■ VISA Credit Card and Truth-in-Lending Disclosure. By signing an application for the VISA Card or by using the VISA card, you agree to everything in this Agreement and Disclosure.
In this Agreement, the words 'you' and 'your' mean or refer to each and all persons who have applied for the Card or Cards by signing this Agreement. Every person accepting the use of a VISA Card(s) represents that he or she is a member of this credit union. 'Card' means the VISA Credit Card or Cards and any duplicates and renewals thereof or substitutions thereof we may issue. ' Account' means your VISA Credit Card line of credit loan account with us. 'We' , 'us' , and 'ours' means or refers to this credit union. Th is Agreement is a Truth-in-Lending Disclosure Statement as well as a contract.
1. Responsibility - If we approve the loan and issue you a Card, you promise to repay all debts and the FINANCE CHARGE thereon arising from any authorized use of the Card. You agree not to let someone else use the Card. If you do, you are agreeing with us that you authorize all such use of the Card. For example, you are responsible for charges made by yourself, your spouse and minor children. You are also responsible for charges made by anyone else to whom you give the Card, and this responsibility continues until the Card is recovered. Of course, once you notify us, we will take prompt steps to try to prevent any further Card use by that person. If this account is joint; that is, each of you, separately and jointly with each other, are liable for all debts on the Account and FINANCE CHARGE thereon. Your obligation to pay all such debts and FINANCE CHARGE thereon continue even though an agreement, divorce decree or other court judgment to which we are not a party, may direct that only one of you, or some person other than you (or both of you) may pay such debts and FINANCE CHARGE.
Any one of you may close this account at any time but no such action shall relieve you of any liability for amounts then owing or for Finance Charges and other fees and charges that may accrue due to amounts then owing.
2. Credit Line - If we approve your loan application, we will establish a self replenishing line of credit for you and will notify you of the amount thereof ('credit limit') in the mailer in which we will send you with your Card. Th at mailer is hereby incorporated herein as part of this Agreement. You agree not to let your account balance exceed such amount. In the event that you do exceed your credit limit, you will be in default and you must pay the excess or you will be in default. Each payment you make on the Account will replenish your credit limit by the part of that payment which is applied to principal. You may request an increase in the credit limit only by a written application, which must be approved by us. We may reduce your credit limit from time to time or may, with good cause, revoke your Card and terminate this Agreement; in either event, we will give you written notice of such action. 'Good cause' includes your failure to satisfy the terms of this Agreement or our adverse reevaluation of your creditworthiness. However, you may terminate this Agreement, at any time and for any reason, by giving us written notice. Nevertheless, termination by you or by us does not aff ect your obligation to pay all debts and FINANCE CHARGE thereon arising from authorized use of your Card. Th e Cards remain our property and you must recover and surrender to us all cards upon your request or upon termination of this Agreement.
3. Using the Card - We will send you a Card or Cards embossed as you have directed. As soon as received, each Card must be signed (in the space provided on the back) by the person whose name is embossed thereon. Th at signature must be in the same form as embossed on the front of the Card. To make a Purchase or Cash Advance, present the Card to a participating VISA plan merchant or fi nancial institution, or to us, and sign the sales draft or cash advance draft which will be imprinted with your Card or generated aft er your Card's number has been magnetically read or otherwise provided. Please note that we are not responsible if a particular VISA plan merchant or fi nancial institution refuses to honor your Card. Y ou will receive a copy of the draft which you should retain to verify your monthly statement. We will, upon request, furnish you with a copy of a draft at a charge of $5.00 per copy. Y ou agree not to make or permit to be made any illegal transactions on your Account through use of a Card, a check or in any other manner. We may deny authorization for any Internet gambling transaction.
4. Monthly Payment - A statement will be mailed every month showing your 'Previous Balance' of 'Purchases' and Cash Advances, ' the transactions posted to your Account since the last statement, the 'New Balance' of 'Purchases and 'Cash Advances' the FINANCE CHARGE due to the date of the statement, the 'Minimum Payment' required, and the remaining part of the credit limit still available. You must pay at least the Minimum Payment shown on your statement on or before the due date shown on your statement; the due date will be no earlier than 28 days aft er the closing date of the statement. Of course, you may pay any amount greater than the Minimum Payment, including the entire New Balance on the statement, without any penalty for prepayment. And you can make payments on the Account as oft en as you wish. For the VISA credit card, the Minimum Payment will be either (a) 2.0% of your New Balance or $25.00, whichever is greater, or (b) your full New Balances, if they total less than $25.00; provided, however, the Minimum Payment shown on your statement will also include any unpaid portions of Minimum Payment(s) shown on earlier statement(s). In addition, if at any time your total New Balances exceed the credit limit, you must pay us that excess immediately. We may select and change the method by which payments and credits are allocated to your account at our sole discretion; however, payments will be allocated to billed amounts before they are allocated to unbilled amounts (transactions incurred since your last statement) and payments amounts in excess of the required minimum monthly payment will be applied to higher rate balances before they are applied to lower rate balances. Payment for more than the minimum amount due will be accepted as a single payment for the month; the amount over the minimum is not applied toward future payments due.
5. Finance Charge - A Finance Charge will be imposed on Credit Purchases only if you elect not to pay the entire New Balance shown on your monthly statement for the previous billing cycle on or before the payment due date shown on your statement. If you elect not to pay the entire New Balance shown on your previous monthly statement on or before the payment due date shown on that statement, a Finance Charge will be imposed on the unpaid average daily balance of such Credit Purchases from the previous statement closing date and on new Credit Purchases from the date of posting to your account during the current billing cycle, and will continue to accrue until the closing date of the billing cycle preceding the date on which the entire New Balance is paid in full or until the date of payment if payment occurs aft er the payment due date shown on the billing statement for that billing cycle. However, if during the previous billing cycle you paid all amounts owing in full by the Payment Due Date, then in the current billing cycle you will have a free interest period on the amount of the New Balance of Purchases remaining from the previous billing cycle that is paid by the Payment Due Date based on our payment allocation method.
Th e Finance charge for a billing cycle is computed by applying the monthly Periodic Rate to the average daily balance of credit purchases, which is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the cycle. Each daily balance of Credit Purchases is determined by adding to the outstanding unpaid balance of Credit Purchases at the beginning of the billing cycle (excluding amounts described in the last sentence of the preceding paragraph) any new Credit Purchases posted to your account, and subtracting any payments as received and credits as posted to your account, but excluding any unpaid Finance Charges.
A Finance Charge will be imposed on Cash Advances from the date of the cash advance or from the fi rst day of the billing cycle in which the Cash Advance is posted to your account, whichever is later, and will continue to accrue until the date of payment.
Th e average daily balance is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the cycle. Each daily balance is determined by adding to the Previous Balance for cash advances (the outstanding cash advance balance on your account at the beginning of the billing cycle), any new cash advances received and subtracting any payments as received or credits as posted to your account, but excluding any unpaid fi nance charges.
FINANCE CHARGE (INTEREST) for your Account is calculated at the Periodic Rate and corresponding Annual Percentage Rate disclosed to you in a separate letter mailed to you with this Agreement.
Payments
Payments made to your account will be applied in the following order: Fees and Finance Charges; Previously Billed Purchases; Cash Advances; New Purchases. Any communications concerning a disputed balance, including an instrument tendered as full satisfaction of amounts owing under this agreement, must be mailed to the following address: Alliance Catholic Credit Union, ATTENTION: DISPUTED CREDIT CARD PAYOFF DEPARTMENT, 9300 Cooper St, Taylor, MI 48180.
6. Credit - If merchants who honor your card give you a credit for returns or adjustments, they will do so by processing a credit which we will post to your Account. You should keep your copy of the credit slips to verify your monthly statement. If your credits and payments exceed what you owe us on Account, we will credit such excess to the Account, and if the amount is $1.00 or more, we will refund it aft er 6 months or upon your written request.
7. Foreign Transactions - Purchases and cash advances made in foreign countries and foreign currencies will be billed to you in U.S. dollars. Th e exchange rate for transactions in a foreign currency will be a rate selected by VISA from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate VISA itself receives, or the government mandated rate in eff ect for the applicable central processing date, In addition, as provided in Section 19, we will separately bill you an up to 1% International Transaction Fee, up to 1% of the total transaction amount.
8. Loss or Th eft of Card - Y ou agree to notify us immediately upon discovering that your Card has been lost or stolen. If you have your card stolen or it gets lost aft er normal credit union offi ce hours, immediately call 1-800-828-3901 and make a report; then during normal business hours at the credit union, notify us in writing so that your account can be closed and a new card issued.
