VISA VARIABLE RATE AND FIXED RATE CLASSIC AND GOLD CARDS AGREEMENT AND FEDERAL TRUTH-IN-LENDING DISCLOSURE STATEMENT
In this Agreement and Disclosure Statement the words 'You,' 'Your,' and 'Yours' mean each and all of those that apply for, sign or use the VISA Variable Rate and/or VISA Fixed Rate Classic and Gold Card(s), or those who authorize another to sign or use the Card(s). 'We,' 'Us,' and 'Our' mean Coast Central Credit Union.
'Card' means the VISA Variable Rate and/or VISA Fixed Rate Classic and Gold Card(s) issued to you and any duplicate and/or renewals we may issue. 'Account' means your VISA Variable and/or VISA Fixed Rate Classic and Gold Card(s) Account with us.
You agree to the following terms and conditions and any amendments thereto. By requesting and receiving, signing, using or permitting others to use a card issued to you by us, you agree to the following terms:
THE FOLLOWING TERMS AND CONDITIONS APPLY ONLY TO VISA VARIABLE RATE CLASSIC AND GOLD CARD ACCOUNTS:
Notice: This Document Contains Provisions For A VARIABLE ANNUAL PERCENTAGE RATE.
INTEREST CHARGE: The INTEREST CHARGE for a Billing Cycle will be the sum of two (2) components:
(1) CASH ADVANCE FEE: One (1) component of the INTEREST CHARGE is the Cash Advance Fee. Cash and other Advance Transactions are subject to a Cash Advance Fee equal to 2% of the total amount of Cash Advance Transactions, or $10.00, whichever is greater, which are posted to your Account during the Billing Cycle (not to exceed the maximum rate permitted by California Credit Unions during the Billing Cycle).
(2) MONTHLY PERIODIC INTEREST CHARGE, MONTHLY PERIODIC RATE, and NOMINAL ANNUAL PERCENTAGE RATE: The second (2 nd ) component of the INTEREST CHARGE is the Monthly Periodic INTEREST CHARGE. The Initial Periodic Rate used in calculating the Monthly Periodic INTEREST CHARGE is the Monthly Periodic Rate indicated on Addendum 'A' (attached). The Monthly Periodic INTEREST CHARGE for each Billing Cycle will be calculated by applying the Average Daily Balance (see explanation below) for your account during the Billing Cycle by the Monthly Periodic Rate. The Monthly Periodic Rate is determined by dividing the ANNUAL PERCENTAGE RATE by 12 and will change when the ANNUAL PERCENTAGE RATE changes.
HOW WE DETERMINE CHANGES IN YOUR NOMINAL ANNUAL PERCENTAGE RATE: The nominal ANNUAL PERCENTAGE RATE may increase or decrease during the term of this Agreement. Any such change will be based on an increase or decrease, rounded to the nearest 1/8 of 1% point of the most recent 'Prime Rate' as published by the Wall Street Journal. This "Prime Rate" is available as of March 1, June 1, September 1 and December 1 of each year (herein 'Index'). If more than one rate is listed under the heading 'Prime Rate' in the Wall Street Journal, you agree that the prime rate used by us for purposes of calculating the Index shall be the base prime rate as on corporate loans posted by at least 75% of the nation's 30 largest banks. In the event that the Wall Street Journal ceases publishing the 'Prime Rate' changes in the ANNUAL PERCENTAGE RATE will be related to a comparable Index.
The ANNUAL PERCENTAGE RATE is determined by adding a 'Margin' to the Index in effect as of each Adjustment Date. The Index and Margin in effect as of the date of this Agreement are indicated on Addendum 'A' (attached). We may waive an increase in the ANNUAL PERCENTAGE RATE when such an increase can be made, but such a waiver shall not be constructed as a waiver of our right to increase the ANNUAL PERCENTAGE RATE at a future date when entitled to do so.
The ANNUAL PERCENTAGE RATE is subject to change every three months on the day following my 'Statement Closing Date' in March, June, September and December of each year. These dates shall be shown as 'Adjustment Dates.' The Index in effect in March shall be used to calculate the ANNUAL PERCENTAGE RATE change effective as of the first day of the next Billing Cycle in March of the same year. The Index in effect in June shall be used to calculate the ANNUAL PERCENTAGE RATE change effective as of the first day of the next Billing Cycle in June of the same year. The Index in effect in September shall be used to calculate the ANNUAL PERCENTAGE RATE change effective as of the first day of the next Billing Cycle in September of the same year. The Index in effect in December shall be used to calculate the ANNUAL PERCENTAGE RATE change effective as of the first day of the next Billing Cycle in December of the same year. There is no maximum ANNUAL PERCENTAGE RATE during the term of this Note, except that the maximum may not exceed the maximum ANNUAL PERCENTAGE RATE permitted by California Credit Unions at the time of each ANNUAL PERCENTAGE RATE change. The minimum ANNUAL PERCENTAGE RATE during the term of this Agreement is indicated on Addendum 'A' (attached). Decreases in the ANNUAL PERCENTAGE RATE in accordance with the terms of the Agreement are mandatory. Increases in the ANNUAL PERCENATGE RATE in accordance with the terms of the Agreement are at our discretion. If the ANNUAL PERCENATGE RATE and corresponding monthly Periodic Rate increases or decreases the INTEREST CHARGE will increase or decrease. Each change in the ANNUAL PERCENATGE RATE and the corresponding monthly Periodic Rate will apply to any unpaid balance on the effective date of such change as well as to future purchases and advances.
ANNUAL CARDHOLDER FEE: We will assess an Annual Cardholder Fee of $15.00 for each year your account is open, whether or not you use your account and regardless of the number of cards issued on your account. You can avoid such Annual Cardholder Fee if you terminate your Account within (30) days after the date of the Periodic Statement in which the Annual Cardholder Fee is posted. Otherwise, the Annual Cardholder Fee will not be refunded in whole or in part and shall be owed to us by you even if your account is subsequently changed, suspended, closed or terminated for any reason.
THE FOLLOWING TERMS AND CONDITIONS APPLY ONLY TO VISA FIXED RATE CLASSIC AND GOLD CARDS:
INTEREST CHARGE: The INTEREST CHARGE for a Billing Cycle will be the sum of two (2) components:
(1) CASH ADVANCE FEE: One (1) component of the INTEREST CHARGE is the Cash Advance Fee. Cash and other Advance Transactions are subject to a Cash Advance Fee equal to 2% of the total amount of Cash Advance Transactions, or $10.00, whichever is greater, which are posted to your Account during the Billing Cycle (not to exceed the maximum rate permitted by California Credit Unions during the Billing Cycle).
(2) MONTHLY PERIODIC INTEREST CHARGE, MONTHLY PERIODIC RATE, and NOMINAL ANNUAL PERCENTAGE RATE: The second (2 nd ) component of the INTEREST CHARGE is the Monthly Periodic INTEREST CHARGE. The Monthly Periodic INTEREST CHARGE for each Billing Cycle will be calculated by multiplying the Average Daily Balance (see explanation below) for your Account for the Billing Cycle by the Monthly Periodic Rate. The Monthly Periodic Rate and corresponding ANNUAL PERCENTAGE RATE are indicated on Addendum 'A' (attached).
