I/we understand that purchases made during a calendar month of this Co-op account are payable in full by the last day the following month. On any amount that is not paid, I/we agree to pay a service charge of 24% per annum (2.0% per month) calculated monthly and added to the account until the account has been paid in full or made current within the terms arranged and I/we shall be responsible for collection costs incurred in recovering the full amount of my unpaid account. Any payments on this account which do not pay the account in full will be applied firstly, to pay service charges and secondly, to reduce the principal outstanding.
The issue to me/us of my Co-op account shall constitute an agreement on the Co-op’s part to extend credit to me on the above terms, which may be amended from time to time and arranged limit.
I/we will be responsible for all goods or services charged to my/our account until I/we have notified the Co-op Credit Department in writing.
I/we hereby apply for credit with the Co-op, subject to the terms outlined above with a credit limit of: