1
4
6
Agreement and Definitions. This Cardholder Agreement, the folder containing your card including the Account Opening Disclosure Table on the back of the folder, changes and notices of changes we make to your account and/or this agreement as provided herein, the Visa Signature Guidelines included on your application and published and periodically updated online, and all documents bearing your hand-written, electronic or digital signature (such as, but not limited to, any application, convenience check or sales slip) or other evidence of indebtedness on the credit card account constitute the contract governing your credit card account (the 'Agreement'). The words 'you' and 'your' refer to each person jointly and severally (if more than one) who has applied for or otherwise agreed to be responsible for the account. The words 'we', 'our', and 'us', mean First Horizon Bank, and its successors, assigns, agents and/or authorized representatives. The word 'card' means each Visa Signature card issued on the account. The card is our property, and you agree to surrender it to us or our agent upon request. This Agreement is binding on you unless you cancel your account within 30 days after receiving the card and you have not used or authorized use of your account. This card is available only to individuals for consumer use and will not be issued to sole proprietorships, corporations, partnerships or limited liability companies.
Changes In Terms. You consent and agree that at any time we may add, delete, remove, amend, or change any terms and conditions of this Agreement, including but not limited to the Annual Percentage Rate (APR), fees or other terms. Such amendments may apply to the unpaid balance and to new transactions, as allowed by applicable law. Reasons we may change the terms and conditions of this Agreement include, but are not limited to, risks associated with your account, economic and market conditions and trends, product parameters, and our business needs and considerations. If we make such amendments, you will receive advance notice and a right to opt out, as may be required by the Agreement and applicable law.
Using Your Account. In addition to the card, we may furnish you checks which can be used to access your account. You agree to use checks only in the form we furnish and according to any instructions we give you. You cannot stop payment on checks used to access the account. You may use your account to purchase goods and services and to get Cash Advances.
Cash Advances include cash obtained from participating financial institutions and ATMs, transactions using checks to access your account, and cash-equivalent transactions (including purchases of travelers' checks, casino chips and other items which Visa rules, as applicable, designate as cash or cash-equivalent transactions). The amount of a Cash Advance obtained from an ATM may include a surcharge imposed by the ATM owner.
Purchases are transactions initiated with the card or account for the purchase of goods or services from participating merchants (excluding cash-equivalent transactions) and such other charges we designate as Purchases.
Only a payment made by us, at your request via our customer service center or our website, to transfer all or part of your balance with another creditor to your account with us will be considered and treated as a Balance Transfer under this Agreement. Your use of a check used to access your account for any purpose is not considered a Balance Transfer under this Agreement.
Standard (Variable) Rates. Except as otherwise stated in this 'Standard (Variable) Rates' provision or upon amendment of this Agreement, the monthly periodic rates and corresponding APRs used to compute the periodic interest charges on your account will be variable rates which may increase or decrease for each new billing cycle based on changes in the U.S. Prime Rate published in The Wall Street Journal ('Prime'). Your corresponding APRs, divided by 12 and truncated to the next one-thousandth percentage point will be your monthly periodic rates. Your rates will not exceed the maximum we are allowed to charge under applicable law. We will use the value of Prime published on the last business day of each calendar month (the Determination Date) in order to calculate your APRs in effect from the first day through the last day of your billing cycle ending in the calendar month following the Determination Date. If more than one Prime rate is published on the Determination Date, we will use the highest. An increase in your rates will increase your interest charges and may increase your minimum monthly payment.
Your APRs on Purchases, Balance Transfers and Cash Advances will equal the sum of Prime plus a margin ('Margin'). Margin means the percentage points added to the Prime Rate to calculate the APR. Your Margins, corresponding APRs and monthly periodic rates for Purchases, Balance Transfers and Cash Advances are shown on the enclosed folder containing your card which includes the Account Opening Disclosure Table on the back of the folder.
Statement of Military Annual Percentage Rate (MAPR). Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: the costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account).
Please call 1-800-776-6524 to receive the information in the preceding paragraph and a description of my payment obligation orally.
Promise to Pay. You promise to pay us, in accordance with the terms of this Agreement, for all transactions on your account, plus all interest, finance charges and other charges, fees and expenses incurred on or in connection with the account. You will be individually and, if applicable, jointly and severally liable for the total balance, whether the charges are made by you or by a person authorized by you in any way to use your account in any way. You cannot transfer or assign the account to another person.
Credit Limit. Your initial credit limit appears on the folder containing your card. We may increase or decrease your credit limit at any time. Each of your billing statements will reflect your credit limit in effect as of the date of the statement. You agree not to conduct any transaction that would cause the total balance of your account to exceed your credit limit. We may honor, at our discretion, transactions which exceed your credit limit. You agree to pay any amount that exceeds your credit limit immediately upon request. Without additional notice we may limit the number or dollar amount of account transactions, and/or authorizations for transactions, within your credit limit for security or other reasons.
Billing Statements. We will send or make available a billing statement for each monthly billing cycle for which a Purchase, Balance Transfer or Cash Advance is posted to your account or if there is a debit or credit balance of more than $1.00. The statement will reflect each Purchase, Balance Transfer or Cash Advance transaction posted to your account, your New Balance, Payment Due Date, Minimum Payment Due, Interest Charges, Fees and other important information. Unless you notify us of any alleged errors in accordance with the Billing Rights Notice in this Agreement, we may consider the statement correct for all purposes.
Making Payments:
Effects of Making Minimum Payments. If you make only the minimum payment each billing period, you will pay more in interest and it will take you longer to pay off your balance.
Application of Payments. We will determine, at our discretion, the amount of and order in which minimum payments will be applied to Purchases, Balance Transfers, Cash Advances, Interest, Finance Charges and other fees and charges. If your account has balances with different APRs, we will allocate your minimum payments to balances subject to lower APRs before balances subject to higher APRs. If you make more than the minimum payment, we will allocate amounts in excess of the minimum payment to balances subject to higher APRs before balances subject to lower APRs, even if, as required by applicable law, this allocation results in a loss of any Grace Period for which you may otherwise have been eligible. This payment allocation method applies to all higher APR balances, including transactions subject to higher APRs posted since your last statement.
New Balance. The details and amount of your New Balance for each monthly billing cycle will appear on your billing statement in the Summary of Account Activity section. Minimum Payment Calculation. You may pay all or part of your balance at any time, but each month you must pay at least the Minimum Payment Due shown on the billing statement. If your New Balance is $25.00 or less, the Minimum Payment Due will be the New Balance in full. Otherwise, the Minimum Payment Due will be the total of (1) the greatest of (a) 2.5% of your New Balance, (b) 1% of your New Balance, plus interest charges assessed in the current billing cycle, (c) any over limit amount in the current cycle, or (d) $25.00; plus (2) net fees (excluding Cash Advance and Currency Conversion Fees) in excess of $0 assessed in the current billing cycle; plus (3) all amounts past due.
Form of Payments. Do not send cash by mail. If you pay by check or money order, the check or money order must be in U.S. Dollars drawn on funds on deposit in a federally-insured U.S. depository institution. However, we may, at our option, accept checks or money orders drawn on non-U.S. banks and impose service and collection charges on your account for processing such items. When you send a personal check to the BankCard Center, we may initiate an electronic debit for the amount of your check to your account at the financial institution on which the check was written. Your payment will appear as an electronic debit on the statement for the account from which you made payment and will include the name of the payee 'BankCard Center', the check number and the payment amount. We can (but are not required to) accept late payments, partial payments, payments marked or accompanied by 'payment in full' or similar language, or payments which are otherwise improper without losing any of our rights under this Agreement, including our right to require payment of the entire balance.
Payment Processing. Payments accompanied by the payment coupon are proper payments. Payments not accompanied by the payment coupon MUST include the current account number and other information as needed to identify the appropriate account in order to be proper payments. Proper payments will be applied to your account as of the date received if received Monday-Friday, excluding federal holidays, by the times shown below:
Payments delivered in person to and processed by an employee at a financial center, or other bank location that accepts such payments, by close of business at that location
Payments received at BankCard Center, P .O. Box 385, Memphis, TN 38101¬0385 by 5:00 p.m. CT
· Payments made via Banking Online website by 8:00 p.m. CT
Proper payments received on a day that the bank does not process payments or later than the times shown above will be applied the next business day. Any other payment may not be applied until 5 days after receipt.
Visa Money Transfer. You have the ability to receive a credit transfer to your credit card via a Visa Money Transfer under which you or a third party may transfer funds to you. Funds will appear on the statement as a 'Visa Transfer', but funds will be treated as a non-proper payment to your account within 2 business days of receipt. We have the right to refuse/return a transfer restricted/prohibited by applicable federal, state or local law or by this Agreement.
Finance Charges.
Interest Charges. We will impose periodic interest charges based on the monthly periodic rates that apply to Purchase, Balance Transfer and Cash Advance average daily balances. Periodic interest charges will begin to accrue on all average daily balances from the date that transactions are posted to your account, except for Purchase transactions that may be eligible for a grace period (see Paying Interest section of this Agreement).
If the periodic interest charge calculated for a billing cycle in the manner described in the Calculating Average Daily Balances section is less than $.50 but more than $.00, we will impose a $.50 minimum charge (in addition to any applicable Cash Advance Fee(s)). The amount of interest charged will be shown on your billing statement in the Interest Charged section; except that, when imposed, the minimum charge will appear in the Fees Charged section of your statement.
Foreign Currency Transactions. If a transaction on the account is in a currency other than U.S. Dollars, Visa will convert the amount of the transaction (whether a purchase, cash advance or credit) to U.S. Dollars as provided by Visa rules then in effect. Currently, Visa rules provide that the exchange rate between the transaction currency and the billing currency used for processing international transactions will be a rate selected by Visa from the range of rates available in wholesale currency markets for the applicable central processing date (which rate may vary from the rate Visa itself receives) or the government mandated rate in effect for the applicable central processing date. You agree to accept the converted amount. We will not charge a currency conversion fee to Visa Signature accounts.
Paying Interest:
Grace Period for Purchases. You will have a grace period during which we will not impose an interest charge on Purchases if you pay your New Balance by the Payment Due Date shown on the billing statement each month. Otherwise, we will impose a periodic interest charge on the average daily balance of Purchases.
Grace Period for Balance Transfers. You will have a grace period during which we will not impose an interest charge on Balance Transfers if you pay your New Balance by the Payment Due Date shown on the billing statement each month. Otherwise, we will impose a periodic interest charge on the average daily balance of Balance Transfers. Cash Advances. There is no grace period for Cash Advances. We will impose a periodic interest charge on the average daily balance of Cash Advances.
Calculating Average Daily Balance:
Purchase Balance. To determine this average daily balance, we (a) start with the previous Purchase balance at the beginning of each new billing cycle and subtract any unpaid interest charge and unpaid fees which were included in that balance; (b) determine the Purchase balance for each day of the billing cycle by subtracting any payments and credits applied to the Purchase balance and by adding new Purchases;
and (c) at the end of the billing cycle, add these daily balances and divide the total by the number of days in the billing cycle to determine the average daily balance for Purchases. We then multiply this average daily balance by the monthly periodic rate that applies to Purchases to determine the amount of your periodic interest charge on Purchases.
Balance Transfer Balance. To determine this average daily balance, we (a) start with the previous Balance Transfer balance at the beginning of each new billing cycle and subtract any unpaid interest charge and unpaid fees which were included in that balance; (b) determine the Balance Transfer balance for each day of the billing cycle by subtracting any payments and credits applied to the Balance Transfer balance and by adding new Balance Transfers; and (c) at the end of the billing cycle, add these daily balances and divide the total by the number of days in the billing cycle to determine the average daily balance for Balance Transfers. We then multiply this average daily balance by the monthly periodic rate that applies to Balance Transfers to determine the amount of your periodic interest charge on Balance Transfers.
Cash Advance Balance. To determine this average daily balance, we (a) start with the previous Cash Advance balance at the beginning of each new billing cycle and subtract any unpaid interest charge and unpaid fees which were included in that balance; (b) determine the Cash Advance balance for each day of the monthly billing cycle by subtracting payments and credits applied to the Cash Advance balance and adding new Cash Advances; and (c) at the end of the billing cycle, add these daily balances and divide the total by the number of days in the billing cycle to determine the average daily balance for Cash Advances. We then multiply this average daily balance by the monthly periodic rate that applies to Cash Advances to determine the amount of your periodic interest charge on Cash Advances.
Other Fees and Charges:
Annual Fee. $0
Eligibility. To be eligible for a Visa Signature Card, you must have a minimum gross annual income of $35,000.
Cash Advance Fee. We will impose a Cash Advance Fee equal to 4% of each new Cash Advance. However, the fee will not be less than $10 per transaction or more than the amount allowed by applicable law or regulation. Each Cash Advance Fee will be itemized in the Transactions section on your billing statement. The total amount of any Cash Advance Fee(s) will be shown on your billing statement in the Fees Charged section.
Balance Transfer Fee. We will impose a Balance Transfer Fee equal to 4% of each new Balance Transfer. However, the fee will not be less than $10 per transaction or more than the amount allowed by applicable law or regulation. Each Balance Transfer Fee will be itemized in the Transactions section on your billing statement. The total amount of any Balance Transfer Fee(s) will be shown on your billing statement in the Fees Charged section.
Returned Payment Fee. When a check or other payment on your account is not honored, cannot be processed or otherwise cannot be applied to your account, we will charge you a returned payment fee of up to $25.00 for the first occurrence and up to $35.00 for any additional occurrences in the following six billing cycles.
Late Payment Fee. If we do not receive at least the minimum payment due on your account by the Payment Due Date shown on your billing statement, we will charge you a late payment fee of up to $25.00 for the first occurrence and up to $35.00 for any additional occurrences in the following six billing cycles.
Collection Costs and Attorneys' Fees. Except as prohibited by applicable law, you will pay our collection costs and attorneys' fees if you default under this Agreement. Security Interest. Collateral furnished to secure any other credit you may owe us may also secure this account. However, if collateral securing other credit is your personal residence, we waive any claim we might otherwise have to treat that property as collateral for this account.
Account Use by Others. Think carefully before you lend your card or authorize another person to use your card or account. You cannot limit that person's authority to use the account, and you cannot terminate such authority (1) until we receive notice of revocation; and (2) until you recover possession of the card.
Notices. If we have to notify you of anything concerning your credit card account, the notice will be effective if we send it to your name and address as they appear in our records or you receive such notice by any other means. You will notify us in writing immediately if you change your name, address, telephone number or other pertinent contact information. If you write to us for any reason other than to make a payment, send your letter to: BankCard Center, P .O. Box 1545, Memphis, TN 38101-1545. If you are one of our Banking Online customers who receives notices or statements electronically, you will notify our Banking Online Department if you change your e-mail address by following the instructions in your Banking Online Agreement. Additionally, if you become aware of an error regarding how activity on this account appears on a credit report, please write us at BankCard Center, P .O. Box 1545, Memphis, TN 38101-1545.
Default/Entire Balance Due. You will be in default if you fail to pay at least the minimum payment shown on the billing statement, or fail to comply with any other term of this Agreement or any other agreement with us, or in the event of your bankruptcy, death, fraud or misrepresentation. If you are in default, we can demand immediate payment of the entire balance and all fees and charges then owing on the account, as allowed under applicable law.
Closing or Suspending your Account - Non-default. You may close your account at any time by notifying us in writing or by calling us. If more than one person is obligated under the Agreement, any one of them may close the account at any time and we may immediately close the account after we receive such a request without giving notice to other persons obligated for amounts owed under the Agreement. You agree that you will not hold us responsible for any inconvenience, costs or damage you incur arising from the closing of the account by one person obligated under the Agreement. You may re-open your account after you close it provided one or both persons obligated on the account provide(s) us with a written request to re-open it within 30 days after the closure. We may close or suspend your account at any time without prior notice unless required by applicable law. In the event of any closing or suspension, you will immediately stop using the account in any way, you will return or destroy the card(s) upon request, and you will contact anyone you authorized to charge transactions to your account, such as phone companies or internet service providers, to change your billing arrangement. You will remain obligated to pay the account balance and all fees and charges according to the term of this Agreement or as otherwise agreed between us. Additionally, if we extend credit to you because you use the account or pre-authorized charges are paid after you close the account, you will be responsible for payment of such credit in accordance with the Agreement.
Credit Information. You authorize us to make credit, employment and investigative inquiries about you from time to time to credit reporting agencies and others until the Agreement is terminated and the account balance is paid in full. You also promise to provide current financial information upon our request. We may report information about the account to credit reporting agencies, other creditors, Visa, and others who may properly receive such information, in accordance with applicable law and the Privacy Notice contained herein.
Promotions. From time to time, we may offer you temporary promotional terms. If we do, we will advise you in writing of the scope and duration of the promotional terms, and your regular terms will resume at the time our offer specifies. Occasionally, you may be contacted about promotions, credit card enhancements and special products. If you prefer not to receive this information, please write to us at BankCard Customer Service, P .O. Box 1545, Memphis, TN 38101-1545. Please allow sixty (60) days for your request to take effect.
Telephone Monitoring. You consent and agree that we may monitor and record your telephone calls with our employees or contractors.
Merchant Refunds/Credits. Merchants are not allowed to make cash refunds for card transactions on your credit card account, subject to a very few exceptions. Instead, if the merchant grants your request for a refund, it is the merchant's responsibility to send a credit through Visa so that we can credit your account. You should retain your copy of the credit slip prepared by the merchant. If the merchant discloses a policy limiting or disallowing refunds, you will be bound by it. If you make travel or lodging or other reservations, you will be bound by the merchant's cancellation policy, and you must obtain a cancellation code from the merchant to avoid or limit any charges in accordance with that policy. If you give a merchant continuing authority to charge your account for repeat charges, you must notify the merchant when you wish to revoke that authorization. If the merchant continues to initiate such charges, to preserve your billing rights you must continue to notify us promptly every time your billing statement reflects a new charge.
Assignment. We may assign any or all of our rights under this Agreement, including any debt you owe us.
Captions. Captions used in this Agreement are intended solely as aids to convenient reference and do not affect the interpretation of this Agreement.
Applicable Law/Non-Waiver/Severability. YOUR ACCOUNT AND THE TERMS AND ENFORCEMENT OF THIS AGREEMENT WILL BE GOVERNED BY FEDERAL LAW AND THE LAW OF TENNESSEE. We can delay enforcing any of our rights under this Agreement any number of times without waiving our rights in the future. If any term of this Agreement is found to be unenforceable, all other provisions remain in full force and effect.
Illegal Transactions. You agree not to make or permit to be made any illegal transactions on the account through use of the card, any other account access device issued by us, or in any other manner. We may, but are not required to, deny authorization for any internet gambling transactions, any internet purchase of tobacco products, or any other illegal transactions. You agree that illegal use of the card or the account will be deemed an action of default and/or breach of contract and, in such event, the account and other related services may be terminated at our discretion. You further agree that should illegal use occur, you waive any right to sue us for such illegal use or any activity directly or indirectly related to it, and you agree to indemnify and hold us harmless from any suits, legal action, or liability directly resulting from such illegal use.
Lost or Stolen Cards/Unauthorized Use. If any card (or convenience check) is lost or stolen or if you think someone used or may use your account without permission, you agree to notify us immediately by calling the number that is found on the back of your
