USU Charter Federal Credit Union
Rewards VISA Credit Card, Account/Cardholder Agreement,
Disclosure, and Rules
Effective Date 02/01/2005
Effective Date 02/01/2005
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The following is important information pertaining to our Visa Credit Card accounts. Here, you have the opportunity to read and print the following important information before proceeding to the application by selecting the Accept button at the bottom of this page. By continuing, I/We certify that we have access to a printer and have had the opportunity to print the important information below. Important Information About Procedures for Opening a New Account: To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents. By accessing (My, Our) credit card account by any method (I, WE), jointly and severally, agree to the terms and conditions that follow in this agreement: USU Charter Federal Credit Union (USUCCU) has extended to the above account holder (I, WE), an open end credit card line-of-credit. Applicable cards have been issued to the accountholder(s). When I perform a transaction on my credit card, I am extended a loan advance on my credit card line-of-credit as soon as the draft is presented to USUCCU for payment. I agree that any action by USUCCU necessitating a line-of-credit advance shall be deemed an extension of credit. I am also liable for any extensions on my credit card line-of-credit in excess of my applicable line-of-credit limit. I promise to pay USUCCU all amounts borrowed under this agreement plus a FINANCE CHARGE, if applicable, for amounts due. Each month, USUCCU will send me a statement showing any credit which has been extended under this agreement, payments I have made, and my balance. I can pay off my credit card line-of-credit account balance in full or budget my payments. I will have a grace period of 25 days from the date of my statement to pay the balance of new purchases in full without incurring any finance charge. Payments are due on or before the 25th day of each month. The minimum payment amount due (2.5% of the outstanding balance or $15, whichever is more) will be shown on my statement and may vary from time-to-time depending on any new credit extended under this agreement. A late payment fee will be charged on any payment not paid within 10 days of its due date. The late fee charge is the greater of $30 or 5% of the payment amount. In addition to the principal amount of my credit card account, I will pay a FINANCE CHARGE, if applicable. The FINANCE CHARGE is calculated using the Average Daily Balance (Including New Purchases) Method as follows: (1) My Principal Balance for each day of the current statement period is calculated by taking (i) the ending principal balance from the previous day (fees are not included); (ii) adding the purchases, cash advances, loan advances, and other charges posted to my account that day; (iii) subtracting principal payments and other credit transactions effective that day. (2) My Purchases and Cash Advances Average Daily Balance is calculated by (i) adding together the principal balances of my purchases, cash advances, loan advances, and other charges posted to my account for each day of the current statement period; (ii) by dividing that sum by the number of days in the statement period. (3) My Average Daily Balance (Including New Purchases) is then multiplied by the daily periodic rate times the number of days in the statement period to calculate the FINANCE CHARGE due. The daily periodic rate is 1/365 of the ANNUAL PERCENTAGE RATE (APR). The current ANNUAL PERCENTAGE RATE (APR) for purchases and balance transfers is 14.90%. The current daily periodic rate for purchases and balance transfers is .040822%. The current ANNUAL PERCENTAGE RATE (APR) for a cash advance is 17.90% which is determined by adding 3% to my existing rate. The current daily periodic rate for a cash advance is .049041%. The FINANCE CHARGE is calculated at the time a payment is made. The maximum APR I will be expected to pay is 18%. I will be required to pay the maximum APR if my account becomes 60 or more days delinquent. The application of the APR will be set forth on my monthly statement. Foreign Transactions: All Visa credit card and debit card transactions made in foreign countries will be billed to you in US dollars. Conversion to US dollars is determined by (1) a rate selected by Visa from the range of rates available in wholesale currency markets for the applicable central porcessing date, which rate may vary from the rate Visa itself receives or (2) the government-mandated rate in effect for the applicable central processing date. A one percent currency conversion fee is also added to these rates. I agree that USUCCU may change, according to the law, any terms and/or conditions of this Agreement. Notice of the changes will be mailed to me at the address used by USUCCU for sending my monthly statement. I agree that a VISA card may not be used for any illegal transactions. I agree that USUCCU will refuse to authorize all live and Internet gambling VISA card transactions. I can be charged special handling fees and/or penalties according to this agreement and the schedule of fees I have received, including a fee for each transaction which exceeds my line-of-credit whether such transaction is honored or not by USUCCU. If I move, I will send USUCCU my new address immediately. USUCCU may declare my entire balance due and payable at once without notice or demand if I miss a payment or break any promise I have made under this Agreement or any other USUCCU Agreement I have. USUCCU may do this if I have made any misrepresentations in applying for credit or if anything happens that indicates to USUCCU that I may be unable or unwilling to repay the loan. If USUCCU is forced to take collection action, I agree to pay all court costs, costs of appeal, collection fees, and reasonable attorney's fees incurred by USUCCU, or as charged by any collection agency. I agree to let USUCCU know immediately if I have any questions about my monthly statement. The billing error statement I have received tells me what to do if I think USUCCU has made a mistake on my statement. The written agreement is a final expression of the agreement between
the applicant(s) and USUCCU. This written agreement may not be contradicted
by evidence of any oral agreement or alleged oral agreement. The applicant(s)
acknowledge receiving a copy of this Account/Cardholder Agreement and
Disclosure and agree that only the written credit agreement contains
the terms applicable to the credit transaction. DISCLOSURE OF REQUIRED CREDIT CARD INFORMATION
YOUR BILLING RIGHTS Notify Us in Case of Errors or Questions About Your Bill If you think your bill is wrong, or if you need more information
about a transaction on your bill, write us at PO BOX 446, LOGAN, UT
84323-0446. Write to us as soon as possible. We must hear from you
no later than 60 days after we sent you the first bill on which the
error or problem appeared. You can telephone us, but doing so will
not preserve your rights. In your letter, give us the following information:
(1) Your name and account number; (2) The dollar amount of the suspected
error; If you have authorized us to pay your credit card bill automatically from your savings or checking account, you can stop the payment on any amount you think is wrong. To stop the payment your letter must reach us three business days before the automatic payment is scheduled to occur. Your Rights and Our Responsibilities After We Receive Your Written Notice We must acknowledge your letter within 30 days, unless we have corrected the error by then. Within 90 days, we must either correct the error or explain why we believe the bill was correct. After we receive your letter, we cannot try to collect any amount you question, or report you as delinquent. We can continue to bill you for the amount you question, including finance charges, and we can apply any unpaid amount against your credit limit. You do not have to pay any questioned amount while we are investigating, but you are still obligated to pay the parts of your bill that are not in question. If we find that we made a mistake on your bill, you will not have to pay any finance charges related to any questioned amount. If we didn't make a mistake, you may have to pay finance charges, and you will have to make up any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date that it is due. If you fail to pay the amount that we think you owe, we may report you as delinquent. However, if our explanation does not satisfy you and you write to us within ten days telling us that you still refuse to pay, we must tell anyone we report you to that you have a question about your bill. And, we must tell you the name of anyone we reported you to. We must tell anyone we report you to that the matter has been settled between us when it finally is. If we don't follow these rules, we can't collect the first $50 of the questioned amount, even if your bill was correct. Special Rule for Credit Card Purchases If you have a problem with the quality of property or services that you purchased with a credit card, and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount due on the property or services. There are two limitations on this right: (a) You must have made the purchase in your home state or, if not within your home state within 100 miles of your current mailing address; and (b) The purchase price must have been more than $50. These limitations do not apply if we own or operate the merchant, or if we mailed you the advertisement for the property or services. Liability for Unauthorized Use You may be liable for the unauthorized use of your card when used to access the line of credit directly in an ATM. You will not be liable for unauthorized use that occurs after you notify us at PO BOX 446, LOGAN, UT 84323-0446, orally or in writing, of the loss, theft, or possible unauthorized use. We will credit your account within 5 business days unless we determine that the circumstances or your account history warrant a delay, in which case you will receive credit within 10 business days. In any case, your liability will not exceed $50. REWARDS VISA PROGRAM RULES Congratulations on your choice of the USU Charter Federal Credit Union’s (USUCCU) Rewards Visa program (program). The following program rules apply only to my USUCCU Rewards Visa program and do not apply to any other USUCCU credit card accounts. As a USUCCU Rewards Visa cardholder I will receive a one percent (1%) rebate on all qualifying purchases of $2,500 or more (individually or in the aggregate) posted to my Rewards Visa credit card account during a calendar year (January 1 – December 31). The rebate applies to purchase transactions only after subtracting any purchase credits. No rebate is earned for cash advances, transfer balances, finance charges, fees, convenience checks, insurance charges, or other increases other than purchases. Any questions regarding the eligibility of a charge for a rebate shall be resolved at the sole discretion of USUCCU. The rebate begins to accrue with purchases posted to my Rewards Visa account beginning on the first day of the billing cycle in which my program begins and ending on the last day of the last billingcycle during the calendar year. The rebate I earn during the previous calendar year will be deposited to my savings account by February 28th of the following calendar year. USUCCU reserves the right to modify or terminate the program or any part of the program at any time without restriction. However, rebates that I have already accrued under the program during the calendar year will be paid to my savings account by February 28th of the following calendar year. Rewards VISA Rebate Examples
rev. 02/05
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