INTRODUCTION
This VISA Credit Card Agreement (Agreement) covers your VISA Classic or Rewards Credit Card ("Card") issued through APL Federal Credit Union. In this agreement the words "you," "your," and "yours" include any joint obligor, guarantor, authorized user, or the person whose name is embossed on the Card.
The words "we," "us," and "our" mean APL Federal Credit Union.
If you sign an application for any account under this Agreement or sign or use any Card(s) issued, or use or allow others to use your account, you will have accepted this Agreement just as if you signed it and you, jointly and severally, will be bound by the following terms and conditions.
VISA CREDIT LINE
We have established and advised you of the Line of Credit, which is the limit on the total balance that may be outstanding in your account at any one time. You agree not to attempt to obtain more credit than the amount of your current credit line. Each payment you make will restore your credit limit by the amount of the payment that is applied to principal. If paying by check, the credit limit may not be restored by the amount of the payment until the check clears. You may request an increase in your credit line by submitting a new credit application subject to loan officer approval. By giving you written notice, our loan officer may reduce your Credit Line from time to time or, with good cause, revoke your Card and terminate this Agreement. Good cause includes your failure to comply with this Agreement, or our adverse re-evaluation of your creditworthiness. You may also terminate this Agreement at any time, but termination by either of us does not affect your obligation to pay the account balance. The cards remain the property of the credit union and you must recover and surrender all cards upon request and upon termination of this Agreement. You cannot transfer your account to any other person.
PIN SECURITY
You agree not to disclose or otherwise make your Card or Personal Identification Number ("PIN") available to anyone. For security reasons, please do not write your PIN on your Card or keep it in the same location as your Card.
YOU PROMISE TO PAY
You promise to pay us in United States dollars, by cash, check, or money order as provided by this Agreement, all such amounts, plus FINANCE CHARGES, which arise from such use of the Card by you or any other person, and to be jointly and severally liable with such a person, unless such other person does not have actual, implied, or apparent authority for such use, and you received no benefit from the use. You cannot disclaim responsibility by notifying us, but we will close the account for new transactions if you so request and return all Cards. Your obligation to pay the account balance continues even though an agreement, divorce decree or other court judgement to which we are not a party may direct you or one of the other persons responsible to pay the account. Any person using the card is jointly responsible with you for charges he or she makes, but if that person signs the Card he or she becomes a party to this Agreement and is also jointly responsible for all charges on the account, including yours.
CREDIT INFORMATION
You authorize us to investigate your credit standing when opening, renewing or reviewing your account, and you authorize us to disclose information regarding your account to credit bureaus and other creditors who inquire of us regarding your credit standing, to the extent authorized in our Bylaws and as permitted by the Fair Credit Reporting Act.
INTEREST RATE
The ANNUAL PERCENTAGE RATE (APR) for both Classic Visa and Rewards Visa accounts may vary, but will never exceed the maximum rate permitted under the Federal Credit Union Act.
For Classic Visa accounts the APR is Prime +3.74%, with a minimum APR of 6.49%. For Rewards Visa accounts the APR is Prime +6.74% with a minimum APR of 9.49%. These rates may vary monthly and are based on the highest Prime rate as published in the Wall Street Journal on the last day of each month, effective the following day.
On occasion, we ma y offer promotional balance transfer rates to Classic and Rewards Visa account holders. The APR for those balance transfers will be subject to the terms and conditions presented in the promotional offer, and in effect the business day the balance transfer request form is submitted. If the form is submitted after 6 pm, or on a nonbusiness day, the APR will be the rate in effect the following business day.
USING THE CARD
You may use your account for purchases of services and merchandise from participating merchants that honor your Card. You may use your Credit Card account to protect your Checking Account against overdrawing. If you authorize us to link your Credit Card account to your Checking Account for overdraft protection and the available balance in your checking account is not sufficient to pay the transaction amount, we may treat the transaction as a request to access your VISA Credit Line. The funds will be transferred from your Visa Credit Line into your checking account. These transfers will be treated as cash advances.
You may also use your Card to get a cash advance from participating financial institutions. You may use your Card in an Automated Teller Machine (ATM) in the VISA ATM network and other such machines or facilities that we may designate. There may be fees for cash advances at ATMs owned by other institutions. You may access your VISA Credit Line to advance cash up to $500 per day. You may not use the Card for any transaction that is illegal under applicable federal, state, or local law.
MINIMUM PAYMENT REQUIRED
We will provide you a statement every month showing your Previous Balance of purchases, cash advances and balance transfers, the current transactions on your account, the remaining credit available under your Credit Line, the New Balances of purchases, cash advances and balance transfers, the Total New Balance, the Finance Charge due as of the statement date, and the Minimum Payment required. Electronic Statement users will be notified via e-mail when their electronic statement(s) is (are) available to download. Every month upon receipt of your statement, you must pay at least the Minimum Payment, pay more frequently or pay the New Balance in full at any time if you choose by the Payment Due Date which will be 25 days after the closing date of the Billing Cycle. These amounts will be shown on your periodic statement. The Minimum Payment will be (a) either 2.5% of your Total New Balance, or $30.00, whichever is greater (or Total New Balance if it is less than $30.00); plus (b) any portion of
APL FCU VISA CREDIT CARD AGREEMENT
