VISA® CARDHOLDER AGREEMENT
In this agreement, the words ' you ' and ' your ' mean the cardholder or holders and anyone else you authorize to use the credit card account. The words 'we', 'us' or 'our' mean Eastman Credit Union. The word ' account ' means your Visa® credit card line of credit.
OTHERS USING YOUR ACCOUNT. You are responsible for all authorized transactions. Use of the account by you or by anyone for your benefit or with your permission are authorized transactions. You may designate individuals as Authorized Users who may transact on the Account using Cards issued in their names. You are responsible for all charges made by Authorized Users.
AGREEMENT TO TERMS. In accordance with your request, we have opened an account for you. Your signature on the application, your retention of the Card, and/or your use of the account in any way means you agree to the terms of this Agreement and the provisions of the Card itself. This Agreement governs your Account and use of the Card we have issued to you. We will pay member merchants for goods and services you obtain by use of the Card and make other loans to you on terms explained later in this Agreement. You authorize us to charge your Account for all such amounts, and for other amounts advanced to third parties on your behalf. This includes without limitation, any amounts we advance on your behalf as a result of any Card related services offered by Visa U.S.A., Inc.
PROMISE TO PAY. You promise to pay the total amount owed for any goods and services purchased, cash advances obtained, and/or other authorized transactions. You promise to pay any FINANCE CHARGES, fees or other charges you owe. If your Account is a joint account, you and your joint account holder each promise to pay and are jointly and individually responsible for all amounts due on the Account.
CREDIT LINE. You will be notified of your Credit Line (limit). You promise that the total balance of purchases and cash advances will not exceed that limit. You may request an increase in your Credit Line, which must be approved by us. By giving you written notice, we may change your interest rate from time to time, or with good cause, may change your Credit Line or revoke your card and terminate this agreement. Good cause includes your failure to comply with this Agreement, or our reevaluation 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 our property, and you must recover and surrender to us all cards upon our request and upon termination of this Agreement. (Cut them in half for safety.)
MINIMUM PAYMENTS. You can make full payment at any time. If you don't, you must make the minimum payment shown on your statement within 25 days of the closing date reflected on the statement. Your minimum payment will be 2.5% of your new balance as shown on your statement, but at least $25.00. However, if the new balance as shown on your statement is less than $25.00 you pay only the balance owed. Any charge exceeding your credit limit will be reflected in your new balance as shown on your statement. Amounts exceeding your credit limit are subject to the minimum payment requirements as set forth above.
IRREGULAR PAYMENTS. You agree that we may accept partial payments of amounts due or late payments without losing any of our rights under this Agreement. You also agree that we may accept checks and money orders marked "payment in full" or otherwise purporting to be in full satisfaction of your outstanding balance without accepting any such condition or losing any of our rights in this Agreement.
HOW WE APPLY YOUR PAYMENTS. Loan payments are applied in the following order: unpaid finance charges, previously billed miscellaneous charges (i.e. Late Fee(s), Debt Protection Premium(s), if applicable), and principal reduction. The principal reduction portion of the payment is credited to balances in the following order, unless otherwise required by law: cash advance, balance transfer, and finally purchases. If your payments exceed what you owe us, we will deposit the excess funds into your regular share account no later than 6 months after the statement date following the excess payment provided no additional charges or transactions occur during that period to eliminate the credit balance. If you would like ECU to deposit the excess funds in your regular share account sooner, you may contact ECU at 800-9992328.
