- 1. Using the Account.
If you are approved for a VISA credit card account, the Credit Union will
establish a line of credit for you and notify you of its amount when the card is
sent to you. You agree not to let your account balance exceed your
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 the principal amount of purchases and cash advances. You
may request an increase in your credit limit only by written
application approved by the Credit Union. The Credit Union has the
right to reduce or terminate your credit limit at any time.
- 2. Using the Card.
You agree that you will not use your credit card for any transaction
that is illegal under applicable federal, state, or local law. You may
use the card issued to you to make purchases in person, over the
internet, and by mail or telephone from merchants and others who
accept VISA credit cards. 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.
- 3. Responsibility.
You agree to pay all charges (purchases and cash advances) to your
account made by you or anyone who 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.
- 4. Finance Charges.
Separate finance charges for purchases and cash advances are
determined by multiplying the periodic rate by the separate average
daily balances for purchases and cash advances. Each average daily
balance is determined by taking the beginning balance (of cash
advances or purchases) of your account each day, adding any new
purchases or cash advances (whichever is applicable) and subtracting
any payments or credits. The results are the daily balances. All the
daily balances for the statement cycle are added and the total is
divided by the number of days in the statement cycle to arrive at the
average daily balance for the cycle. Cash advances are always subject
to FINANCE CHARGE from the date they are posted to your account. If a
grace period applies:
- (a) Purchases. A
Finance Charge will be imposed on Purchases posted during a Billing
Cycle when the Previous Balance is not paid in full within the
first 25 days of the Billing Cycle. A Finance Charge will also be
imposed on Purchases included in the New Balance when the New
Balance is not paid in full within 25 days after the Closing Date.
- (b) Cash Advances. A
Finance Charge will be imposed on Cash Advances from the date
of the transaction to the date paid. The Finance Charge accrued
on Cash Advances between the Closing Date of the Billing
Cycle and the date your Account is credited will appear on your next
statement. There is no time period within which to pay to
avoid the Finance Charge.
- 5. Monthly Payment.
Each month you must pay at least the minimum payment shown on your
statement by the date specified on your monthly statement. You may 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. Your minimum payment required each month
is disclosed on the “Credit Disclosures” under “Minimum Monthly
Payment.” In addition, at any time your Total New Balance exceeds your
credit limit, you must immediately pay the amount over your credit
- 6. Security Interest.
If you give the Credit Union a specific pledge of shares by
signing a separate pledge of shares for this account, your account
will be secured by your pledged shares.
7. Default. You will
be in default if you fail to make any minimum payment or other required
payment by the date that it is due. You will be in default if you break
any promise you make under this Agreement. You will be in default if you
die, file for bankruptcy or become insolvent, that is, unable to pay
your obligations when they become due. You will be in default if you
make any false or misleading statements in any credit application or
credit update. You will also be in default if something happens which
the Credit Union believes may substantially reduce your ability to repay
what you owe. When you are in default, the Credit Union has the right to
demand immediate payment of your full account balance without notice. If
immediate payment is demanded, you will continue to pay finance charge,
at the periodic rate charged before default, until what you owe has been
paid, and any shares that were given as security will be applied towards
what you owe. To the extent permitted by law, you will also be required
to pay the Credit Union’s collection expenses, including court costs and
reasonable attorney’s fees.
8. 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 at P.O. Box 50425, Indianapolis, IN
46250-0425, orally or in writing of the loss, theft, or possible
unauthorized use. In any case, your liability will not exceed $50.
9. Lost Card Notification.
If you believe your credit card has been lost or stolen, immediately
inform the Credit Union. See area under disclosure boxes for Lost and/or
Stolen card information.
10. Changing or
Terminating Your Account. The Credit Union may change the terms of
this Agreement from time to time after giving you 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 anytime, but
termination by you or the Credit Union will not affect your obligation
to pay the account balance plus any Finance Charges and other charges
you owe under this agreement. The cards you receive remain the property
of the Credit Union and you must recover and surrender to the Credit
Union all cards upon request or upon termination of this Agreement
whether by you or the Credit Union.
11. 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.
12. 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. If the
amount is $1 or more, it will be refunded upon your request or
automatically after six months.
13. Foreign Transactions.
Purchases and cash advances made in foreign countries and foreign
currencies will be billed to you in U.S. dollars. The conversion rate to
U.S. dollars will be made in accordance with the operating regulations
for international transactions established by VISA U.S.A. The conversion
rate to dollars will be at (i) the wholesale market rate or (ii) the
government-mandated rate, whichever is applicable, in effect one day
prior to the processing date, increased by one percent.
14. 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 costs more than $50 and was made in your state or
within 100 miles of your home.