EMPOWER FEDERAL CREDIT UNION ® CREDIT CARD AGREEMENT AND DISCLOSURE SEPTEMBER 2015 Interest Rates and Interest Charges · Fees
Variable Annual Percentage Rate (APR)1 Rates apply to Purchases, Balance Transfers, and Cash Advances PenaltyAPR and When it Applies · None 8.49% to 17.74% Empower Platinum MasterCard® 8.49% to 17.74% Empower World MasterCard® ThisAPR will vary with the market based on the Prime Rate · Annual Fee Transaction Fees Balance Transfer ATM Cash Advance Foreign Transaction Penalty Fees Late Payment 2 Over the Credit Limit Returned Payment · None None None None Up to $25.00 None None
Paying Interest · Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases if you pay your entire balance by the due date each month. We will begin charging interest on Cash Advances and Balance Transfers on the transaction date.
Minimum Interest Charge For Credit Card Tips from · None a credit card, visit the website of the Consumer Financial Bureau at: http://www.consumerfinance.gov/learnmore.
the Consumer Financial Protection Bureau · To learn more about factors to consider when applying for or using Protection
How We Will Calculate Your Balance: We use a method called 'Average Daily Balance (including new transactions)'.
1) Variable Rate Information: Your APR may vary. Rates are determined and adjusted monthly on the first day of the billing cycle by adding a Margin to the highest Prime Rate published in the Wall Street Journal on the last business day of each month. The Margin is determined based on an evaluation of each accountholder's credit history. The Margin will range from 5.24% to 14.49%.
Billing Rights: Details of your rights and our responsibilities can be found in the Billing Rights section of this account agreement
2) Late Payment Information: If you are 10 days late in making a payment, your account will be charged a fee of up to $25.00.
This information is accurate as of September 1, 2015 This information may change at any time. To find out what may have changed, write to us at: Empower Federal Credit Union, 1 Member Way, Syracuse, NY 13212.
DEFINITIONS In this agreement, the word 'card' or 'card(s)' refers to all MasterCard® cards issued to you by Empower Federal Credit Union including any substitute or renewal card(s) which we have the authority to reissue at any time. The words 'you', 'your', and 'yours' refer to each credit card applicant and anyone else the applicant permits to use a card. The words 'we', 'us', 'our' and 'Credit Union' refer to EMPOWER FEDERAL CREDIT UNION.
NOTICE TO (YOU) THE MEMBER: Do not use the card before you read this agreement. Please read the Agreement carefully and keep a copy for your records. It is a summary of terms that control the use of your credit card account. By using your credit card, you agree to all of the terms of this Agreement.
EFFECT OF AGREEMENT : This agreement is the contract which applies to all transactions on your Credit Union MasterCard® account even though the sales, cash advances, credits or other slips you sign or receive may contain different terms.
USING YOUR CARD: You do not have to sign this agreement, but you must sign the card in order to use it. By signing and using the card, you agree to the terms and conditions of this agreement.
CREDIT LIMIT: Your current credit limit and available credit will appear on your monthly billing statement. You may not use your card if you owe us more than your credit limit. If you exceed the credit limit, you must pay this amount immediately. The amount available may be changed by the Credit Union without prior notice.
LEGAL RESPONSIBILITY / PROMISE TO PAY: If we issue you a card, you agree to repay all debts and the finance charge arising from the use of the card and the card account. For example, you are responsible for charges made by yourself, your spouse and minor children. You are also responsible for charges made by anyone else to whom you give this card, and this responsibility continues until the card is recovered. You cannot disclaim responsibility by notifying us, but we will close the account for new transactions if you request us to do so and if you return all cards. Your obligation to pay the account balance continues even though an agreement, divorce decree or other court judgment to which we are not a party may direct you to 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.
AUTHORIZED USERS: You may request additional cards on your account for yourself or others and you may permit another person to have access to your account number. However, if you do so, you are liable for all charges made by those persons. You must notify us in writing to revoke permission for any person you previously authorized to use your account. We may choose upon such an occurrence to issue you a new card or cards with a different account number. You are responsible according to the terms of this agreement for the use of each card issued on your account.
USE AT AUTOMATED TELLER MACHINES: To use your card at an Automated Teller Machine(s) ('ATMs'), you have been given a Personal Identification Number ('PIN'). You agree that you will not give your card or PIN to anyone who is not authorized to use your card. You also agree not to write your PIN on the card itself or carry your PIN with your card. Use of the card and the PIN are considered as authorized uses. Transactions performed at ATMs are considered Cash Advances. Refer to 'Finance Charges on Cash Advances' section of this Agreement for more information.
AUDIO RESPONSE/INTERNET ACCESS: You agree by use of a PIN that each member appearing on your membership account number, regardless of whether his or her name appears on your credit card application, is an authorized user with the ability to access your credit card account and request a cash advance through audio response and Internet Banking. This includes joint member/owners presently on your membership account number and joint members/owners added in the future. Transactions by them using the PIN will be considered authorized transactions for which you and the card user will be liable.
SECURITY INTEREST
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Security Interest Specific for Credit Cards. You acknowledge and pledge, specifically as a condition of your use of the credit card, that you have voluntarily granted the Credit Union a security interest in all of your individual and joint share accounts at the Credit Union. If your credit card loan becomes delinquent, you authorize us to apply any or all funds on deposit with us to pay amounts due under this agreement should you default. This security interest does not apply to shares in an Individual Retirement Account (IRA).
IMPORTANT LIEN INFORMATION:
FOREIGN TRANSACTIONS: Purchases and cash advances made in foreign countries and foreign currencies will be billed to you in US dollars. The conversion rate to US dollars will be at 1) A rate selected by MasterCard® from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate MasterCard® itself receives, or 2) The government-mandated rate in effect for the applicable central processing date, in each instance, plus or minus any adjustment determined by the Credit Union.
MINIMUM PAYMENT: Each month you must pay a minimum payment amount. The minimum payment is calculated as the sum of the following items (a) through (c): (a) any scheduled payment from a previous billing cycle which has not been paid (past due); (b) 2% of the New Balance as shown on your current billing statement;(c) any amount of the New Balance which exceeds your credit limit (over limit). NOTE: If the sum of (a) through (b) above is less than $10.00, a minimum of $10.00 will be due. However, if the New Balance shown on your monthly statement is less than $10.00, the entire New Balance will be due. If the minimum payment computed, as above, is not an even dollar amount, the minimum payment due may be rounded to the next highest dollar. You may at any time pay more than the minimum amount due. You may pay the new balance in whole or in part at any time. We will not charge you a penalty for paying more than the minimum payment. Paying ahead and skipping a payment will not reduce your liability for interest charges in the month that you do not make a payment
APPLICATION OF PAYMENTS: We may apply all payments and credits in accordance with our standard operating procedures and within the requirements of applicable law.
AUTOMATIC PAYMENT OPTION: You may elect to have your Minimum Payment Due, your total New Balance, or a Fixed Amount paid by automatic withdrawal from either your Regular Share Savings account or your Share Draft Checking account. We may require such election to be in writing. If the Fixed Amount Automatic Payment Option is chosen, and it does not meet the minimum payment due amount, it is your responsibility to ensure minimum payment in full, otherwise your loan will be considered in default. The Credit Union will attempt to make the payment transfer at the close of business on the date your payment is due. Automatic payments that fall on a non-Business Day may be processed on the Business Day preceding the Payment Date. If the funds are not sufficient to pay your payment, the Credit Union may keep trying to make transfers of available funds each day until your entire payment is made; however, the Credit Union will not waive any rights to declare your loan in default by attempting to continue to make transfers. You may request to be removed from automatic payment transfer at any time by giving the Credit Union notice of your decision. We may require your notice to be confirmed in writing.
IRREGULAR PAYMENTS: We may accept late payments, partial payments, or items marked 'payment in full' or the like without losing any of our rights under this Agreement.
