IN THIS AGREEMENT, "YOU" AND "YOUR" MEAN ANY PERSON WHO ACCEPTS THIS AGREEMENT AS A BORROWER/OWNER OR USES THE CARD. THE "CARD" MEANS ANY CREDIT CARD ISSUED TO YOU OR THOSE DESIGNATED BY YOU UNDER THE TERMS OF THIS AGREEMENT. "WE", "US", "OUR" AND THE "CREDIT UNION" MEANS ARIZONA FINANCIAL CREDIT UNION OR ITS SUCCESSORS. "ACCOUNT" MEANS THE CREDIT CARD ACCOUNT. "AUTHORIZED USER" MEANS ANY PERSON WHO HAS AUTHORITY, OR WHO ANY BORROWER/OWNER HAS GIVEN INFORMATION, ACCESS, DEVICE, OR DOCUMENTATION THAT ENABLES A PERSON TO ACCESS, WITHDRAW, MAKE TRANSACTIONS, OR USE YOUR CARD.
A SEPARATE TRUTH-IN-LENDING STATEMENT IS INCORPORATED INTO THIS AGREEMENT. THIS AGREEMENT AND THE TRUTH-IN-LENDING STATEMENT ARE COLLECTIVELY THE "AGREEMENT". THE ACCOUNTS AND SERVICES MEMBERSHIP AGREEMENT ("MEMBERSHIP AGREEMENT"), PROVIDED TO YOU WHEN YOU ESTABLISHED MEMBERSHIP WITH THE CREDIT UNION, IS INCORPORATED BY REFERENCE IN ITS ENTIRETY HEREIN.
BY USING YOUR CARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS SET FORTH HEREIN.
THE GRANTING OF THIS SECURITY INTEREST IS A CONDITION FOR THE ISSUANCE OF CREDIT UNDER THIS AGREEMENT.
YOU SPECIFICALLY GRANT US A CONSENSUAL SECURITY INTEREST IN ALL INDIVIDUAL AND JOINT ACCOUNTS YOU HAVE WITH US NOW AND IN THE FUTURE TO SECURE REPAYMENT OF CREDIT EXTENDED UNDER THIS AGREEMENT. YOU ALSO AGREE THAT WE HAVE SIMILAR STATUTORY LIEN RIGHTS UNDER STATE AND/OR FEDERAL LAW. IF YOU ARE IN DEFAULT, WE CAN APPLY YOUR SHARES TO THE AMOUNT YOU OWE.
Shares and deposits in an Individual Retirement Account or any other account that would lose special tax treatment under state or federal law if given are not subject to this security interest. If you have other loans with us, collateral securing such loans will also secure your obligations under this Agreement, unless that other collateral is your principal residence or non-purchase money household goods.
Advances. For purposes of this Agreement, the term "advance" means cash advance or balance transfer.
Using Your Card. You can purchase or lease goods and services from any merchant who honors your credit card that we issue you pursuant to this Agreement ("Card"), and you may obtain cash advances from financial institutions and ATM machines that accept the Card, up to your maximum credit limit. Y ou agree not to present your Card or obtain a cash advance for any extension of credit in excess of your available credit limit; however, if you do exceed your credit limit, you agree to make immediate payment sufficient to bring the balance below the credit limit. Certain purchases and cash advances require authorization prior to completion of the transaction. In some cases, you may be asked to provide identification. If our system is not working, we may not be able to authorize a transaction, even though you have sufficient credit available. Also, for security reasons, we may block the use of your Card in certain countries or geographic areas. We will have no liability to you or others if any of these events occur.
Each Card we issue will have an expiration date. Upon expiration of your Card, your Account will automatically terminate; or we, in our sole discretion, may extend your Account and issue a new Card with a new expiration date.
You may not transfer or assign your Account or Card to any other person. We may assign or transfer this Account, your Account balance, or this Agreement to another person, who will have all of our rights. This Agreement is binding on your heirs and legal representatives.
You authorize us to honor any purchase or cash advance you make by telephone or mail on this Account. You agree that a signature is not necessary as identification in such cases.
You agree that we may place a temporary freeze on all or part of your credit line any time we receive a large payment ($1,000.00 or more), by a method other than cash, certified funds, or electronic transfer. In such cases, we may freeze your credit line until payment is actually collected by us.
Account Updating Service. The credit card payment processing network (e.g., Visa, Mastercard) in which we participate has an account updating service in which your Card is automatically enrolled. When your Card(s) expire, are lost or stolen and new Cards are issued, the service may update your Card data such as Card numbers and expiration dates to the processing network's database. Participating merchants to whom you have authorized recurring payments may access this database in an attempt to facilitate uninterrupted processing of your recurring charges. Updates are not guaranteed to be made before your next payment is due and not all merchants participate in the service; it is your responsibility to make your payments until recurring payments can be resumed. This service is provided as a free benefit to you. The Credit Union has no responsibility for the accuracy or timeliness of the account updating service or its database. If at any time you wish to opt-out of the account updating service or if you have any questions, please call us at 602-683-1000.
Personal Identification Number (PIN). We may issue a Personal Identification Number (PIN) for use with your Card. This PIN is confidential and should not be disclosed to anyone. You may use your PIN and Card to access your Account, and all sums advanced will be added to your Account balance. In the event a use of your PIN constitutes an Electronic Funds Transfer, the terms and conditions of your Electronic Funds Transfer Agreement, as provided in the most current version of the Membership Agreement, may affect your rights.
Promise To Pay. You promise to pay us in U.S. dollars for (a) all purchases, cash advances, and balance transfers made by you or anyone whom you authorize to use the Card; (b) all Interest Charges (defined hereinafter) and all other charges or fees; (c) collection costs and attorney's fees as permitted by applicable law, and any costs incurred in the recovery of the Card; and (d) credit in excess of your credit limit that we may extend to you.
Credit Limit. Your maximum credit limit will be disclosed at the time of loan disbursal and on your monthly billing statement. At our discretion, we may change your credit limit at any time, and may provide separate limits for purchases and for cash advances. We will notify you if we do, either by mail or through your monthly billing statement. For a credit limit increase, your continued use of the Card will show your agreement to any such increase. If you object to an increase in your credit limit, you must notify us in writing. Upon receipt of such notice, your credit limit will be reduced to its prior limit; however, you will be responsible to pay promptly any amounts by which you have exceeded the reduced limit. You agree to pay any amounts you owe that exceed your maximum credit limit upon demand.
You agree we are not obligated to extend to you credit for any amount that would cause your outstanding balance to exceed your maximum credit limit, or for any amount if your outstanding balance already exceeds your maximum credit limit. Any increase in your maximum credit limit requested by you will require you to make a written credit application.
We reserve the right to refuse to honor any request for credit, to reduce your credit limit or terminate your Account at any time using our sole discretion, based on changes in the economy, your creditworthiness, or for any other reason not prohibited by law.
Correcting the Credit Union's Credit Report. If you think we reported erroneous information about you to a credit reporting agency, call us at the telephone number listed on your monthly billing statement. We will promptly investigate the matter and will contact each credit reporting agency whose records may reflect an error. We will require them to correct your report if the investigation determines there is an error. If we disagree with you after the investigation, we will advise you, in writing or by telephone, and provide you instruction as to submitting to those agencies a statement of your position that will become a part of your credit record with them.
Automatic Payment Transfer Option. If you request the automatic payment transfer option, all minimum payments due will automatically be deducted from your designated account on your payment due date. If your designated account does not contain sufficient funds, no automatic deduction will be made, your account will be charged an insufficient funds fee, and you will be responsible for making the payment by some other means.
Overdraft Protection. You acknowledge the Account will be used as a form of overdraft protection. Our overdraft protection policy is set out in the most current version of the Membership Agreement.
Available funds from this Account will be used as a form of overdraft protection. In the event your checking account is overdrawn, available funds will be transferred in a sufficient amount to cover the overdraft. Advances for overdraft protection are considered cash advances and are subject to applicable Interest Charges. The credit union has no obligation to notify you of any overdraft advance.
Interest Rate Adjustment (Default Rate). We may adjust the interest rate on your Account whenever your Account is two (2) minimum payments past due. We may change your interest rate to the highest allowable APR. After six (6) consecutive billing cycles of your Account being paid pursuant to the terms of your agreement with us, we will change the interest rate to the rate that is then applicable to your Account, which will become effective on the first day of the billing cycle following the sixth consecutive billing cycle.
Skip Payment Program. At our option, we may offer you the opportunity to not make ("skip") a minimum payment during certain designated billing cycles ("skip payment period"). If you skip a payment, you understand that we will continue to apply interest charges to your Account. We have no obligation to accept your application for any skip payment period offered, and you authorize us to investigate your creditworthiness including obtaining consumer credit reports.
Information Disclosure. We will disclose information to third parties about your Account or the transactions you make: (1) when it is necessary for completing transactions, or (2) in order to verify the existence and condition of your Account for a third party, such as a credit bureau or merchant, or (3) in order to comply with government agency or court orders, or (4) if you give us your written permission.
Illegal Transactions. You agree that your Card and Account will not be used to make or facilitate any illegal transactions as determined by applicable law; and that any such use will constitute an event of default under this Agreement. We may decline any transaction that we believe to be illegal under applicable law, including but not limited to any transaction involving or relating to any illegal gambling activity. Y ou agree that we will have no liability or responsibility for any such use by you or any authorized user(s); or for declining any such transaction. You further agree to indemnify and hold us harmless from any suits, liability, damages or adverse action of any kind that results directly or indirectly from such illegal use. You promise to pay us any and all amounts owing on your Card for any transactions made by you, even if the transaction is determined to be illegal.
Joint Accounts. Each of you will be responsible, jointly and severally, for the repayment of amounts owed, regardless of who initiated any transaction under the Account.
If there are joint obligors or authorized users for this Account, each of you will have the right to use the Account pursuant to the terms of this Agreement.
Any joint obligator has the right to cancel this Agreement by notifying us in writing. Cancellation does not relieve any obligor of liability for any and all charges incurred prior to cancellation. Each obligator is at all times responsible for all amounts borrowed by any authorized user(s). Authorized users and other users may also be required to repay the amount owed for charges they make; however, you remain, at all times, responsible for all amounts owed.
Others Using Your Account. If you allow anyone else to use your Account, you will be liable for all credit extended to such persons. You promise to pay for all purchases and advances made by anyone you authorize to use your Account, whether or not you notify us that he or she will be using it. If someone else is authorized to use your Account and you want to end that person's privilege, you must notify us in writing, and if he or she has a Card, you must return that Card with your written notice for it to be effective.
You agree that all borrowers and authorized users may have access to information regarding transactions on your Account, (including but not limited to) purchases and cash advances, Account balances, Account history, payments, and other information.
Ownership of Card. Your Card remains our property and may be cancelled by us at any time without notice. You agree to surrender your Card and to discontinue use of the Account immediately upon our request.
VISA CREDIT CARD AGREEMENT
