SUMMARY OF VISA ACCOUNT TERMS:
Interest Rates and Interest Charges
Introductory Period Annual Percentage Rate (APR) for purchases, balance transfers and cash advances · A fixed 0% APR for six months from the date account is open (1)
Annual Percentage Rate (APR) for purchases and balance transfers after the introductory period · VISA Classic ScoreCard 9.99% (2) VISA Platinum ScoreCard-Merchandise 9.99% (2) VISA Platinum ScoreCard-Cash Back 9.99% (2)
Cash Advance APR · 14.99% (2)
Method of Computing Balance for Purchases · Average daily balance including new purchases
How to avoid paying interest on purchases · The account balance is paid in full within 25 days after the statement closing date (3,4)
Minimum Finance Charge · None (4)
For Credit Card Tips from the Consumer Financial Protection Bureau · To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/learnmore
Fees
Annual Membership Fee · VISA Classic & VISA Platinum ScoreCard-Merchandise: None VISA ScoreCard-Cash Back: $30
Transaction Fees • Balance Transfer • Cash Advance • Foreign Transaction · None $3 1% of the converted transaction amount
Penalty Fees • Late Payment • Over-the-Credit Limit • Returned Payment Other Fees · $7.80 None None Replacement Card Fee: $10 if card is replaced more than once in any 12 month period Expedited Card Delivery Fee: $20
These Account Terms are true as of 7/6/2020. Terms are subject to change after the date of printing. Should you have any questions regarding changes after printing date, please contact us.
How We Will Calculate Your Balance: We use a method called 'average daily balance', including new purchases.
Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your account agreement.
(1) I NTRODUCTORY INTEREST RATE (for new purchases, balance transfers and cash advances) - From the account-opening date, the introductory interest rate will be 0% APR FIXED FOR SIX MONTHS. Thereafter the rate will be the APR disclosed in the above 'ACCOUNT TERMS' for the type of Visa credit card you obtain, based on the terms and conditions in the application. See full details of Account conditions and terms in the Bank Credit Card Agreement ('Agreement') provided separately from the application and/or credit card at account opening.
(2) Visa Classic ScoreCard, Visa Platinum ScoreCard-Merchandise and Visa Platinum ScoreCard-Cash Back are subject to a FINANCE CHARGE of .83%, which is equal to an APR of 9.99%.
(3) WHEN INTEREST RATES BEGIN TO ACCRUE. All cash advances are subject to a FINANCE CHARGE from the date of the cash advance.
(4) How We Will Calculate Your Balance - Purchases are subject to a finance charge from the date they are posted to the account; however, no interest is imposed on purchases if the account balance is paid in full within 25 days after the statement closing date. If you elect not to pay the entire new balance shown on your previous monthly statement within that 25-day period, a finance charge will be imposed on the unpaid average daily balance of such Credit Purchases from the previous statement closing date and on new Credit Purchases from the date of posting to your account during the current billing cycle, and will continue to accrue until the closing date of the billing cycle preceding the date on which the entire new balance is paid in full or until the date of payment if more than 25 days from the closing date. The finance charge for a billing cycle is computed by applying the monthly periodic rate to the average daily balance of Credit Purchases, which is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the cycle. Each daily balance of Credit Purchases is determined by adding to the outstanding unpaid balance of Credit Purchases at the beginning of the billing cycle any new Credit Purchases posted to your account, and subtracting any payments as received or credits as posted to your account, but excluding any unpaid finance charges.
Changes: We may add, change, or delete any of the terms of your account and the corresponding Credit Card Agreement (including, but not limited to, Annual Percentage Rate and other significant changes) in accordance with the agreement and applicable laws.
ScoreCard SM Bonus Point Program
Complete ScoreCard Bonus Point Program rules will be sent with your first statement. Rewards begin to accumulate after you have received and activated your new card. Points accrued will expire five years after the expiration date. March 31 is the expiration date for points not redeemed within the previous five year period. For example, if a purchase is made March 1, 2019, the points will not expire until March 31, 2024.
Important Information About Opening A New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may ask to see your driver's license or other identifying documents.
BANK CREDIT CARD AGREEMENT
MERCHANTS BANK, NATIONAL ASSOCIATION
BANK CREDIT CARD ACCOUNT:
This Agreement governs the Borrower's Bank Credit Card Account ('Account') with the Lender. PLEASE READ CAREFULLY. The Account establishes a line of credit for Borrower with Lender. The Account is secured by the security identified below. Borrower may request loan advances up to the amount of the credit limit indicated above. Lender agrees to make such advances unless Borrower fails to comply with the terms of this Agreement or any accompanying document executed in connection with this Agreement. Borrower may be asked to sign other documents in order to grant Lender a security interest in the collateral that is pledged.
ACCESS TO THE ACCOUNT:
Borrower may access this account in the following manner:
- request in person that you be advanced directly an amount up to the availability on the account at any given time.
- use the credit card we supply to make purchases or receive cash loan advances.
HOW THE LOAN IS ADVANCED:
When you request a loan, we will, subject to any limitations contained in this Agreement, give you the exact amount you request or the minimum advance amount whichever is greater. Depending on how we agree to make the advance, we will either deposit the money into your transaction account, give the money directly to you, or pay any third person or account you tell us to pay. We will record the advance as a loan in your loan account.
HOW TO REPAY YOUR LOANS:
On or before each payment date, you must make a minimum payment to reduce your debt. The minimum payment equals the total New Balance as shown on your monthly billing statement if the amount is less than or equal to $15.00 If the New Balance exceeds $15.00, the minimum payment is 3% (rounded up to the next dollar) of that portion of the New Balance which does not exceed your credit limit, plus the entire portion of the New Balance in excess of your credit limit, plus any amount past due, or $15.00, whichever is greater. You may prepay this debt in whole or in part at any time.
SECURITY:
To secure the payment and performance of obligations incurred under this Agreement, Borrower grants Lender a security interest in, and pledges and assigns to Lender, all of Borrower's rights, title, and interest, in all monies, instruments, savings, checking and other deposit accounts of Borrower's, (excluding IRA, Keogh and trust accounts and deposits subject to tax penalties if so assigned) that are now or in the future in Lender's custody or control. Upon default, and to the extent permitted by applicable law, Lender may exercise any or all of its rights or remedies as a secured party with respect to such property, which rights and remedies shall be in addition to all other rights and remedies granted to Lender including, without limitation, Lender's common law right of set off. [ ] If checked, the obligations under this Agreement are also secured by a lien and/or security interest in the property described in the documents executed in connection with this Agreement as well as any other property designated as security now or in the future.
CHANGE OF TERMS: LENDER HAS THE RIGHT TO CHANGE THE TERMS AND CONDITIONS OF THIS AGREEMENT AT ANY TIME IN ACCORDANCE
WITH STATE AND FEDERAL LAW. THESE CHANGES MAY AFFECT BOTH EXISTING BALANCES AND FUTURE TRANSACTIONS, THE ANNUAL PERCENTAGE RATE, THE MANNER IN WHICH THE FINANCE CHARGE IS CALCULATED AND BILLED, THE TIMING AND METHOD OF PAYMENTS, THE TYPE OR AMOUNT OF MINIMUM CHARGES, THE AMOUNT OF A MINIMUM PAYMENT, THE PAYMENT SCHEDULE, AND OTHER TERMS OF THIS AGREEMENT. LENDER WILL GIVE BORROWER PRIOR WRITTEN NOTICE OF ANY CHANGE AS REQUIRED BY LAW.
Either of us can cancel this Agreement at any time, by giving written notice. Cancellation of this Agreement does not end your obligation to repay all sums due under this Agreement.
LATE FEES:
A LATE FEE OF $7.80 ON THE AMOUNT PAST DUE WILL BE ASSESSED 10 DAYS AFTER THE STATEMENT DATE.
CREDIT INFORMATION:
Borrower authorizes us to make or have made any credit inquiries we feel are necessary. Borrower also authorizes the persons or agencies to supply Lender with the information requested.
TERMS AND CONDITIONS:
PROMISE TO PAY: Borrower promises to pay to Lender the full amount of all advances under this Account plus finance charges and all other fees, collection costs, attorneys' fees as allowed by law and all other charges imposed by Lender.
CREDIT LIMIT: Lender may review Borrower's Account and may increase or decrease the Credit Limit upon written notice to the Borrower. Borrower agrees not to request loan advances on the Account that would cause the unpaid principal balance to exceed the Credit Limit. Although Lender may honor a loan advance request that exceeds the Credit Limit from time to time, Lender shall have no obligation to make such advances. But if we do: (1) the amount we advance will be covered by this Agreement; (2) it does not mean we have to do so again; and (3) it does not mean we have permanently increased your Line of Credit. If Borrower exceeds the Credit Limit under this Agreement, Borrower will be in default and will be subject to all of the default remedies describe in this Agreement, and any accompanying document executed in connection with this Agreement.
SECURITY AGREEMENT: If so designated under Security above, Borrower grants to Lender a security interest in the personal property identified in the documents executed in connection with this Agreement. The obligations under this Agreement shall additionally be secured by the collateral securing any other present or future obligation of Borrower to Lender, its subsidiaries or affiliates. However, this cross-collateral language shall have no effect if the operation of the language would violate any applicable state or federal laws, or would result in Lender obtaining a non-purchase money security interest in Borrower's household goods or dwelling.
PROPERTY INSURANCE: Borrower is required as a condition of this Agreement to maintain insurance on the property securing the Account, if any. The requirements for the insurance are detailed in the security agreement or other documents executed in connection with this Agreement. This insurance may be obtained through a responsible insurer of Borrower's choice.
FEES: All fees required to establish this Account have been disclosed above. Any annual fee indicated above will be charged to the Account as a loan advance on the first anniversary date of the
