| 1.
Using the Card. You may use the card issued to you to
make purchases in person, by mail, telephone or the
Internet from merchants and others who accept VISA cards.
By using the card, you agree to the terms and conditions
as outlined in this card disclosure. In
addition, you may obtain cash advances from the Credit
Union, from other financial institutions participating
in the VISA program and from automated teller machines
(ATMs) such as VISA ATM Network, that provide access
to the VISA system. (Not all ATMs provide such access.)
You will need to use your Personal Identification Number
(PIN) to obtain a cash advance from an ATM.
2. Responsibility.
You agree to pay all charges (purchases and cash advances)
to your account made by you or anyone whom you authorized
to use your account. Your obligation to pay the amount
owed on your account continues until paid in full even
though an agreement, divorce decree or other court judgment
to which the Credit Union is not a party may direct
someone else to pay the account balance. If more than
one person signs this Agreement, each is individually
responsible for all amounts owed on the account and
all are jointly responsible for all amounts owed. This
means the Credit Union can enforce this Agreement against
any of you individually or all of you together.
3. Credit
Limit. If we approve your application, we will establish
a self replenishing Credit Limit for you and notify
you of its amount when we issue the card. You agree
not to let the account balance exceed this approved
Credit Limit. Each payment you make on the account will
restore your Credit Limit by the amount of the payment
which is applied to principal. You must be approved
by our credit committee or loan officer. By giving you
written notice, our credit committee may reduce or increase
your Credit Limit from time to time, or with good cause,
revoke your card and terminate this Agreement. Good
cause includes your failure to comply with this Agreement,
or our adverse reevaluation of your creditworthiness.
You may also terminate this Agreement at any time, but
termination by either of us does not affect your obligation
to pay the account balance. The cards remain our property
and you must recover and surrender to us all cards upon
request and upon termination of this Agreement.
4. Monthly
Payment. Each month you must pay at least the minimum
payment shown on your statement within 25 days of the
statement closing date. You may, of course, pay more
frequently, pay more than the minimum payment, or pay
the Total New Balance in full. If you make extra payments
or larger payments, you are still required to make at
least the minimum payment each month your account has
a balance. The minimum payment is 3% of your Total New
Balance but not fess than $10, plus the amount of any
prior minimum payments that you have not paid. In addition,
at any time your Total New Balance exceeds your credit
limit, you must immediately pay the excess upon demand.
5. Skip
Payment Features. From time to time, USF Federal Credit
Union may announce a feature which will allow you to
skip one or more payments. You understand that periodic
Finance Charges will continue to accrue on your unpaid
balance at the applicable Daily Periodic Rate. At the
end of the period, the payment terms of this Agreement
will be reinstated automatically without further notice.
6. Finance
Charges on Purchases. No FINANCE CHARGE for purchases
will be imposed for the current billing period if the
entire New Balance shown on that most recent monthly
statement (covering the prior billing period) is received
on or before the Payment Due Date shown on that statement,
(which will not be less than 25 days from the Statement
Closing Date) or if the previous purchase balance on
the most recent prior monthly statement was zero. In
all other cases, we will impose a FINANCE CHARGE on
your purchases by applying the Periodic Rate shown on
your monthly statement to the Average Daily Purchase
Balance. To get your Average Daily Purchase Balance,
we take your beginning purchase balance each day, add
any new purchase and subtract any payments or credits.
(A purchase appearing on the monthly statement is considered
a part of the outstanding balance from the date of the
transaction or the first day of the billing cycle in
which the purchase is posted, whichever is later.) This
gives us the Daily Purchase Balance. Then, we add all
the Daily Purchase Balances for the billing cycle and
divide the total by the number of days in the billing
cycle. This gives us the "Average Daily Purchase Balance".
For the Standard Card, we figure the amount of FINANCE
CHARGE on purchases for the billing cycle by multiplying
the Average Daily Purchase Balance by the monthly Periodic
Rate of 0.99% corresponding to an ANNUAL PERCENTAGE
RATE of 11.9%. For the Secured Card, we figure the amount
of FINANCE CHARGE on purchases for the billing cycle
by multiplying the Average Daily Purchase Balance by
the monthly Periodic Rate of 0.74% corresponding to
an ANNUAL PERCENTAGE RATE of 8.9%.
7. Finance
Charges on Cash Advances. A cash advance will accrue
FINANCE CHARGES from the date you obtain the advance
until the date full payment is received. On each Statement
Closing Date, we figure the FINANCE CHARGE by applying
the Periodic Rate to the Average Daily Cash Advance
Balance. To get the Average Daily Cash Advance Balance,
we take the beginning cash advance balance each day,
add new advances and subtract any payments or credits.
(A cash advance appearing on the monthly statement is
considered a part of the outstanding balance from the
date of the transaction or the first day of the billing
cycle in which the cash advance is posted, whichever
is later.) This gives us the Daily Cash Advance Balance.
Then we add all the Daily Cash Advance Balances for
the billing cycle together and divide the total by the
number of days in the billing cycle. The Periodic Rate
that we use in figuring the FINANCE CHARGE on cash advances
is the same as that used in figuring the FINANCE CHARGE
for purchases. See the preceding section, "Finance Charges
on Purchases".
8. Default.
You will be in default if you fail to make the MINIMUM
PAYMENT within 25 days after your monthly statement
closing date. You will also be in default if:
(a) you breach any other conditions of this agreement;
(b) your creditworthiness has become unsatisfactory
to us because of a change in your employment status,
an increase in your other obligations, bankruptcy or
insolvency proceedings involving you, or other reasons;
(c) you die, become incapacitated, or you fail to abide
by this agreement.
In the event of default or if this agreement is terminated
by you or by us, the entire balance becomes immediately
due and payable. The Debtor, jointly and severally,
agrees to pay reasonable attorney's fees, court costs
and/or collection agency fees and costs to the extent
allowed by applicable laws and regulations. I agree
that my salary or earnings may be subject to attachment
or garnishment to the extent allowed under applicable
law.
9. Security
Interest. To secure your account: (a) you grant us a
purchase money security interest under the Uniform Commercial
Code in any goods you purchase through the account.
If you default, we will have the right to recover any
of these goods which have not been paid for through
our application of your payments in the manner described
in paragraph 4; (b) you grant us a security interest
in any of your property currently or hereafter held
by us, except for a home or any of your property that
would be defined as "household goods" by the FTC's Credit
Practices Rule; (c) if you sign or have signed a Pledge
of Shares which specifically pledges your shareholdings
with us to secure this credit card account, your credit
card account will be secured by your pledged shares
in the Credit Union; (d) collateral securing other loans
with USF Federal Credit Union may also secure this account.
10. Return
Check Fee - There will be a $15.00 fee assessed per
item for NSF checks.
11. Late
Charge Fee. We will add a late charge fee of $5 or 5%
of the minimum payment on your monthly statement, whichever
is greater, to your account balance as a purchase if
you fail to make payment at least equal to the minimum
payment shown on your monthly statement on or before
the sixteenth day following the Payment Due Date shown
on the monthly statement.
12. Over
Limit Fee. Charges in excess of any line of credit will
result in a monthly over limit charge of $10.
13. Liability
for Unauthorized Use. You may be liable for the unauthorized
use of your credit card. You will not be liable for
unauthorized use that occurs after you notify the Credit
Union orally or in writing, of the loss, theft, or possible
unauthorized use. In any case, your liability will not
exceed $50.
14. Lost
Card Notification/Fee. If you believe your credit card
has been lost or stolen, immediately call 1 (800) 449-7728.
There will be a $5.00 charge to replace any lost card.
15. Changing
or Terminating Your Account. The Credit Union may change
the terms of this Agreement from time to time after
giving you any advance notice required by law. Your
use of the card after receiving notice of a change will
indicate your agreement to the change. To the extent
the law permits, and indicated in the notice to you,
the change will apply to your existing account balance
as well as to future transactions. Either the Credit
Union or you may terminate this Agreement at any time,
but termination by you or the Credit Union will not
affect your obligation to pay the account balance plus
any finance and other charges you owe under this Agreement.
16. Credit
Information. You authorize the Credit Union to investigate
your credit standing when opening or reviewing your
account. You authorize the Credit Union to disclose
information regarding your account to credit bureaus
and creditors who inquire about your credit standing.
17. Returns
and Adjustments. Merchants and others who honor the
Card may give credit for returns or adjustments, and
they will do so by sending the Credit Union a credit
slip which will be posted to your account If your credits
and payments exceed what you owe the Credit Union, the
amount will be applied against future purchases and
cash advances.
18. Foreign
Transactions. Purchases and cash advances made in foreign
countries and foreign currencies will be billed to you
in U.S. dollars. The rate of exchange between the transaction
currency and the billable currency used for the processing
of International VISA transactions is the wholesale
market rate or government mandated rate, in effect one
day prior to the processing date, plus one percent or
the applicable percentage determined by the issuer.
19. Merchant
Disputes. The Credit Union is not responsible for the
refusal of any merchant or financial institution to
honor the card. The Credit Union is subject to claims
and defenses (other than tort claims) arising out of
goods or services you purchase with the card if you
have made a good faith attempt but have been unable
to obtain satisfaction from the merchant or service
provider, and (a) your purchase was made in response
to an advertisement the Credit Union sent or participated
in sending to you; or (b) your purchase cost more than
$50 and was made in your state or within 100 miles of
your home.
20. Effect
of Agreement. This agreement is the contract which applies
to all transactions on your account even though the
sales, cash advances, credit or other slips you sign
or receive may contain different terms.
21. No
Waiver. The Credit Union can delay enforcing any of
its rights any number of times without losing them.
22. Notices
and Changes of Name, Address, or Employment. You understand
the Credit Union will send you Account statements, replacement
or renewal Cards, or other notices to you at the address
shown in its records. If this is a joint Account, the
Credit Union can send these items to any joint Account
holder. You will promptly notify the Credit Union of
any change in your name, address, or employment.
23.
Certain forms of online gambling such as casino-style
gaming, sports betting, purchase of lottery
tickets or electronic gaming chips may violate local
laws in countries where gambling is illegal. Use of
your card for any illegal transaction will result in
the termination of your card privileges. |
