We'll automatically attempt to debit the full statement balance from your linked bank account at the end of each month's grace period. If you pay off your statement balance in full before the end of the grace period, you will not be charged a statement fee.
If the full statement balance is unable to be collected by the end of the grace period, the statement balance will be rolled over into your pay-over-time balance along with a statement fee of 11% - 16% of the statement balance. You'll pay off the statement balance plus the associated fee over the course of the next nine months using a percentage of your [PARTNER] sales.
Your payment rate is based on many factors, including your outstanding balance and your estimated future sales. As you increase your pay-over-time balance, your payment rate will also increase.
Additional helpful information
Note that each statement period corresponds to one month. Every statement period is followed by a 7 calendar day grace period.
The payment rate displayed in your dashboard represents the overall payment rate for your pay-over-time balance, which is the sum of each individual payment rate corresponding to a statement period's pay-over-time balance. Your overall payment rate will decrease as you pay off your pay-over-time balances or will increase as more statement balances are rolled over to pay-over-time.
Each individual payment rate is calculated as the percent of your estimated future sales needed to pay off an individual pay-over-time balance in nine months. You can view the payment rate details of an individual pay-over-time balance in your monthly statements.
For more information, please see your Spend Card Agreement.
Parafin is a financial technology company, not a bank. Spend Cards are issued by Column N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc., and are powered by Marqeta. Approval is not guaranteed and is subject to checks. Terms and conditions apply.