The following are the configuration requirements for online credit card loan categories:
  • The process type must be V - Online Credit Cards.
  • The interest calculation type must be Average Daily Balance (5 = ABD).
  • The payment calculation type must be Principal only (P = Principal only). 
  • The next payment date/del. control must be Single Payment Per Period (P = single payment per period).
  • The payment matrix is hard-coded and cannot be modified (1 = Fine amount, 2 = Finance charges, 3 = Principal).
  • The Billing Days represents the number of days a member has to pay the previous statement balance before finance charges will be assessed. This must be 28 days.