At the end of each statement period, your statement balance will automatically be rolled over into pay over time along with a statement fee that is 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.