Credit line rates, fees & terms.
Everything you'll pay with a Verilynq Credit Line, in plain language and in one place — no surprises, nothing buried.
Summary of terms. Your Cardholder Credit Line Agreement is the controlling document.
Rates and fees at a glance
Every rate and fee that applies to a Verilynq Credit Line.
| Item | Amount | Details |
|---|---|---|
| Credit limit | $500 | Issued in full at enrollment. $500 is the maximum credit limit. |
| Annual percentage rate (APR) | 24.00% fixed | Monthly periodic rate of 2.00%. The rate is fixed and does not vary with any index. |
| Interest-free period | 90 days | No interest for the first 90 days after your account is opened. There is no grace period after the 90 days, so interest applies to balances from that point on. |
| Minimum monthly payment | $15 or 2% | The greater of $15 or 2% of your balance. |
| Monthly maintenance fee | $10.41 | Charged on the 1st of each month whether or not you use your card. If unpaid, it is added to your balance and accrues interest. |
| Late payment fee | $29.95 | Assessed on the 26th if your minimum payment has not been received by the 25th due date. |
| Over-limit fee | None | There is no fee for exceeding your credit limit. |
Rates, fees and terms are subject to the Cardholder Credit Line Agreement. If anything on this page differs from your agreement, the agreement controls. Questions? Contact support and we'll be glad to send you a copy.
Your monthly billing calendar
The same dates every month, so you always know what's coming.
Statement & maintenance fee
Your statement is emailed, and the $10.41 monthly maintenance fee is charged.
Mailed statements
If you've chosen paper statements, they're mailed by the 4th.
Payment reminder
We send a text or email one day before your due date, and again before a late fee would apply.
Payment due
Your minimum payment is due on the 25th of each month.
Automatic payment & late fee date
If you've enrolled in automatic payments, your payment is deducted the day after the due date, the 26th of each calendar month. If the minimum payment hasn't been received, the $29.95 late fee is assessed.
You receive real-time confirmation when a payment is made.
A simple example
Interest is charged at a 2.00% monthly periodic rate on your average daily balance, after the 90-day interest-free period.
Average daily balance of $100
Example only. It does not include the monthly maintenance fee or any late fee.
Credit line FAQs
Do I pay the maintenance fee if I don't use my card?
When does interest start?
What happens if I go over my limit?
Questions about the credit line?
Our support team can walk you through any rate, fee or date.