line at any time by notifying Us in writing. If You terminate this Agreement or if We terminate or suspend Your credit privileges, the provisions of this Agreement and Your liability hereunder shall otherwise remain in full force and effect until You have paid Us all sums due Us under this Agreement.
MINIMUM MONTHLY PAYMENT. You agree that You will pay each month not less than the minimum monthly payment on or before the scheduled monthly due date in U.S. Dollars by check, money order, or electronic payment. The minimum monthly payment will be 2.0% of Your outstanding balance ('New Balance') or twenty-five dollars ($25.00), whichever is greater. If Your outstanding balance is twenty-five dollars ($25.00) or less, You agree to pay the balance in full. You may pay in full for all Your purchases and cash advances each month, or You may repay in monthly installments. We can accept late payments or partial payments, or checks, drafts, or money orders marked 'payment in full' without prejudice to Our rights under this Agreement, which are hereby explicitly reserved. A credit posting from a merchant or reversal of fees do not constitute a minimum payment. The minimum payment may be allocated at the Credit Union's discretion to pay off lower rate balance s, such as promotional offers, before higher rate balances, such as cash advances or purchases. Payments in excess of the minimum payment will be allocated first to higher rate balances, as applicable. From time to time, We may allow You to skip Your minimum monthly payment due. If You choose to skip that payment, interest charges will continue to accrue in accordance with this Agreement. Payments received at: 2355 W. Pinnacle Peak Rd., Phoenix, AZ 85027 at or before 5:00 PM Mountain Standard Time on any business day will be credited to Your Account as of that date; payments received by mail at that address after 5:00 PM Mountain Standard Time, on a weekend or federal holiday will be posted to Your Account as of the next business day. Payment crediting to Your Account may be delayed up to five (5) days if Your payment is received by mail at any other address or not accompanied by the remittance portion of Your Account statement.
SECURITY INTEREST. You grant the Credit Union a security interest under the Arizona Uniform Commercial Code in any goods purchased through your Visa Credit Card Account. You agree that all collateral You have given the Credit Union to secure other open-end consumer loan obligations (except dwelling secured loans), in the past and in the future, will secure Your obligations under this Agreement. In addition, by signing the Card Application, You have given Us a security interest in all Your shares and deposits, present and future, and all Accounts (except Individual Retirement Accounts) with the Credit Union You agree, upon default, the Credit Union may apply all that is secured to pay any amounts due under this Agreement, without further notice to You.
MONTHLY STATEMENTS. Each month We will send You a statement showing purchases, cash advances, payments, and credits made to Your Account during the billing cycle, as well as Your 'New Balance,' any interest charge and any late charge or other charges. Your statement also will identify the Minimum Monthly Payment You must make for that billing period and the date it is due. You agree to retain for statement verification copies of transaction slips resulting from each purchase, each advance, and other transaction on Your Account. Unless You notify Us of a billing error as described below, You accept Your monthly statement as an accurate statement of Your Account with Us.
CIRCUMSTANCES UNDER WHICH AN INTEREST CHARGE WILL BE IMPOSED . The total outstanding balance of purchases and cash advances in the Account on the closing date of a billing cycle, including any interest c harge will be shown on the Periodic Statement for that billing cycle as the 'New Balance.'
a. Cash Advances (Interest Charge). An interest charge will be imposed on cash advances and balance transfers from the date each advance is made to the date paid. The Credit Union charges a cash advance fee (interest charge) of 3.0% of the cash advance transaction (minimum ten dollars [$10.00] from the date of the transaction until the amount is paid). There is no grace period to avoid a cash advance fee (interest charge). There is no cash advance fee on balance transfer advances or convenience checks. There is a minimum finance charge of one dollar ($1.00) on unpaid balances.
b. Purchases. An interest charge will be imposed on the portion of purchases included in the new balance that remains unpaid twenty-five (25) days after the closing date. This 'grace period' allows You to avoid an interest charge on purchases for a billing cycle. However, to the extent You do not pay Your purchase transactions within the grace period, Your interest charge will accrue from the date purchases are posted to Your Account. There is a minimum finance charge of one dollar ($1.00) on unpaid balances.
