Your statement explained

How equal payment financing plans work

For Accord D financing plans paid in equal monthly instalments

Each month, your payment amount, referred to as Accord D financing instalments, is automatically included in your card's minimum payment due.

By making the minimum payment or more on your credit card by the due date, you'll also be paying your Accord D monthly instalment.

By making these payments by the due date listed on your credit card statement, you'll be meeting the requirements of your Accord D financing plan.

How deferred payment financing plans work

For "Buy now, pay later" Accord D financing plans

• You'll receive a monthly account statement with information on your financing plan, even if you don't have to pay the initial financing amount until the due date.

• Between 30 and 59 days before you have to pay your financing balance, you'll receive a notice on your credit card statement specifying the due date to pay it in full.

• If you don't pay it in full by the due date, your financing balance will be converted to an equal monthly instalments payment plan at the annual interest rate determined at the time of purchase.

  To learn more about these payments, see Equal payment plans.

How to pay your financing balance down faster

You can pay your financing balance whenever you want, in part or in full, without being charged extra fees, before the due date.

• To pay your balance in part or in full, in addition to your Accord D monthly instalments, you can make a principal payment.

  This payment is made directly against the principal of your Accord D financing plan, meaning it's made against the financing amount.

  It may be worth considering this option, especially if you've already made the minimum payment due and if you're paying interest on your Accord D financing plan. You'll save by paying credit charges on a smaller amount. When making a principal payment, make sure you select the right plan number.

• Once you've made a principal payment, you'll see an amount in the Payments/Adjustments On Principal box on your next statement.

Making payments on time

To make your credit card payment on time, simply make the minimum payment due listed on your card statement by the due date. We recommend making more than the minimum payment.

If you pay the amount in the New Regular Balance1 box, you'll be paying the amount due on the date your statement was issued.

The regular transaction summary shows you how the new regular balance is calculated.

• Your previous month's balance (previous balance)

• Plus (+) your current month's transactions (purchases, debits, cash advances)

• Plus (+) credit charges (interest charges) if applicable

• Plus (+) your Accord D monthly instalment, if you have one or more Accord D financing plans

• Minus (-) the payments you've made since your last statement was issued

Pay less in credit charges on your purchases

Even if you always make your minimum payment on time, interest keeps accruing on your card's total balance, so it's better to pay your new regular balance in full every month and avoid paying credit charges on your regular purchases.

Example

Your new credit card balance1 is $196.46 and the card's annual interest rate applicable on the balance is 19.90%. Using the estimated time to pay your balance if you only make the minimum payment due each month, it will take 1 year and 9 months to pay the balance of your purchases and cash advances. It's up to you to determine the best payment strategy based on your financial situation.

Credit charges (interest on purchases) will be added to your new regular balance only if you haven't paid your regular balance by the due date listed on your last statement. After the due date, credit charges are calculated on your regular purchases at the annual interest rate and listed on your statement.

How cash advances work

A cash advance is:

• an ATM withdrawal made with your credit card
• a transfer made on AccèsD from your credit card
• a balance transfer from another credit card to your Desjardins credit card
• a purchase made with a credit card cheque

When you take out a cash advance using your credit card, interest starts accruing immediately and is calculated daily at the annual interest rate applicable to cash advances and added to your new regular balance. Interest will be listed in the Credit Charges (Interest on Cash Advances) box.

This is yet another reason to pay your new balance in full every month.