The effective interest rate may vary for fixed monthly payment plans.
On the day a cardholder sets up a fixed monthly payment plan, the rate is calculated as the account's current variable rate + a Fixed Rate premium. The Fixed Rate premium is 3.5%, but it may change in the future. (For some Aven cardholders, it may vary, see your account agreement for the Fixed Rate premium applicable to you)
The fixed monthly payment is calculated using the above rate and the balance.
Example:
- On January 01, the variable rate is 8.00%
- A 10-year fixed monthly payment plan is set up on January 01
- The 10-year plan will use a rate = 11.50%.
- On June 01, the variable rate is 9.00%
- A 5-year fixed monthly payment plan is set up on June 01
- The 5-year plan will use a rate = 12.50%