VISA Disclosure| VISA Disclosure |
 Effective March 10, 2010 In this Agreement, “WE, US and OUR” mean Point Loma Credit Union and the words “Cardholder” and “YOU, YOUR and YOURS” mean the applicant and any joint applicant named as a result of Cardholder’s application, and where applicable, includes the utilization of the VISA Credit Card plan by card, check, telephone or otherwise. The use of the VISA Credit Card by Cardholder or anyone authorized to use the VISA Credit Card is governed by the following terms and conditions. ANNUAL PERCENTAGE RATE: Your Annual Percentage Rate will be determined by your overall creditworthiness. You agree that the Annual Percentage Rate and the corresponding Daily Periodic Rate, which is used in figuring the FINANCE CHARGE, will be applied as described in the Addendum to Credit Card Agreement and Truth-in Lending Disclosure or your Visa Platinum Card Agreement & Disclosure. AVERAGE DAILY BALANCE: To get the “Average Daily Balance,” we take the beginning balance of your account each day, add any new advances and debits, and subtract any payment or credits, and any unpaid FINANCE CHARGES and fees. 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.” FINANCE CHARGES: The amount of FINANCE CHARGE for the Billing Cycle is determined by multiplying you Average Daily Balance by the Daily Periodic Rate, and then multiplying by the number of days in the Billing Cycle Actual Periodic FINANCE CHARGES will be shown on your billing statement. Periodic Rate Finance Charges for each balance (e.g. purchases, cash advances, promotional balances) are calculated separately.
VARIABLE RATE: If your Annual Percentage Rate is based on the Prime Rate plus a margin, we will calculate the Annual Percentage Rate for each billing cycle by adding your margin to the highest Prime Rate as published in the Wall Street Journal on the 20th day of each month. When a change in a Variable Annual Percentage Rate occurs, it will become effective on the first day of the following month’s billing cycle and will apply to any existing balances. In addition, increases in interest rates may result in a higher minimum payment and a longer repayment period. PROMOTIONAL RATE: A Promotional Annual Percentage Rate may be applied to your account subject to the terms of the offer. If your minimum monthly payment is not received by its Payment Due Date, or if the Promotional Annual Percentage Rate expires, the non-promotional Annual Percentage Rate will be applied to new and outstanding PURCHASE and CASH ADVANCES. DISCOUNTED FINANCE CHARGES: You may be eligible for a discounted Annual Percentage Rate/Periodic Rate if you comply with the following terms and conditions:
Your combined average daily balance will be determined on the last day of each month and the new APR will be applied commencing with the next billing cycle. We will not increase your APR until the anniversary date of this account. On the anniversary date (and upon each anniversary thereafter), we will determine if any of the discounts continue to apply and adjust your APR accordingly, effective on the next billing cycle. Thereafter, until your next anniversary date, you may continue to receive the discounts as stated above. The increase or decrease of the APR shall not affect any other term or condition as outlined in your credit card disclosure and agreement. DEFAULT RATE: The Annual Percentage Rate for all balances will change to a Default Rate of 21.99% (which corresponds to a Daily Periodic Rate of .060246) if you incur two late payment fees in a twelve month period. The Default Rate will take effect on the first day of the billing cycle following the due date of the second late payment. You will no longer have cash advance privileges. It will remain in effect until terminated by us. PAYMENTS: Payments must be in U.S. dollars and will be applied as of the date of receipt in the following order:
The minimum monthly payment will be the greater of (a) 2% of the New Balance at the end of each statement period, or (b) $15.00. If the New Balance of your account is less than $15.00, the minimum monthly payment will be the New Balance. In addition, if any amounts are Past Due and/or exceed your credit limit, such amounts will be included when determining your minimum monthly payment. We will credit payments promptly to your account so as to avoid additional finance or other charges, but we reserve the right to delay reinstatement of your credit line for a reasonable period of time to authenticate settlement of funds. CREDIT LIMIT: The Credit Limit for your account will appear on your billing statement(s). You promise that you and others using your Account will not make transactions on your Account in an amount that exceeds your Credit Limit. You also promise to pay us the amount of any transactions on your Account in excess of your Credit Limit, as we require. Except as may be limited by applicable law, we in our sole discretion may increase or decrease your Credit Limit by any amount. We may also refuse to extend additional credit for any transaction, if you have reached your Credit Limit or if you are in default. ANNUAL FEE: There is no annual fee. NON-SUFFICIENT FUNDS FEE: You will pay a Non-Sufficient Funds (NSF) Fee of $29.00 for any check or other form of negotiable instrument in payment on your Visa Card account, which is presented for payment and not honored. REPLACEMENT CARD FEE: If you request a replacement card for your account at any time, you will be charged $5.00 per card. CASH ADVANCE FEE: You will pay a cash advance fee/FINANCE CHARGE of 3%, with a minimum fee of $10.00, of the total dollar amount of each cash advance transaction charged to your account during the billing cycle. CONVENIENCE CHECKS: Qualifying Visa card accounts may receive Convenience Checks. The Convenience Checks, when used, access the available Visa Account Credit Limit and will be billed like a Cash Advance. You will pay a Convenience Check fee of 3% of the amount of the check advance with a minimum fee of $10.00. Each Convenience Check must be used according to the instructions we give you. Convenience Checks may not be used to pay any amount owed to the Credit Union and are subject to NSF Fees of $29.00 each. SKIP-A-PAY: Qualified members may on occasion be given the option to skip a Visa loan payment. No late charge or penalties will be assessed if the borrower opts to take advantage of such an offer. However, daily interest will continue to accrue and will be paid with the next loan payment. We will charge a $25.00 Skip-A-Pay fee that will be added to your Visa account balance and that may be considered a FINANCE CHARGE. PENALTY FOR LATE PAYMENT: If your minimum monthly payment is not received within 15 days after your Payment Due Date, you will be billed a Late Fee of $29.00. If you incur two late payment fees in a twelve-month period, your Annual Percentage Rate will convert to the Default Rate. If you have already incurred two late payment fees during the preceding12-month period, your late payment fee will be $10.00. OVER CREDIT LIMIT: For each billing cycle in which your account balance exceeds the assigned credit limit by $500.00 or 120%, whichever is less, your account will be charged an Over-Limit Fee of $10.00. COPIES OF DOCUMENTS: If you request a copy of any document (e.g., billing statement, checks, sales drafts) for tax, record keeping, or similar purpose you will be charged $3.00 per photocopy. RESEARCH FEE: We reserve the right to charge a minimum fee of $35.00, plus $20.00 per hour after the first hour, for research requested by you (except for research regarding the dispute of a billing error, in which case no fee will be charged) or for research performed in connection with a legal order. FOREIGN TRANSACTIONS: Purchases and cash advances made in foreign countries and in foreign currencies will be billed to you in U.S. dollars, using either (i) a rate selected by Visa from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Visa itself receives or (ii) the government-mandated rate in effect for the applicable central processing date in each instance. In addition, you agree to pay a 1% foreign transaction fee. OWNERSHIP: The VISA Credit Card remains the property of Point Loma Credit Union and may be canceled by us at any time without notice. Cardholder and all authorized users, agree to surrender the VISA Credit Card and any other access devices and to discontinue utilization of the VISA Credit Card account by any other means immediately upon our request. RESPONSIBILITY: If we issue you a card, you agree to repay all debts and FINANCE CHARGES arising from the use of the card and the card account. For example, you are responsible for charges made by yourself, your spouse and minor children. You are also responsible for charges made by anyone else to whom you give the card and this responsibility continues until the card is recovered. You cannot disclaim responsibility by notifying us, but we will close the account for new transactions if you so request and return all cards. Your obligation to pay the account balance continues even though an agreement, divorce decree or other court judgment, to which we are not a party may direct you or one of the other persons responsible to pay the amount. Any person using the card is jointly responsible with you for charges he or she makes, but if that person signs the card, he or she becomes a party to this Agreement and is also jointly responsible for all charges on the account, including yours. To terminate another person’s authority to use your account, you must destroy the card(s) that the person has been using and return the destroyed card(s) along with written notification to the Credit Union. You also agree that all transactions that you initiate by use of the Card are legal in the jurisdiction where you live and/or the transaction occurred. You agree to repay according to the terms of this Agreement all transactions you initiate by use of this card. USING THE CARD: Your card may only be used for legal transactions. Internet gambling may be illegal in the jurisdiction in which you are located, including the United States. Display of a card logo by an online merchant does not mean that the transaction is lawful in all jurisdictions. We reserve the right to decline any transaction to your account, including Internet or Telephone gambling, ATM transactions, cash advances, and monetary transfers. ADDITIONAL CARD: You may request additional cards on your account for others and you may permit an Authorized User to have access to your card or account number. You must notify us in writing to revoke an Authorized User’s permission to use the account. CALIFORNIA LAW: The terms of your account are governed by the laws of the State of California regardless of where you live. ATM ACCESS: The Visa Credit Card may be used at ATM machines which participate in the Visa Network. Such transactions will be treated as cash advances and are governed by this Credit Card Agreement. PERSONAL IDENTIFICATION NUMBER: This number should be memorized—DO NOT WRITE IT ON THE VISA CARD. After memorizing it, destroy it. You can then be assured no one, other than yourself, will use the VISA Credit Card. If you forget the number, contact the Credit Union and a new number will be issued. DO NOT write your number disguised anywhere. CREDIT: A merchant who honors your card will instruct us to credit your account for any returns or adjustments. If your credits and payments exceed what you owe us, we will hold and apply this credit against future purchases and cash advances. However, if the credit balance is $1.00 or more, we will refund it to you within 7 days of your written request or within six months if the credit is still outstanding at that time. EFFECT OF AGREEMENT: This agreement is the contract which applies to all transactions on your account even though the sales, cash advance, credit or other slips you sign or receive may contain different terms. We may amend this agreement from time to time by sending you the advance written notice required by law. Amendments will apply to your existing account balance as well as to future transactions. Notice deemed given by sending to address on file. ENTIRE BALANCE DUE: All obligations shall become immediately due without notice at our option in the event of (i) the death, insolvency or failure to pay this obligation of Cardholder to Point Loma Credit Union, (ii) the institution of garnishment of attachment proceeding involving Cardholder or (iii) any breach or default of this Agreement. COLLECTION COSTS: If you are in default and we demand payment in full, you understand that you will be charged periodic FINANCE CHARGES at the daily periodic rate as disclosed within on the unpaid balance, collection costs and late charges, if any, until you repay your loan. You also agree to pay our reasonable attorney’s fees and court costs. CREDIT INFORMATION: You authorize us to investigate your credit standing when you apply for an account, upon renewal, or upon reviewing your account and you authorize us to disclose information regarding your account to credit bureaus and other creditors who inquire of us about your credit standing. TERMINATION: We may terminate this Agreement upon adverse reevaluation of your creditworthiness or your failure to live up to any of the terms of this Agreement. Either we or you may terminate this Agreement for other good causes. In no event shall any termination relieve you of your obligation to repay sums already borrowed, collection costs and late charges, if any, and periodic FINANCE CHARGES. CHANGE OF NAME AND ADDRESS: You agree to notify us in writing, immediately, if you change your name, address, or telephone number. LOST OR STOLEN CARD OR UNAUTHORIZED USE: You agree to notify us immediately if any card issued on your account is ever lost or stolen or used in a manner not authorized by you. You also agree to assist us in determining the facts and circumstances relating to any such unauthorized use. LIABILITY FOR UNAUTHORIZED USE: You should retain your copies of all sales drafts until you receive your monthly statement, at which time you should verify that the charges are true and the amounts unaltered. By promptly notifying us about any unauthorized use of your card or account information, you will not be held liable for any unauthorized transactions. If your card is lost or stolen or if you suspect possible unauthorized activity, notify us immediately by calling (888) 495-3400. You may also write to us at Point Loma Credit Union, 9420 Farnham Street, San Diego, CA 92123, or fax us at (858) 495-3416. Do not use your card or account if you have reported it lost or stolen. YOUR BILLING RIGHTS KEEP THIS NOTICE FOR FUTURE USE: This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act. NOTIFY US IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR STATEMENT: If you think your statement is wrong, or if you need more information about a transaction on your statement, you must write to us on a separate sheet of paper to 9420 Farnham Street, San Diego, CA 92123. You should write to us as soon as possible. We must hear from you no later than 60 days after we sent you the first statement 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:
If you have authorized us to pay your credit card bill automatically from your savings or checking account, you can stop payment on any amount you think is wrong. To stop the payment, your letter must reach us 3 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 the bill that are not in question. If we find that we made a mistake on your statement, you will not have to pay the FINANCE CHARGES related to any questioned amount. If we didn’t make a mistake, you may have to pay FINANCES 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 us and the date that it is due. If you fail to pay the amount we think you owe us, we may report you as delinquent. However, if our explanation does not satisfy you and you write us within 10 days telling us that you still refuse to pay, we must tell anyone we report you to that you have a question about your statement. 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 you and us when it finally is. If we don’t follow these rules, we can’t collect the first $50.00 of the questioned amount, even if the statement 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:
These limitations do not apply if we own or operate the merchant, or if we mailed you the advertisement for the property or services. DISCLOSURE OF ACCOUNT INFORMATION TO THIRD PARTIES: All account information is confidential. We only disclose information to nonaffiliated 3rd parties for the following reasons:
You may request specific information about our privacy policies and practices by contacting the Credit Union or visiting our Web site. PLEDGE OF SHARES: If vou have pledged as collateral for this Visa credit card any deposits, payments, or earnings on shares held in a special Secured Savings account with us and further evidenced by a signed Secured Visa Agreement, you authorize us to apply without further notice any and all amounts pledged toward any amounts due in the event of default. |
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