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VISA
CREDIT CARD AGREEMENT |
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1.
Using
Your Account.
If you are
approved for an Account, the Credit Union will establish a line of
credit for you and notify you of your credit limit.
You agree that your credit limit is the maximum amount
(purchases, cash advances, finance charges, plus other charges)
that you will have outstanding on your Account at any time.
If you are over your credit limit, you must pay the amount you
are over before payments will begin to restore your credit limit.
You may request an increase in your credit limit only by a method
acceptable to the Credit Union. The
Credit Union has the right to reduce your credit limit, refuse to make
an advance and/or terminate your Account at any time for any reason not
prohibited by law.
2.
Using
Your Card.
You may use
your Card ;to make purchases from merchants and others who accept VISA
Cards. In addition, you may
obtain cash advances from the Credit Union and from other financial
institutions that accept VISA Cards, and from some automated teller
machines (ATMs). (Not all
ATMs accept VISA Cards.) To
obtain cash advances from an ATM, you must use the Personal
Identification Number (PIN) that is issued to you for use with your
Card. You agree that you
will not use your Card for any transaction that is illegal under
applicable federal, state, or local law.
3.
Responsibility.
You agree to pay all charges (purchases and cash advances) to
your Account that are made by you or anyone whom you authorize to use
your Account. You also agree
to pay all finance charges and other charges added to your Account under
the terms of this Agreement or another agreement you made with the
Credit Union. If this is a
joint Account, Section 17 below also applies to your Account.
4.
Finance
Charges.
New purchases
posted to your account during a billing cycle will not incur a finance
charge for that billing cycle if you had a zero or credit balance at the
beginning of that billing cycle or you paid the entire New Balance on
the previous cycles billing statement by the Payment Due Date of that
statement; otherwise a finance charge will accrue from the date a
purchase is posted to your account.
To avoid an additional finance charge on the balance of
purchases, you must pay the entire New Balance on the billing statement
by the Payment Due Date of that statement.
A finance charge begins to accrue on cash advances from the date
you get the cash advance or from the first day of the billing cycle in
which the cash advance is posted to your account, whichever is later. The finance charge is calculated
separately for purchases and case advances.
For purchases, the finance charge is computed by applying the
monthly periodic rate to the average daily balance of purchases.
To get the average daily balance or purchases, we take the
beginning outstanding balance or purchases each day, add any new
purchases, and subtract any payments and /or credit.
This gives us the daily balance of purchases.
Then, we add all the daily balances of purchases for the billing
cycle together and divide the total by the number of days in the billing
cycle. This gives us the
average daily balance of purchases. For cash advances, the finance
charge is computed by applying the monthly periodic rate to the average
daily balance of cash advances. To
get the average daily balance of cash advances, we take the beginning
outstanding balance of cash advances each day, add in any new cash
advances, and subtract any payments and/or credits that we apply to the
cash advance balance. This
gives us the daily balance of cash advances.
Then, we add all the daily balances of cash advances for the
billing cycle together and divide the total by the number of days in the
billing cycle. This gives us
the average daily balance of cash advances. For our VISA Classic Card, the
monthly periodic rate for purchases is 1.075%, which is an ANNUAL
PERCENTAGE RATE of 12.9%. The
monthly periodic rate for cash advances is 1.075%, which is an ANNUAL
PERCENTAGE RATE of 12.9%. For our VISA Gold Card, the monthly
periodic rate for purchases is 0.7833%, which is an ANNUAL PERCENTAGE
RATE of 9.4%. The monthly
periodic rate for cash advances is 0.7833%, which is an ANNUAL
PERCENTAGE RATE of 9.4%.
5.
Other
Charges.
The following
other charges (fees) will be added to your Account, as applicable
a.
Late
Payment Fee:
If you are ten
(10) or more days late in making a payment, a late charge of $25.00 will
be added to your account. b.
Return
Check Fee:
If a check or
share draft used to make a payment on your account is returned unpaid,
you will be charged a fee of $20.00 for each item returned. c.
Card
Replacement Fee:
You will
be charged $5.00 for each replacement card that you request. d.
Collection
Costs:
You agree to pay
all costs of collecting the amount you own under this Agreement,
including court costs and reasonable attorneys fees.
6.
Payments.
Each month you must pay at least the minimum payment shown on
your statement by the date specified on the statement or no later than
twenty-five (25) days from the statement closing date, whichever is
later. If your statement
says the payment is Now Due, your payment is due no later than
twenty-five (25) days from the statement closing date.
You may pay more frequently, pay more than the minimum payment or
pay the Total New Balance in full. If
you make extra or larger payments, you are still required to make at
least the minimum payment each month your Account has a balance (other
than a credit balance). The
minimum payment is 2.5% of your Total New Balance, or $20.00, whichever
is greater, plus the amount of any prior minimum payments that
you have not made, and any amount you are over your credit limit.
The Credit Union also has the right to demand immediate payment
of ay amount by which you are over your credit limit.
7.
Payment
Allocation.
Subject to
applicable law, your payments may be applied to what you owe the Credit
Union in any manner the Credit Union chooses.
We may accept checks marked payment in full or with words
of similar effect without losing any of our rights to collect the full
balance of your account with us.
8.
Security
Interest.
If you give the
Credit Union a specific pledge of shares by signing a separate pledge of
shares, your pledged share will secure your Account.
You may not withdraw amounts that have been specifically pledged
to secure your Account until the credit union agrees to release all or
part of the pledged amount. In
addition, your Account is secured by all other shares you have in any
individual or joint account with the Credit Union, except for shares in
an individual Retirement Account or in any other account that would lose
special tax treatment under state or federal law if given as security.
These other shares may be withdrawn unless you are in default
under this agreement. You
authorize the Credit Union to apply the balance in your individual or
joint share accounts to pay any amounts due on your Account if you
should default. Collateral
securing other loans you have with the Credit Union may also secure this
loan, except that a dwelling will never be considered as security for
this Account, notwithstanding anything to the contrary in any other
agreement.
9.
Default.
You will be in default if you fail to make any minimum payment or
other required payment by the date that it is due.
You will be in default if you break any promise you make under
this Agreement. You will be
in default if you die, file for bankruptcy or become insolvent, that is,
unable to pay your obligations when they become due.
You will be in default if you make any false or misleading
statements in any credit application or credit update.
You will also be in default if something happens that the Credit
Union believes may substantially reduce your ability to repay what you
owe. When you are in default, the Credit
Union has the right to demand immediate payment of your full Account
balance without giving you notice. If
immediate payment is demanded, you agree to continue paying finance
charges, at the periodic rate charged before default, until what you owe
has been paid, and any shares that were given as security for your
Account may be applied towards what you owe.
10.
Liability
for Unauthorized Use-Lost/Stolen Card Notification.
You
agree to notify us immediately, orally or in writing at
11.
Changing
or Terminating Your Account.
The Credit Union may change the terms of this Agreement from time
to time. Notice of any
change will be given in accordance with applicable law.
If permitted by law and specified in the notice to you, the
change will apply to your existing Account balance as will as to future
transactions. Either you or the Credit Union may
terminate this Agreement at any time, but termination by you or the
Credit Union will not affect your obligation to pay the Account balance
plus any finance and other charges you owe under this Agreement.
You are also responsible to all transactions made to your Account
after termination, unless the transactions were unauthorized. The Card or Cards you receive
remain the property of the Credit Union and you must recover and
surrender to the Credit Union all Cards upon request or upon termination
of this Agreement whether by you or the Credit Union.
The Credit Union has the right to require you to pay your full
Account balance at any time after your Account is terminated, whether it
is terminated by you or the Credit Union.,
If this is a joint Account, Section 17 of this Agreement also
applies to termination of the Account.
12.
Credit
Information.
You authorize
the Credit Union to investigate your credit standing when opening or
reviewing your Account. You
authorize the Credit Union to disclose information regarding your
Account to credit bureaus and creditors who inquire about your credit
standing.
13.
Returns
and Adjustments.
Merchants and
others who honor your Card may give credit for returns or adjustments,
and they will do so by sending the Credit Union a credit slip which will
be posted to your Account. If
your credits and payments exceed what you owe the Credit Union, the
amount will be applied against future purchases and cash advances.
If the credit balance amount is $1 or more, it will be refunded
upon your written request or automatically after six (6) months.
14.
Additional
Benefits/Card Enhancements.
The Credit Union may from time to time offer additional services
to your Account, such as travel accident insurance, at no additional
cost to you. You understand
that the Credit Union is not obligated to offer such services and may
withdraw or change them at any time.
15.
Foreign
Transactions.
Purchases
and cash withdrawals made in foreign countries and foreign currencies
will be debited from your account in U.S. dollars.
The conversion rate to dollars will be determined in accordance
with the operating regulations established by VISA International.
Currently the currency conversion rate used to determine the
transaction amount in U.S., dollars is generally either a
government-mandated rate or the wholesale rate in effect the day before
the transaction processing date, increased by one percentage point.
The currency conversion rate used on the processing date may
differ from the rate that would have been used on the purchase date or
cardholder statement posting date.
16.
Merchant
Disputes.
The Credit
Union is not responsible for the refusal of any merchant or financial
institution to honor your Card. The
Credit Union is subject to claims and defenses (other than tort claims)
arising out of goods or services you purchase with the Card if you have
made a good faith attempt but have been unable to obtain satisfaction
from the merchant or service provider, and (a) your purchase was made in
response to an advertisement the Credit Union sent or participated in
sending to you; or (b) your purchase cost more than $50 and was made in
your state or within one hundred (100) miles of your home.
17.
Joint
Account.
If this is a
joint Account, each person on the Account must sign the Agreement (by
signing on the application). Each
of you will be individually and jointly responsible for paying all
amounts owed under this Agreement. This
means that the Credit Union can require any one of you individually to
repay the entire amount owed under this Agreement.
Each of you authorizes the other(s) to make purchases or cash
advances individually. Any
one of you may terminate the Account and the termination will be
effective as to all of you.
18.
Effect
of Agreement. This Agreement is the contract which applies to all
transactions on your Account even though the sales, cash advances,
credit or other lips you sign or receive may contain different terms.
19.
No
Waiver.
The Credit Union can delay enforcing any of its rights any number
of times without losing them.
20.
Statements
and Notices.
Statements and
notices will be mailed to you at the most recent address you have given
the Credit Union. Notice
sent to any one of You will be considered notice to all.
21.
Final
Expression.
This Agreement
is the final expression of the terms and conditions of this VISA line of
credit between you and the Credit Union.
This written Agreement may not be contradicted by evidence of any
alleged oral agreement.
22.
Copy
Received.
You acknowledge
that you have received a copy of this Agreement.
23.
Signatures.
By signing in the Signature area of the application form that was
attached to this Agreement when you received it, you agree to the terms
of this Agreement. you
should detach this Agreement from the application and retain it for your
records.
YOUR
BILLING RIGHTS
If you have authorized us to pay your credit card bill
automatically from your savings or share draft account, you can stop the
payment on any amount you think is wrong.
To stop the payment your letter must reach us three (3)
business days before the automatic payment is scheduled to occur.
Your
Rights and Our Responsibilities After We Receive Your Written Notice We must acknowledge your letter within thirty (30) days,
unless we have corrected the error by the.
Within ninety (90) days, we must either correct the error or
explain whey we believe the bill was correct. After we receive your letter, we cannot try to collect any
amount you question, or report you as delinquent.
We can continue to bill you for the amount you question,
including finance charges, and we can apply an unpaid amount against
your credit limit. You do
not have to pay any questioned amount while we are investigating, but
you are still obligated to pay the parts of your bill that are not in
question. If we find that we made a mistake on your bill, you will not
have to pay any finance charges related to any questioned amount.
If we didn't make a mistake, you may have to pay finance charges,
and you will have to make up any missed payments on the questioned
amount. In either case, we
will send you a statement of the amount you owe and the date that it is
due. If you fail to pay the amount that we think you owe, we may
report ;you has delinquent. However,
if our explanation does not satisfy you and you write to us within ten
(10) days telling us that you still refuse to pay, we must tell anyone
we report you to that you have a question about your bill.
And, we must tell you the name of anyone we reported you to.
We must tell anyone we report you to that the matter has been
settled between us when it finally is. If we don't follow these rules, we can't collect the first
$50 of the questioned amount, even if your bill was correct.
Special
Rule for Credit Card Purchases If you have a problem with the quality of property or
services that you purchased with a credit card, and you have tried in
good faith to correct the problem with the merchant, you hay have the
right not to pay the remaining amount due on the property or services.
There are two (2) limitations
on this right: (a) You must have made the purchase in your home state or, it
not within your home state, within one hundred (100) mikes of your
current mailing address; and (b) The purchase price must have been more than $50 These limitations do not apply if we own or operate the
merchant, or if we mailed you the advertisement for the property or
services. |
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