Credit Card Agreement & Disclosure Effective: April 1, 2020
(503) 227-5571 or 1-800-452-0900
www.unitusccu.com
This VISA Credit Card Agreement (Agreement) and the Account Disclosures accompanying this Agreement will govern your Classic VISA, Secured VISA, and Platinum Rewards VISA Card and account issued by Unitus Community Credit Union. In this Agreement the words 'you,' 'your,' 'yours,' 'applicant,' and 'Borrowers' mean any person who signs the application for this Account, any joint obligor, guarantor, authorized user, or the person whose name is embossed on the Card. The words 'we,' 'us,' 'our,' and 'Credit Union' mean Unitus Community Credit Union. The word 'Card' means any one or more credit cards issued under this Account. If you sign an application for this Account or sign or use any Card or PIN, or allow others to use the Card or PIN, you and they will have accepted this Agreement just as if you and they signed it, and you and they, jointly and severally, will be bound by the following terms and conditions which will govern this Account.
1. Payment
You promise to pay us all amounts, plus any Interest Charges, which arise from use of the Card or Account by you or any other person, and to be jointly and severally liable with such a person, unless such other person does not have actual, implied, or apparent authority for such use, and you received no benefit from the use. You promise to pay us either by direct payment or by automatic transfers from shares or by payroll deduction. If you request closure of your Account and return all of your Visa Credit Cards we will restrict your account and decline authorization requests for new transactions; however, you cannot disclaim or avoid responsibility for payment by requesting that we close your account.
Authorized Users/Designated Agents: If you give your Card or your Account number to another person and authorize that person to make charges against your Account, you are liable for all purchases and cash advances made by that person, even if you did not anticipate or specifically approve of the charges. If you request Unitus to provide a Card to another person as an Authorized User/Designated Agent, we will authorize charges made on the Authorized User's Card until you notify us in writing that the person is no longer authorized to make charges and we have sufficient time to act on your written notice.
2. Purchases And Cash Advances
You must sign the Card to use it. Once you have signed the Card, you can use it to buy or lease goods, services, or insurance wherever the Card is honored, up to the full amount of your Credit Line not to exceed the daily limit. You may use your Account to get cash advances from us. Upon your oral or written direction, cash advances may be made against your VISA Account and applied to any of your Credit Union Accounts or other accounts in the same manner as if the cash advances were paid to you. You may also use your Card to get a cash advance from participating financial institutions and to access your line of credit at automatic teller machines (ATM's) up to the daily limit within the VISA network or any other ATM's we designate.
3. Balance Transfers
Please allow up to 6 weeks before payments to your other accounts are made. You should continue to make all required payments until you confirm that the balance transfers were made. The Credit Union is not responsible for any merchant delays in processing transactions. Balance transfers may not be used to pay any Unitus Community Credit Union accounts. Balance transfers do not earn Unitus Reward Points.
4. Credit Line
If we approve your application, this Agreement will constitute a revolving line of credit for an amount, which will be the Credit Line under your Account. We will advise you of the amount of your Credit Line. That amount will be the maximum amount you may have outstanding at any one time. You agree not to attempt to obtain more credit than the amount of your credit line. If you temporarily exceed your credit line, you agree to pay any over-limit fees and repay the excess immediately. Obtaining such credit does not increase your Credit Line. We retain the right to increase or decrease your Credit Line at any time. Any increase or reduction in the amount of your Credit Line will be shown on your monthly statement or by separate notice together with any changes in the applicable Minimum Monthly Payments. Your eligibility for this Credit Line is determined by our loan policy and may be terminated at our sole discretion, without demand or notice. You may close your Credit 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 and returned all Cards.
5. 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. The minimum monthly payment will be 2 % of your outstanding balance ('New Balance') or $20.00, whichever is greater. If your outstanding balance is $20.00 or less, you agree to pay the balance in full. The total minimum payment due each month is the minimum monthly payment, any amounts past due and any over-limit amounts. 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 monthly payment. Your payments may be allocated at the Credit Union's discretion to pay off lower rate balances, 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: Unitus Community Credit Union, P.O. Box 1937, Portland, Oregon 97207, at or before 5:00 PM Pacific 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 Pacific 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 days if your payment is received by mail at any other address or not accompanied by the remittance portion of your Account statement.
6. Security Interest
To secure your Account, you grant us a purchase money security interest under the Uniform Commercial Code in any goods you purchase through your Account. If you default, we will have the right to recover any of these goods, which have not been paid for through application of your payments in the manner described in Section 5. Collateral securing other loans with the Credit Union, in the past and in the future, (except loans secured by real property) also secures this Account.
7. Pledge Of Shares
By signing the Application, you pledge all of your present and future shares and any earnings thereon. You understand that if you default on your VISA Account, we may apply all that is pledged to your VISA Account (IRA and Keogh accounts are excluded from the Pledge of Shares).
8. Periodic Statements
Each month we will send you a statement showing new purchases, cash advances, payments, and credits made to your Account during the billing cycle, your Previous Balance, your 'Total New Balance,' any Interest Charge, and any other charges. Your statement also will identify the remaining credit limit available and the Minimum Monthly Payment you must make for that billing period and the date it is due. You agree to notify us immediately if you do not receive a monthly statement. You agree to retain for statement verification copies of transaction slips resulting from each purchase, each advance, and other transactions 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.
9. Circumstances Under Which A Interest Charge Will Be Imposed
Your Account will be subject to an interest charge, which will be calculated based upon a variable interest rate. The total outstanding balance of purchases and cash advances in the Account on the closing date of a billing cycle, including any Interest Charge will be shown on the Periodic Statement for that billing cycle as the 'New Balance.'
a. Cash Advances. Interest will be imposed on cash advances from the date each cash advance is made. There is no grace period within which to pay to avoid interest on cash advances.
b. Balance Transfers. Interest will be imposed on balance transfers from the date each balance transfer is made. There is no grace period within which to pay to avoid interest on balance transfers.
c. Purchases. Interest will be imposed on the portion of purchases included in the new balance that remains unpaid after the date that payment is due. This 'grace period' allows you to avoid interest on purchases for a billing cycle. However, to the extent you do not pay your purchase transactions within the grace period, interest will accrue from the first day of the billing cycle in which payment was due, and on new purchases from the date such purchases are posted to your account.
10. Method Used To Determine The Balance On Which The Interest Charge May Be Computed And Amount Of Interest Charge
We figure the Interest Charge on your Account by applying the Periodic Rate to the 'Average Daily Balance' of purchases, balance transfers and cash advances for your Account (including current transactions) and multiplying the result by the number of days in the billing cycle. To get the 'Average Daily Balance' we take the beginning balance of your Account each day, add any new purchases, balance transfers or cash advances, and subtract any payments or credits, unpaid Interest Charges and unpaid late charges. This gives us the daily balance. Then, we add up all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the 'Average Daily Balance.'
11. Periodic Rate And Corresponding Annual Percentage Rate
The Daily Periodic Rate and corresponding Annual Percentage Rate is calculated by adding or subtracting a margin to the U.S. Prime Rate published in The Wall Street Journal (Western Edition) on the third (3rd) Tuesday of March, June, September, and December of each calendar year. If the third (3rd) Tuesday is a holiday, we will use the Prime Rate published the next day. The Annual Percentage Rate may vary each quarter. If more than one Prime Rate is published, we may choose the highest rate. If The Wall Street Journal (Western edition) ceases publication or ceases to publish the Prime Rate, we reserve the right to use the Prime Rate published in any other newspaper of general circulation, or we may substitute a similar reference at our sole discretion. Any increase or decrease in a variable Annual Percentage Rate takes effect on the first day of the billing period directly following the month in which we calculate the rate. We then add a margin to the Index. The margin is based on your credit profile and other factors we deem appropriate, and will be disclosed at the time you open your Account. The total of the Index plus the margin amount added is your Annual Percentage Rate. Divide the Annual Percentage Rate by 365 to produce your Daily Periodic Rate. The maximum Annual Percentage Rate is 18%. Any increase or decrease in the Annual Percentage Rate will affect the number and amount of monthly payments. The Daily Periodic Rate and corresponding Annual Percentage Rate will be shown on your monthly statement.
