This Visa Platinum Select Credit Card Agreement ("Agreement")
and the Account Disclosures accompanying this Agreement will govern
your VISA Platinum Select Credit Card and account issued by Members
1st Federal Credit Union.
- Meaning of Words.The
following words have the following meanings in this Agreement and
in the monthly billing statement sent hereunder:
- "Agreement" means the Visa Credit Card Agreement and
Disclosure furnished by us.
- "we", "us" and "our" means Members 1st Federal Credit Union,
- "you" and "your" means each person who signs the application
for the Account.
- "Card" means any Visa Credit Card and any duplicates and
renewals we issue to you or to an authorized user of your
- "Account" means your Visa Credit Card Account with us.
- "Line of Credit" means the self-replenishing line of credit we
make available to your Account.
- "Advance" means any credit extended on your Account for any
purchases or Cash Advances.
- "Cash Advance" means (i) any cash or credit extended on your
Account by us or by any other institution that accepts a Card, (ii)
any withdrawal of cash made by using a Card and personal
identification number ("PIN") at an automated teller machine
("ATM") or other type of electronic terminal that provides access
to the Visa system, or (iii) the amount of any balances transferred
to your Account from another credit card or account.
- "Default" means that your cardholder payment practices have not
been in accordance with the terms and conditions of this agreement,
which could result in pricing changes as outlined in Section 10,
- How To Use This
Account.Your Account may be used to purchase or lease goods
and services ("Purchases") from a merchant by presenting a Card and
signing a sales transaction receipt for the amount of the purchase
or by giving a Card Account number. Your Account may also be used
to obtain Cash Advances:
- By receiving cash or credit from financial institutions that
accept a VISA Credit Card;
- By making cash withdrawals with a Card at an ATM or other type
of electronic terminal that provides access to the Visa system;
- By transferring to your Account a balance from another credit
card or account.
- Responsibility. You agree
to pay all Advances, Interest Charges and other fees or charges
charged to your Account arising from the use of a Card or the
Account by you or anyone you authorize or permit to use your
Account or a Card, even if you do not notify us that others are
using your Account or a Card. Your responsibility for charges made
by anyone you authorize or permit to use your Account,or a Card
continues until you notify us in writing at 5000 Louise Drive, P.
O. Box 40, Mechanicsburg, PA 17055, and recover and destroy any
Card in such person's possession. Your obligation to pay the
Account balance continues regardless of the terms of any agreement,
divorce decree, or other court judgment to which we are not a
party. If more than one person signs the application for the
Account, you are each jointly and severally responsible for all
charges on the Account.
- Liability for Unauthorized
Use. You understand that your total liability to us shall
not exceed fifty dollars ($50) resulting from the loss, theft or
other unauthorized use of a Card that occurs prior to the time you
give notice to us. Such limitation does not apply when proper
adherence to the terms and conditions are not followed. As a Visa
Cardholder you are also required to complete necessary
documentation to limit your liability. Without proper completion
you are accepting liability or responsibility for the
transaction(s) in question.
- Lost Card Notification.
If you believe a Card has been lost or stolen, you must immediately
call us at (800) 283-2328, ext. 6035 during normal business
hours. After business hours (nights and weekends) or on holidays,
lost or stolen Cards must be reported by calling (800)
- Credit Line. If we
approve your application, we will establish a Line of Credit for
you and notify you of its amount when we issue a Card. This amount
is your credit limit for the Account. Unless you have agreed to
over limit services, 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
that is applied to the principal balance owed on the Account. You
may request an increase in your credit limit, which must be
approved by us. We may reduce your credit limit or terminate this
Agreement for any reasons not prohibited by applicable law, with
only such notice as is required by applicable law. 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. To
terminate this Agreement, you must notify us in writing at 5000
Louise Drive, P. O. Box 40, Mechanicsburg, PA 17055, and recover
and surrender to us all Cards. They remain our property.
- Credit Information. You
authorize us to investigate your credit standing when opening,
renewing or 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.
Members 1st Federal Credit Union utilizes a performance base
lending policy that will determine your Annual Percentage Rate on
your individual creditworthiness, which is outlined in Section 9,
- Payments. We will mail
you a billing statement every month showing your previous balance
comprised of Purchases and Cash Advances, the current transactions
on your Account, your credit limit, the available credit, the new
balance, the Interest Charges for the billing cycle, and the
minimum payment required. Each month you must pay at least the
minimum payment shown on your statement by the payment due date
shown on the statement or no later than twenty-five (25) days from
the statement closing date, whichever is later. If your statement
says your payment is "Now Due," your payment is due no later than
twenty-five (25) days from the statement closing date. You may pay
more frequently, pay more than the minimum payment or pay the new
balance in full. If you make extra or larger payments, you are
still required to make at least the minimum payment each month your
Account has a balance (other than a credit balance). The minimum
payment will be either i) two percent (2%) of your new balance or
twenty dollars ($20), whichever is greater, plus any portion of the
minimum payment shown on prior statement(s) which remains unpaid,
or ii) your new balance, if it is less than twenty dollars ($20).
We also have the right to demand immediate payment of any amount by
which your new balance is over your credit limit. We will apply
your minimum payment amount first to any fees, then to Interest
Charges on Cash Advances, Balance Transfers and then to new
Purchases, provided that payments in excess of the minimum monthly
payment will be allocated first to higher rate balances, as
applicable. We may accept checks marked "payment in full" or with
words of similar effect without losing any of our rights to collect
the full balance of your Account. Payments received at the address
on your billing statement by 5:00 PM Eastern Time on any business
day will be credited to your Account as of that date; payments
received by mail at that address after 5:00PM Easter Time of on a
weekend will be posted to your Account as of the next business day.
Payment crediting your Account may be delayed up to five days if
your payment is received by mail at any other address or not
accompanied by the remittance portion of your Account
- Interest Charge.
- Annual Percentage Rate.
The Annual Percentage Rate is determined by adding together an
index and a margin. This index is the Primer Rate published in the
Money Rates table of the Wall Street Journal as of the last
business day of each month and the margin is 5.0% to 12.5%
percentage points. An increase or decrease in the index will cause
a corresponding change in your Annual Percentage Rate on the first
day of your next new billing cycle. To determine the monthly
periodic rate, we divide the Annual Percentage Rate by 12. Changes
in the Annual Percentage Rated and monthly period rate will be
shown on your periodic statement for the month in which they become
effective. Changes in the periodic rate and Annual Percentage Rate
will apply to the entire unpaid principal balance. The Annual
Percentage Rate will not exceed 18.0% or the maximum allowed by
law, whichever is greater. The monthly Periodic Rate is equal to
one-twelfth of the APR.
- Method A - Average Daily Balance
(Including New Cash Advances). An Interest Charge will be
imposed on Cash Advances from the date made or from the first day
of the billing cycle in which the Cash Advance is posted to your
Account, whichever is later, and will continue to accrue until the
date of payment. The Interest Charge on Cash Advances for a billing
cycle is computed by applying the monthly Periodic Rate to the
average daily balance of Cash Advances, which is determined by
dividing the sum of the daily balances during the billing cycle by
the number of days in the cycle. Each daily balance is determined
by taking the beginning balance of Cash Advances on your Account
each day, adding any new Cash Advances, and subtracting any
payments or credits that are applied to Cash Advances but excluding
any unpaid Interest Charges.
- Method G - Average Daily Balance
(Including New Credit Purchases). An Interest Charge will be
imposed on Purchases only if you elect not to pay the entire new
balance shown on your monthly billing statement for the previous
billing cycle on or before the payment due date of that statement.
If you elect not to pay the entire new balance shown on your
previous monthly billing statement by the payment due date, an
Interest Charge will be imposed on the unpaid average daily balance
of Purchases from the previous statement closing date and on new
purchases from the date of posting to your Account during the
current billing cycle, and will continue to accrue until the
closing date of the billing cycle preceding the date on which the
entire new balance is paid in full or until the date of payment if
later than the payment due date. The Interest Charge on Purchases
for a billing cycle is computed by applying the monthly Periodic
Rate to the average daily balance of Purchases, which is determined
by dividing the sum of the daily balances during the billing cycle
by the number of days in the cycle. Each daily balance is
determined by taking the beginning balance of Purchases on your
Account each day, adding any new Purchases, and subtracting any
payments or credits that are applied to Purchases, but excluding
any unpaid Interest Charges.
- Default. You will be in
Default if you fail to make any two (2) consecutive minimum
payments or other required payments by the date that it is due,
resulting in a delinquency status of sixty (60) days or greater.
You may be in Default if you break any promise you make under this
Agreement, or re-payment agreement under a mutual agreement through
the Members 1st FCU Collections Department. 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 update of credit information. You will also
be in Default if something happens which we believe may
substantially reduce your ability to repay what you owe. When you
are in Default we can demand immediate payment of the entire amount
you owe under this Agreement. If immediate payment is demanded, you
will continue to pay interest, at the applicable interest rates in
effect under this agreement, until what you owe has been repaid. If
demand for immediate payment has been made, the shares and deposits
given as security for payment under this Agreement can be applied
towards what you owe. We can also take appropriate action as
authorized under the Uniform Commercial Code to repossess any and
all collateral pledged to secure repayment under this Agreement. To
the extent permitted by applicable law, you will also be required
to pay our collection expenses, including court costs and
reasonable attorneys' fees. We can also exercise any other rights
given to us by law when you are in Default. If you become sixty
(60) days or more delinquent, Default pricing will be initiated
after the appropriate notification. Default pricing will convert
all balances to an APR of 18.0% for a minimum period of six (6)
months. Should you the cardholder become delinquent again within
that period a new six (6) month period will begin from that point
in time forward. After that six (6) month period, without
additional delinquency, your Account will revert to the previous
(if applicable) performance base APR that shall be applied to the
Account, which is outlined within the application and in Section 9,
- Using the Card. You may
use a Card, Card Account number and/or PIN to make transactions on
your Account. You will retain the copies of the transaction
receipts furnished to you in order to verify your monthly billing
statement. You agree that you will
not use or permit anyone to use a Card or your Account for any
transaction that is illegal under applicable federal, state or
local law. You agree that illegal use of any financial
service will be deemed an action of Default and/or breach of
contract and such a service and/ or other related services may be
terminated at our discretion. You
further agree, should illegal use occur, to waive any right to sue
us for such illegal use or any activity directly or indirectly
related to it. Additionally, you agree to indemnify and hold
us harmless from any suits or other legal action or liability,
directly or indirectly, resulting from such illegal use. We reserve the right to decline any
transactions and or block your account for on going security and
risk management purposes that we consider fraudulent, suspicious,
or illegal and you further understand that we will not knowingly
authorize charges related to online gambling.
- Returns and Adjustments.
Merchants and others who honor a Card may give credit or returns or
adjustments, and they will do so by sending us a credit transaction
receipt, which we will post to your Account. If your credits and
payments exceed what you owe us, we will hold and apply this credit
balance toward future Purchases and Cash Advances, and if the
credit amount is one dollar ($1) or more, refund it on your written
request or automatically after six (6) months.
- Foreign Transactions.
Purchases and Cash Advances made in foreign countries and foreign
currencies will be billed in U.S. Dollars. The exchange rate for
transactions in a foreign currency will be 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 the government mandated rate in
effect for the applicable central processing date, increased by
1.0% on multiple currency transactions and 0.80% on single currency
transactions. On foreign transactions you agree to pay all currency
- Merchant Disputes. We are
not responsible for the refusal of any merchant or financial
institution to honor a Card.
- Security Interest. To
secure your Account, you grant us a purchase money security
interest under the Uniform Commercial Code in any goods you
purchase using 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 Section
- Fees and Other
Charges.The following fees and other charges will be added
to your Account, as applicable:
- Annual Fee
Visa Platinum Select. . . . . . . . . . . . . . . . . . None
- Late Payment Charges. If
you fail to pay the minimum payment on your Account within five (5)
days of the payment due date, a late payment charge of up to
twenty-five dollars ($25.00) will be added to your Account.
- Over-Limit Charge. If you elect over limit services, an over
limit fee will be assessed, per statement cycle, against your
account if your balance exceed your approved credit limit of up to
fifteen dollars ($15).
- Returned Payment Fee. If
a check, share draft or electronic payment is used to make a
payment on your Account is returned unpaid because of insufficient
funds or for any other reason, you will be charged a fee of ten
dollars ($10) for each item returned.
- Returned Statement Fee.
You will be charged one dollar ($1) for each monthly billing
statement that is returned.
- Copies of Visa Transaction
Receipts and Statements. You will be charged three dollars
($3) for each copy you request of a receipt for any Purchase,
credit or Cash Advance or of a monthly billing statement (except in
connection with the resolution of a billing error.)
- Other Fees. Cash Advance
Fees - None, Balance Transfer Fees - None, ATM Transaction Fee -
- Paid Ahead Options. We
may allow you, from time to time, to omit a monthly payment. We
will notify you on your monthly statement when the option is
available. If you omit a payment, Interest Charges will accrue on
your balance in accordance with this Agreement. A Paid Ahead option
does not extend the period within which you must pay the new
balance in order to completely avoid Interest Charges on Purchases.
A minimum payment will be due in the month following the month in
which you omit your payment. Depending upon your previous payment
size Paid Ahead could be active for a total of two (2) additional
payment cycles before requiring another minimum payment
- Effective Agreement. This
Agreement is a contract which applies to all transactions on your
Account, even though the receipts you sign or receive for
Purchases, credits, Cash Advances or other transactions may contain
different terms. We may amend this Agreement from time to time by
sending you written notice. As required by applicable law, we will
give you written notice before the effective date of the amendment.
To the extent applicable law permits, and as we indicate in our
notice to you, amendments will apply to your new Account balances
not existing balances prior to the effective date of the amendment.
This Agreement shall be construed in accordance with the applicable
laws of the Commonwealth of Pennsylvania and applicable federal
Your Credit Card Billing Rights:
Keep This Document For Future Use
This notice tells you about your rights and our responsibilities
under the Fair Credit Billing Act.
What To Do If You Find A Mistake On
If you think there is an error on your statement, write to us
at: Members 1st Federal Credit Union, Card Services Group, P.O. Box
40, Mechanicsburg PA 17055. In your letter, give us the following
You Must Contact Us.
- Account Information: Your name and account number.
- Dollar Amount: The dollar amount of the suspected error.
- Description of problem: If you think there is an error on your
bill, describe what you believe is wrong and why you believe it is
What Will Happen After We Received
- Within sixty (60) days after the error appeared on your
- At least four (4) business days before an automated payment is
scheduled, if you want to stop payment on the amount you think is
You must notify us of any potential errors in writing. You may
call us, but if you do, we are not required to investigate any
potential errors and you may have to pay the amount in
When we receive your letter, we must do two things:
While We Investigate Whether or Not
There Has Been an Error.
- 1. Within thirty (30) days of receiving your letter, we must
tell you that we received your letter. We will also tell you if we
have already corrected the error.
- Within ninety (90) days of receiving your letter, we must
either correct the error or explain to your why we believe the bill
After We Finish Our Investigation,
One of Two Things Will Happen.
- We cannot try to collect the amount in question or report you
as delinquent on that amount.
- The charge in question may remain on your statement, and we may
continue to charge you interest on that amount.
- While you do not have to pay the amount in question, you are
responsible for the remainder of your balance.
- We can apply any unpaid amount against your credit limit.
- If we made a mistake: You will not have to pay the amount in
question of any interest or other fees related to that amount.
- If we do not believe there was a mistake: You will have to pay
the amount in question, along with applicable interest and fees. We
will send you a statement of the amount you owe and the date
payment is due. We may then report you as delinquent if you do not
pay the amount we think you owe.
If you receive our explanation but still believe your bill is
wrong, you must write to us within ten (10) days telling us that
you still refused to pay. If you do so, we cannot report you as
delinquent without also reporting that you are questioning your
bill. We must tell you the name of anyone to whom we reported you
as delinquent, and we must let those organizations know when the
matter has been settled between us. If we do not follow all of the
rules above, you do not have to pay the first fifty dollars ($50)
of the amount you question even if you bill is correct.
Your Rights If You Are Dissatisfied
With Your Credit Card Purchases.
If you are dissatisfied with the with the goods or services that
you have purchased with your 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 purchase. To
use this right, all of the following must be true:
- The purchase must have been made in your home state or within
100 miles of your current mailing address, and the purchase price
must have been more than fifty dollars ($50). (Note: Neither of
these are necessary if your purchase was based on an advertisement
we mailed to you, or if we own the company that sold you the goods
- You must have used your credit card for the purchase. Purchases
made with cash advances, from an ATM that accesses your credit card
account do not qualify.
- You must not yet have fully paid for the purchase.
If all of the criteria above are met and you are still
dissatisfied with the purchase, contact us in writing at the above
address. While we investigate, the same rules apply to the disputed
amount as discussed above. After we finish our investigation, we
will tell you our decision. At that point, if we think you owe an
amount and you do not pay, we may report you as delinquent.