of your purchases ($130) and your Cash Advance($70) in full this month, we will charge you interest on those amounts until you pay for them in full.

  • We will not charge interest on the remaining balance of $1,100 for the TV and $500 for the range because you have satisfied the requirements for those financing plans.

Remaining balance of promotional plans

  • You will need to pay the remaining balance of $1,100 for the TV in $100 installments each month until the 12-month promotional period ends.
  • You will need to pay the balance of $500 for the range in full by the end of the promotional period.

10. What is the difference between my Transaction Date and my Posting Date?

Your transaction date is the date that you make your purchase and the posting date is the date that we process that purchase. There could be a few days difference between the two depending on the amount of time for the transaction to be reported to us. Interest, when applicable, is calculated from the transaction date of a purchase.

11. Why does the difference between my New Balance and Credit Limit not match my Available Credit?

Your Available Credit = Your Credit Limit minus any transactions you have made that you haven't paid for yet.

For example:

Credit Limit    $5,000
New Balance − $   300
Promotion Plan Balance − $1,000


Your Available Credit    $3,700

  Understanding Interest Charges

  Managing Your Account