VISA iSTUDENT CARD DISCLOSURES REQUIRED BY FEDERAL LAW
1. FINANCE CHARGES:
a) Calculation methods for purchases: To avoid incurring any additional Finance Charge on the balance of purchases reflected on your monthly statement and, on any new purchases appearing on your next monthly statement, you must pay the New Balance, shown on your monthly statement, on or before the Payment Due Date. The grace period for the New Balance of purchase extends to the Payment Due Date. The FINANCE CHARGES for a billing cycle are computed by applying the monthly periodic rate to the "average daily balance" for purchases. To get the average daily balance, we take the beginning balance of your account each day, add any new purchases or cash advances, and subtract any payments, credits, non-accruing fees, and unpaid finance charges. This gives us the daily balance. We then add up all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. Convenience Checks will be processed as a Purchase or Balance Transfer depending upon the nature of its use, never as a Cash Advance.
b) Calculation method for Cash Advances: The finance charge on cash advances begins to accrue from the date you obtain the cash advance. There is no grace period for a cash advance. The FINANCE CHARGES for a billing cycle are computed by applying the Daily Periodic Rate to the "daily balance" of your account for each day in the billing cycle. To get the average daily balance, we take the beginning balance of your account each day, add any new cash advances or fees, and subtract any payments, credits, non-accruing fees, and unpaid finance charges. This gives us the daily balance.
Periodic rates to compute FINANCE CHARGES - Purchases: 1.7292% - 2.0625% per month. Cash Advances 0.0568% - 0.0678% per day.
Corresponding ANNUAL PERCENTAGE RATES - Credit Purchases: 20.75%-24.75%
Cash Advances: 20.75%-24.75%.
The ANNUAL PERCENTAGE RATE (APR) on your account for purchases, cash advances, or balance transfers (when applicable) is variable. The variable rate is calculated by adding your margin (14%-18%), which is based on creditworthiness at time of application, to the prime rate (index) which is the rate published in the Wall Street Journal as of the last business day of each month. Any change in this index will cause your APR to change on the first day of the month, following a prime rate change on or before the tenth of the prior month.
CASH ADVANCE FEE: Up to 4.0% of the amount of each cash advance with a minimum of $5.00 and a maximum of $40.00. A transaction fee may be imposed by an ATM operator, not holding your account, or by any national, regional or local network used to complete a Cash Advance transaction.
INTERNATIONAL TRANSACTION FEE: You are responsible for the fee charged by the merchant.
OVER THE LIMIT FEE: You may not exceed the account's applicable limit. The cardholder must immediately pay the amount by which the total new balance exceeds the maximum authorized credit limit. There is no additional Over the Limit Fee.
ANNUAL MEMBERSHIP FEE: None
MINIMUM PAYMENT: a) The minimum payment is 2.50% of that portion of your balance that does not exceed your credit limit (rounded up to the nearest dollar) or $20.00, whichever is greater, in addition to the entire portion of the New Balance in excess of your Credit Limit, plus any amount past due. b) If the New Balance on your account equals less than $20.00, then the New Balance is your minimum payment.
LATE CHARGES: If the minimum required payment is not received by the end of the closing date subsequent to the payment due date, a late charge of $27.00 will be imposed. 8. RETURNED PAYMENT FEE: If your payment is returned is for any reason you will be assessed a fee of $27.00
PENALTY PERCENTAGE RATE (APR) 24.00% - This APR may be applied to your account if you make a late payment 60 days late, 1 time on any accounts that you have with us. How Long Will the Penalty APR Apply?: If your APRs are increased for this reason, the Penalty APR will apply until you make six consecutive minimum payments when due.
RUSH CARD ORDER: if you request to have a new or replacement card order rushed, there will be a $35.00 processing fee assessed.
STATEMENT REPRINT FEE: There will be a $5.00 charge for any statements to be reprinted.
ON-DEMAND ACH: There will be a $5.00 charge to make an ACH transaction through the Bank's On-Demand system.
BALANCE TRANSFER FEE: Up to 3.0% of the amount of each transfer with a minimum of $5.00 and a maximum of $40.00. .
Documentary stamp taxes as may be required by law shall be imposed on each Cash Advance at the time the loan is made.
If you have other loans or credit extensions from issuer, or take out other loans or credit extensions with issuer in the future, collateral securing those loans will also secure your obligation under this loan. However, unless you expressly agree otherwise, your household goods and dwelling will not secure your obligations under this agreement even if the issuer has, or later acquires a security interest in the household goods or a mortgage on the dwelling. If you have executed a written agreement granting a security interest in any deposit accounts (checking, savings, or share accounts) or other funds held by issuer to secure your obligations under this credit card plan such accounts and/or funds are additional security for your obligations to issuer arising from the use of your Card.
TERMS GOVERNING THE USE OF YOUR CARD
The person ("Cardholder") whose name is embossed on the face of the VISA iStudent ("Card") enclosed herewith, and each Cardholder, in the event more than one Card is enclosed herewith bearing the same account number, by signing or using said Card, receipt of which is acknowledged, or Convenience Check ('Check') signed, agrees with the issuer of the Card whose names is printed on the reverse ("Issuer") as follows:
A. Goods and services ("Credit Purchase") may be purchased or leased by means of such card or Check by Cardholder from any retail business establishment ("seller") who honors same upon the execution of a sales slip evidencing such Credit Purchases and bearing the account number of Cardholder embossed on the face of such Card. Additionally, VISA IStudent Card Cash Advances ("Loans") may be obtained through use of such Card (a) upon execution of a written request of Cardholder in a form furnished to Cardholde from any financial institution that is a member, alone or in association with others, of Visa U.S.A. and (b) upon execution of a written separate agreement with Issuer for a Visa IStudent Card overdraft financing agreement if offer by Issuer.
B. Cardholder shall be liable and agrees to pay Issuer for Credit Purchases made by, or for Loans extended to, Cardholder or anyone else using such Card or Check, unless the use of such Card or Check is by a person other than the Cardholder (a) who does not have actual, implied or apparent authority for such use, and (b) from which Cardholder receives no benefit. Additionally, Cardholder shall be jointly and severally liable and agrees to pay for all Credit Purchases and Loans obtained through the use of any other Card or Check Bearing Cardholder's account number that has been issued to another person by reason of such person being a member of Cardholder's family, or otherwise issued upon Cardholder's request (all such Cards bearing the VISA account number herein after collectively called ("Related Cards"),
C. Each Card and Check is the property of Issuer and is not transferable and must be surrendered upon demand. It can be canceled as well as repossessed by Issuer or its designee, and the privileges thereof revoked, at any time without prior notice.
D. Cardholders shall not use the Card or Check, or permit the use of Related Cards or Checks to obtain Credit Purchases or Loans, which will increase Cardholder's indebtedness to Issuer to an amount in excess of the limit established by Issuer.
E. All Credit Purchases and Loans are affected at the option of the Seller and Cash Advancing Financial Institution respectively, and Issuer shall not be responsible for refusal by any Seller or Cash Advancing Financial Institution to honor the Card or any related Card or Check. Any refund, adjustment or credit allowed by Seller shall not be by cash but rather by a credit advice to Issuer which shall be shown as a credit on Cardholder's account statement with Issuer.
F. Issuer will send to Cardholder, at monthly intervals determined by Issuer, a statement reflecting for the prior monthly period all Visa IStudent Card and Related Card or Check transactions. Such statement shall be deemed correct and accepted by Cardholder and all holders of Related Card unless Issuer is notified to the contrary in writing within 60 days of mailing such statement. Cardholder will pay such statement by remitting to Issuer within 25 days of the closing date reflected on the statement either the full amount billed or, at Cardholder's option, an installment equal to at least the required minimum payment stated in Item 5 of this disclosure.
G. Interest on Loans and Credit Purchases will be charged in accordance with the finance charge calculation method referred to in Item 1 of this disclosure. The rate of interest shall be established by Issuer from time to time, but shall never exceed the maximum rate permitted by law. The current interest rate per annum is the Annual Percentage Rate set forth in Item 1 of the Disclosure.
H. If a Card or Check is cancelled or surrender or is demanded by Issuer, or if Cardholder defaults in any payment due, or is deceased, bankrupt or insolvent, or any attachment or garnishment procedures are initiated against cardholder or his property, Issuer may elect to declare all amounts then owed to Issuer to be immediately due and payable without notice or demand of any kind. If Cardholder has other loans with Issuer, or takes out other loans with Issuer in the future, collateral securing those loans will also secure the Cardholder's obligations under this agreement. However, unless the Cardholder expressly agrees otherwise, the Cardholder's household goods and dwelling will not secure Cardholder's obligations under this agreement even if issuer has or later acquires a security interest in the household goods or a mortgage on the dwelling. Cardholder agrees to pay all costs incurred by Issuer in collecting Cardholder's indebtedness or in enforcing this agreement, including reasonable attorney's fee and also those costs, expenses, and attorney's fees incurred in appellate, bankruptcy and post-judgment proceedings, except to the extent such costs, fees or expenses are prohibited by law.
I. This agreement may be amended from time to time by Issuer by written notice mailed to Cardholder at Cardholder's last known address.
J. Except to the extent that Federal law is applicable, the validity, construction, and enforcement of this agreement and all matter's arising out of the issuance and use of the Card shall be governed by the laws of the state in which the principal office of issuer is located.
K. Additional charges, plus applicable taxes, may also be assessed if you pay us with a check not honored by your financial institution, request a copy of a document, request a replacement
