SaksFirst Credit Cardholder Agreement.
Billing Cycle/Statement Period: The duration of each billing period for which a statement may be provided varies. It is typically between 28 and 31 days.
Annual Fee: $0
Interest-Free Grace Period: You will benefit from an interest-free grace period of at least 21 days on new purchases if you pay off your new regular balance in full by the payment due date.
Minimum Payment: If you reside anywhere other than the province of Quebec, your required minimum payment will be the greater of: (i) The sum of (a) 1% of your new total balance (excluding any balance on a special payment plan), (b) any interest charges you have, and (c) any monthly payment due under a special payment plan, rounded up to the nearest dollar, plus any amount past due; or (ii) $10 plus any amount past due; or (iii) any balance that exceeds your credit limit. If your new total balance is less than $10, then the minimum payment will be the new total balance.
If you reside in Quebec, your required minimum payment will be the greater of: (i) The sum of (a) 5% of your new total balance (excluding any balance on a special payment plan), and (b) any monthly payment due under a special payment plan, rounded up to the nearest dollar, plus any amount past due; or (ii) $15 plus any amount past due; or (iii) any balance that exceeds your credit limit. If your new total balance is less than $15, then the minimum payment will be the new total balance.
Table of examples of interest charges for a 30-day billing period
Annual Interest Rates | Average Daily Balance | ||
---|---|---|---|
$100 | $500 | $1,000 | |
22.95% | $1.91 | $9.56 | $19.12 |
29.9% | $2.49 | $12.45 | $24.91 |
If you would like to learn more about SaksFirst Credit account terms, click here to download the Cardholder Agreement (effective as of August 1, 2019).