In this Agreement the words you and your mean each and all of those who sign this Agreement. Card means a VISA credit card and any duplicates and renewals the Credit Union issues. Account means your VISA credit card line of credit account with the Credit Union. Credit Union means the Credit Union whose name appears on this application, agreement or credit disclosure statement.
- 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.
- 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.
- 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.
- 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:
(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.
(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.
- 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 limit.
- 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.
- 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.
- 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 31281, Tampa, FL 33631-3281, orally or in writing of the loss, theft, or possible unauthorized use. In any case, your liability will not exceed $50.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.