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CREDIT CARD AGREEMENT Secured
255 N. Lone Hill Ave. San Dimas, CA 91773
NOTICE: See reverse side for important information regarding your rights to dispute billing errors.
Using the Account. If your application for a VISA Secured account is approved, the Christian Community Credit Union will establish a line of credit for you and notify you of its amount when the card is sent to you. Y ou agree not to let your account balance exceed your approved credit limit. Each payment you make on the account will restore your credit limit by the amount of the payment which is applied to the principal amount of purchases and cash advances. Y ou may request an increase in your credit limit only by written application submitted to the Credit Union. The Credit Union has the right to reduce or terminate your credit limit at any time.
Using the Card. You may use your card to purchase goods and services in person, online, and by mail or telephone from merchants and others who accept VISA credit cards. In addition, you may obtain cash advances up to $1,000 of your approved and available credit limit from the Credit Union, from other financial institutions or select merchants participating in the VISA program and from automated teller machines (ATMs), such as VISA ATM Network, that provide access to the VISA system. (Not all merchants or ATMs provide such access.) You will need to use your Personal Identification Number (PIN) to obtain a cash advance from an ATM.
Illegal Use of VISA Credit Card. Y ou agree that your VISA Credit Card Account will not be used to make or facilitate any transaction(s) that are or might be construed to be illegal pursuant to applicable law, rule or ordinance, including but not limited to gambling. Said use, including any such authorized use, will constitute an event of default under this Agreement. You agree that the Credit Union has no liability, responsibility or culpability whatsoever for any such use by you or any authorized user(s). You agree that you are responsible for repayment of any and all debts incurred for these transactions. You further agree to indemnify and hold the Credit Union harmless from any suits, liability, damages or adverse action of any kind that results directly or indirectly from such illegal use.
Responsibility. You agree to pay all charges (purchases and cash advances) to your account made by you or anyone who you authorize to use your account. You also agree to pay all other charges added to your account, pursuant to Paragraph 7. Y our obligation to pay the amount owed on your account continues until paid in full even though an agreement, divorce decree or other court judgment to which the Credit Union is not a party may direct someone else to pay the account balance. If more than one person signs this Agreement, each is individually responsible for all amounts owed on the account and all are jointly responsible for all amounts owed. This means the Credit Union can enforce this Agreement against any of you individually or all of you collectively.
Finance Charges. In order to avoid a FINANCE CHARGE on purchases made since your last statement date, you must pay the Total New Balance shown on your statement within 25 days of the statement closing date. Otherwise the FINANCE CHARGE on purchases is calculated from the beginning of the next statement period on previously billed but unpaid purchases and on new purchases from the date they are posted to your account. Cash advances and balance transfers are always subject to a FINANCE CHARGE from the date they are posted to your account.
We figure the FINANCE CHARGE on your account by applying the periodic rate to the ''average daily balance'' of your account. To get the ''average daily balance'' we take the beginning balance of your account each day, add any new purchases, and cash advances, and subtract any unpaid other finance charges and any payments or credits. This gives us the daily balance. Then, we add up all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the ''average daily balance.'
Secured VISA rewArdS Account
Your Secured VISA Rewards Account will be subject to a FINANCE CHARGE (interest) at an ANNUAL PERCENTAGE RATE and a corresponding Monthly Periodic Rate which will be a standard variable (floating) rate based upon an index plus a margin. The margin applicable to your account will be determined by your creditworthiness. The ANNUAL PERCENTAGE RATE and the corresponding Monthly Periodic Rate will apply to purchases, cash advances and balance transfers.
Index
The Index is Prime Rate ('Index'). Information about this Index is published in the Money Rates Table of the Wall Street Journal .
Rate Changes
The ANNUAL PERCENTAGE RAT E may change on the first (1st) day of each billing cycle. These are known as rate change dates. The Index value used for a given billing cycle will be the value published on first (1 st ) business day before the change date or the most recently published value published before the change date. If more than one rate is published, the Index will be the highest of the rates published. If the Index ceases to be published, the Credit Union will choose a new Index and give you notice of its choice.
Determination of Annual Percentage Rate
The Credit Union will add a margin ranging from 7.65% to 13.65% , depending on your credit score, to the Index to get the ANNUAL PERCENTAGE RATE applicable to your Account for the billing cycle. Notification of the margin for which you have been approved will be provided on the Secured VISA Rewards Approval Letter sent to you upon completion of the credit review and approval.
ANNUAL PERCENTAGE RATE for the billing cycle will be divided by twelve (12) to get the corresponding Monthly Periodic Rate for the billing cycle. An increase or decrease in the Prime Rate will lead to an increase or decrease in your ANNUAL PERCENTAGE RATE and the corresponding Monthly Periodic Rate applicable to your Account.
Limitations on Changes
There is no limit on the amount by which the rate changes in any one-year period. The maximum ANNUAL PERCENTAGE RATE that can apply is 18.00% .
Annual Percentage Rate Example
Based upon a margin of 7.65% (your margin may be different depending on your credit score) plus an Index value of 3.50% , (which was the value of the Index on May 1, 2016 ), your Account would be subject to a FINANCE CHARGE (interest) at an ANNUAL PERCENTAGE RATE of 11.15% , with a corresponding Monthly Periodic Rate of 0.929% .
On the first (1 st ) day of each calendar month and on each subsequent change date, the ANNUAL PERCENTAGE RATE and the corresponding Monthly Periodic Rate will be calculated according to the formula described above and will be stated on our Secured VISA Rewards Approval Letter.
Change in Terms; Changing or Terminating Your Account. The Credit Union may change the terms of this Agreement, including your ANNUAL PERCENTAGE RATE , from time to time for any reason not inconsistent with applicable law after giving you any advance notice required by law. Your use of the card after receiving notice of a change will indicate your agreement to the change. To the extent the law permits, and except as otherwise indicated in the notice to you, the change will apply to your existing account balance as well as to future transactions. Either the Credit Union or any one of you 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. The 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.
Other Charges. The following Other Charges will be added to your account, as applicable:
If you are a credit card member only with no other relationship with Christian Community Credit Union, a one-time non-refundable membership fee of $25.00 will be charged to your credit card account.
CASH ADVANCE FEE (FINANCE CHARGE): You will be charged a cash advance fee of 2% of the amount advanced with a $5.00 minimum.
BALANCE TRANSFER FEE (FINANCE CHARGE): You will be charged a balance transfer fee of 2% of the amount transferred with a $5.00 minimum.
COPIES: If you request a copy of any document, we may charge your account $5.00 per copy requested. If your request is related to a billing error and an error is found, we will credit any copying charges to your account.
LATE PAYMENT FEE: We reserve the right to charge a late payment fee of up to $15.00 to your account each billing period that the minimum monthly payment is not received by 15 days after due date.
RETURNED PAYMENT FEE: A fee of up to $25.00 will be assessed for each card payment check that is returned to the Credit Union.
EXPRESS CARD/PIN ORDER: A fee of $40.00 will be assessed if you request express delivery of your card or PIN.
PIN REPLACEMENT FEE: A fee of $5.00 will be assessed if your PIN needs to be replaced.
MINIMUM FINANCE CHARGE: The minimum Finance Charge that may be assessed is $1.00.
