You have a 25-day grace (no finance charge) period on your purchase balance and for new purchases if you paid the entire New Balance on your last statement by the end of the grace period. You also have a 25-day grace period for new purchases if you did not have a balance on your last statement. The grace period starts on the billing cycle closing date. If you do not pay the entire New Balance by the end of the grace period, a finance charge will be imposed on the unpaid balance from the first day of the next billing cycle and on new purchases from the date they are posted to your Account. There is no grace period for cash advances. A finance charge will be imposed on cash advances from the date the cash advance is posted to your Account. Balance transfers as permitted by Credit Union from time to time in Credit Union's sole discretion will be treated as cash advances for the purpose of all finance charges and finance charge calculations.
Finance charges on your Account are calculated by applying the applicable Monthly Periodic Rate to the average daily balances for purchases and cash advances. Separate average daily balances are calculated for purchases and cash advances. To get each average daily balance, the daily balances for purchases and cash advances for the billing cycle are added and the totals are divided by the number of days in the cycle. To get the daily balance for cash advances, new cash advances are added to the day's beginning balance and payments and credits are subtracted. To get the daily balance for purchases, new purchases are added to the day's beginning balance and payments and credits are subtracted; however, new purchases are not added if you paid the entire New Balance on your last statement by the end of the grace period or if you did not have a balance on your last statement. Fees and unpaid finance charges are not included in the calculation of the average daily balance. Finance charges will continue to accrue on your Account until what you owe under this Agreement is paid in full.
Credit Union may offer balance transfer, introductory rate, or other special rate promotions for your Account from time to time in Credit Union's sole discretion. The applicable Monthly Periodic Rate and ANNUAL PERCENTAGE RATE for any promotion and any promotion terms and conditions will be disclosed to before or at the time you make use of such promotion.
5. Other Charges. The following other charges (fees) will be added to your Account, as applicable. All fee amounts are disclosed on the Disclosures accompanying this Agreement:
a. Over-the-Credit-Limit Fee: In the event you incur charges in amounts which shall cause the Account indebtedness, and if you agree, you shall pay immediately the amount by which the total New Balance exceeds such maximum authorized credit, and an over limit fee shall be imposed.
b. Late Payment Fee: If a payment of at least the amount of the minimum required payment is not received within five (5) days of the Due Date, a late charge shall be imposed.
c. Return Check /Return Pre-Authorized Payments Fee: We may charge you this fee each time any payment you make to us is not paid by your financial institution for any reason, even if that institution later pays it.
d. Card Replacement Fee: In the event any additional or re- placement cards are issued for any reason other than the issuance of a renewal card, a fee may be imposed.
e. Balance Consolidation Stop Payment Fee: We may charge you this fee if we do not pay a balance consolidation payment for any reason, including when your account is in default, over limit, suspended or closed.
f. Rush Mail Fee: In the event any cards are issued and sent via an expedited mail service a fee may be imposed.
g. Foreign Transaction Fee: Refer to section 15.
6. Payments. Each month you must pay at least the minimum payment shown on your statement by the date specified on the statement or no later than twenty-five (25) days from the statement closing date, whichever is later. If your statement says the payment is 'Now Due,' your payment is due no later than twenty-five (25) days from the statement closing date. You may pay more frequently, pay more than the minimum payment or pay the Total New Balance in full. If you make extra or larger payments, you are still required to make at least the minimum payment each month your Account has a balance (other than a credit balance). The minimum payment is 2% of your Total New Balance, or $20.00, whichever is greater, plus the amount of any prior minimum payments that you have not made, and any amount you are over your credit limit. Credit Union also has the right to demand immediate payment of any amount by which you are over your credit limit. All payments are to be made by check, money order, or electronic payment drawn in US dollars and payable through a US financial institution. All payments are to be made at the location specified on your monthly billing statement. Payments received at locations other than the address specified or payments that do not conform to the requirements set forth on or with the periodic statement (e.g. missing payment stub, payment envelope other than as provided with your statement, multiple checks or multiple coupons in the same envelope) may be subject to delay in crediting. Credit Union may accept late payments, partial payments, or checks and money orders marked 'payment in full' and by doing so, Credit Union will not lose any rights under this Agreement if such irregular payments are accepted.
