MyWay Installment Payments

Log into digital banking and click or tap the “View Statements & Rewards” link. Once there, you’ll see an icon for “Installment Payments”. All of your eligible purchases will be listed!

Purchases for the current statement cycle are eligible. Once your statement period has closed, you will no longer see offers from a past statement.

We will calculate the minimum payment as:

1. any past-due amounts; PLUS
2. any special payment obligations in connection with Installment Plan Offers which require repayment of the balance over a pre-selected number of billing periods; PLUS
3. the larger of
   
   a. $XX (or total amount you owe if less than $XX); or
   
   b. the sum of X% of the new balance (excluding any installment plan balances which require special payment obligations to ensure repayment of the balance over a pre-selected number
   of billing period).
   
   The above example does not factor issuers who add overlimit amounts, billed interest, or other fees to the Minimum Payment Due (MPD) calculation.

Up to the MPD: When you make a payment, generally, we first apply your minimum payment to the monthly obligation for any Installment Plan offer balances with special payment obligation which require repayment of the balance over a pre-selected number of billing periods, and then to the balance on your monthly statement with the lowest APR.

• Excess of MPD: Amounts paid in excess of the MPD would generally be applied to the balance on your monthly statement with the highest APR first.

If you do not pay your New Balance, or Interest Avoidance Balance, as shown on your statement, in full each month, you may not avoid paying interest on your new, regular (non-installment) purchases. We apply payments to balances as they appear on your monthly statement before being applied to new transactions. An example of a new transaction is a recent purchase made that is not included in the New Balance as shown on your statement.

Accounts will fail Skip Pay qualification controlled in the Product Control File (CP PO SP) if they are carrying an installment promotion, regardless of the balance. This is to allow them to pay the installment balance according to agreed terms

For installments created from Cycle-to-Date purchase transactions, interest begins to accrue on the day after the first billing cycle with the installment transaction and continues until paid in full. Once interest begins to accrue, there is no grace period on the installment balance (like cash advances).

You may see trailing interest when you pay off the principal balance during a cycle. When this happens, we will charge interest from the first day of the billing cycle until the date the principal balance is paid in full.

For example, assume your account statements on the 10th of every month. On August 20th you pay off your installment balance. On the September 10th statement, you will see trailing interest billed on the balance from August 11th through August 19th.

Processing an installment on a transaction that has already billed to the statement will cause interest to accrue on the first installment cycle. As a result, transactions that post on the statement date will not be eligible for offers to prevent cross-cycle installment adjustments that may conflict with disclosures around interest accrual.

Offers Expire based on the Next Statement Date on the account at the time of the offer.