Visa Perks Credit Card Disclosure
Interest Rates and Interest Changes
Annual Percentage Rate (APR) for Purchases: Your APR will be 11.24% - 17.99% when you open your account, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.
APR for Balance Transfers: Your APR will be 11.24% - 17.99% when you open your account, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.
APR for Cash Advances: Your APR will be 11.24% - 17.99% when you open your account, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.
How to Avoid Paying Interest: Your due date is 25 days after the close of each billing cycle. We will not charge interest on purchases or balance transfers if you pay your entire balance by the due date each month. We will begin charging interest on cash advances and on the transaction date.
For Consumer Card Tips from the Consumer Financial Protection Bureau: To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/learnmore.
Annual Fee: $25.00, waived for first year
Cash Advance Fee: 3.00% of the amount of each cash advance
Foreign Transaction Fee: 1.00% of each transaction in U.S. dollars
Statement (Convenience) Check Fee: 3.00% of the amount of each cashed check
Late Payment Fee: Up to $28.00
Returned Payment Fee: Up to $28.00
Midcoast Federal Credit Union Visa PERKS Credit Card Agreement
In this Agreement, the wordsyou andyour mean each and all of those who apply for the card, sign the application, or use the card. Card means a Visa® credit card and any duplicates and renewals we issue. Account means the Visa Credit Card Line of Credit with us. We, us, and ours mean this Credit Union.
Responsibility. If we issue you a card, you agree to pay all debts and the FINANCE CHARGE arising from the use of the card and the card account. You are 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 account. If more than one person has applied for a card or signed the application, paragraph 16 below also applies to your account. You agree that you will not use or allow anyone else to use your card for any transaction that is illegal under applicable federal, state or local law.
Notice: You agree and attest that your name and address on your application is your legal name and place of residence, and such is the proper address for all notice(s) required by this agreement. You further understand that any changes in this address must be submitted to us in writing to be effective.
Business/Commercial Members Are Prohibited From Engaging In Unlawful Internet Gambling - Unlawful Internet Gambling Enforcement Act Notice: Restricted transactions as defined in Federal Reserve Regulation GG are prohibited from being processed through this account or relationship. Restricted transactions generally include, but are not limited to, those in which credit, electronic fund transfers, checks, or drafts are knowingly accepted by gambling businesses in connection with the participation by others in illegal or unlawful Internet gambling.
2. Lost Card Notification. If you believe your credit card has been lost or stolen, you will immediately call the Credit Union at 207.443.5531 or 877.964.3262. After business hours please dial 1.800.991.4961.
3. Liability for Unauthorized Use. You will not be liable to the credit union for the unauthorized use of your card if the unauthorized use was not caused by your negligence or fraud. In any case other than fraud, your liability to the credit union will not exceed $50.00 for other unauthorized use of your card that occurs prior to the time when you give notice of possible unauthorized use to the credit union at 186 Lower Main Street, Freeport, ME 04032, 207.443.5531 or 877.964.3262 and you will not be liable for unauthorized use that occurs after you notify the credit union of possible unauthorized use.
4. Credit Line. If we approve your application, we will establish a self-replenishing Line of Credit for you and notify you of its amount when we issue the card. You agree not to let the account balance exceed this approved Credit Line. Each payment you make on the account will restore your Credit Line by the amount of the payment which is applied to principal. You may request an increase in your credit line only by written application to us, which must be approved by our lending department. By giving you written notice, our lending department may reduce your credit line from time to time or, with good cause, revoke your card and terminate this Agreement. Good cause includes your failure to comply with this Agreement or our adverse reevaluation of your credit worthiness. You may terminate this Agreement at any time, but termination by either of us does not affect your obligation to pay the account balance. The cards remain our property, and you must recover and surrender to us all cards upon our request and upon termination of this Agreement.
5. 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.
6. Details About Your Monthly Payment
(a) Monthly Statement. We will mail you a statement every month showing your Previous Balance of purchases and cash advances, the current transactions on your account, the remaining credit available under your Credit Line, the New Balance of purchases and cash advances, the Total New Balance, the finance charge due to date, and the Minimum Payment Required.
(b) Minimum Payment. Every month you must pay at least the Minimum Payment within 25 days of your statement closing date. By separate agreement you may authorize us to charge the minimum payment automatically to your share or share draft account with us. You may, of course, pay more frequently, pay more than the minimum payment, or pay the Total New Balance in full, and you will reduce the finance charge by doing so. The Minimum Payment will be any portion of the Minimum Payments shown on prior statements which remain unpaid plus either (a) 2% of your Total New Balance or $15.00, whichever is greater, or (b) your Total New Balance if it is less than $15.00. In addition, at any time your Total New Balance exceeds your Credit Line, you must immediately pay the excess upon our demand.
(c) Payments made to your account will be applied in the following order: Fees and Finance Charges; Previously Billed Purchases; Cash Advances; New Purchases. We may accept checks marked “payment in full” or words of similar effect without losing any of our rights to collect the full balance of your account with us. Any amount received in excess of the minimum monthly payment will be applied from the highest APR balance to the lowest balance.
(d) All payments received will be posted by 5:00 p.m. Monday through Friday. Payments received after 4:30 p.m. and on a Saturday, Sunday, or a holiday will be postdated to the day payment was made.
(e) Minimum Payment Warning: Making only the minimum payment will increase the amount of interest you pay and the time it takes to repay your balance. For an estimate of the time it would take to repay your actual balance making only minimum payments, call 207.443.5531 or 877.964.3262.
7. Finance Charges
(a) When Finance Charge Begins. A finance 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. A cashed statement check is considered a cash advance. A finance charge will be imposed on purchases and balance transfers only if you elect not to pay the entire new balance of purchases and balance transfers shown on your monthly statement within 25 days from the closing date of that statement. If you elect not to pay the entire new balance of purchases and balance transfers shown on your monthly statement within that 25 day period, a finance charge will be imposed on the unpaid average daily balance of those purchases and balance transfers from the statement closing date (but not on purchases or balance transfers posted during the current billing period) and will continue to accrue until the closing date of the billing cycle preceding the date on which the entire new balance of purchases and balance transfers is paid in full or until the date of payment if more than 25 days from the closing date.
(b) Figuring the Finance Charge. The FINANCE CHARGE (interest) is determined by your credit score when your account is opened and is calculated by adding a margin of 5.74%, 6.74%, 10.74% or 12.74% per annum (the "Margin") to the Index. Interest rates will not exceed 17.99%. The monthly periodic rate is equal to 1/12th the corresponding annual percentage rate.
(i) Variable Rate Information. Your annual percentage rate is based on the prime rate published in The Wall Street Journal on the 25th day of each month; or if no rate is published on that day, the immediately preceding published rate (the “Index”). We then add the Margin to determine your rate. Your rate may change (increase or decrease) effective on the 1st day of each billing period when the Index changes.
(ii) Cash Advances. The finance charge on cash advances for each billing cycle is computed by applying the periodic rate to the “average daily balance” of cash advances or statement check. A cashed statement check is considered a cash advance. The “average daily balance” is determined by taking the beginning balance of cash advances each day, adding any new cash advances, and subtracting any payments or credits. 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.”
(ii) Purchases and Balance Transfers. The finance charge on purchases and balance transfers for each billing cycle is computed by applying the periodic rate to the “average daily balance” of purchases and balance transfers. The “average daily balance” is determined by taking the beginning balance of purchases and balance transfers each day, adding any new purchases and balance transfers, and subtracting any payments or credits. 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.”
8. Charges and Fees. The following other charges and fees will be added be added to your account, as applicable:
(a) Late Payment Fee up to $28.00 or the amount of the required minimum payment, whichever is less, if you make a payment 5 or more days after the statement cycle date. The statement cycle date varies by month from 3-5 days after the due date.
(b) Annual Fee $25.00, waived for first year
(c) Cash Advance Fee (Finance Charge) 3.00% of each cash advance
(d) Statement (Convenience) Check Fee (Finance Charge) 3.00% of each cashed check
(e) Returned Payment Fee $28.00 or the amount of the required minimum payment, whichever is less.
(f) Card Replacement Fee $8.00
(g) Rush Fee $20.00
(h) Statement Copy Fee $5.00
9. Default. You will be in default if you fail to make any Minimum Payment within 25 days after your monthly statement closing date. You will also be in default if your ability to repay is materially reduced by a change in your employment, an increase in your obligations, bankruptcy or insolvency proceedings involving you, your death, or your failure to abide by this Agreement. We have the right to demand immediate payment of your full account balance if you default, subject to our giving you any notice required by law. The Credit Union will exercise the right to suspend all Credit Union services until any such default has been resolved.
10. Using the card. To make a purchase or cash advance, there are two alternative procedures to be followed. One is for you to present the card to a participating Visa Credit Card plan merchant, to us, or to another financial institution, and sign the sales or cash advance draft which is imprinted with your card. The other is to complete the transaction by using your Personal Identification Number (PIN) in conjunction with the card in an Automated Teller Machine or other type of electronic terminal that provides access to the Visa Credit Card system. Individual Terminal limitations may apply. The monthly statement will identify the merchant, electronic terminal, or financial institution at which transactions were made, but sales, cash advance, credit, or other slips cannot be returned with the statement. You will retain the copy of such slips furnished at the time of the transaction in order to verify the monthly statement. The Credit Union may make a reasonable charge for photocopies of slips you request.
11. Cash Advance Limit. Only a portion of your credit limit is available for Cash Advances. Total outstanding cash advances are limited to 50% of your Credit Line and that portion may vary. Although you may have credit available under your account, we may be unable to authorize a cash advance.
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 us a credit slip 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 against future purchases and cash advances, or, if it is $1 or more, refund it on your written request.
13. Foreign Transactions. Purchases and cash advances made in foreign currencies will be debited from Your Account in U.S. dollars. The exchange rate between the transaction currency and the billing currency used for processing internal transactions is a rate selected by Visa from a range of rates available in wholesale currency markets for 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. The exchange rate used on the processing date may differ from the rate that would have been used on the purchase date or cardholder statement posting date.
A fee (finance charge) will be charged on all transactions completed in a foreign currency. All fees are calculated based on the transaction amount after it is converted to U.S. dollars. These fees are charged except where excluded. The Foreign Transaction Fee is set forth on the Disclosure accompanying this Agreement.
14. Security Interest. You may be giving a security interest in a specific amount of your share or share draft account(s) with the Credit Union by signing a separate pledge of shares agreement. If you give a security interest to the Credit Union, you must maintain the amount of the security given in your account(s) at all times during which you have the right to use your card(s). Any security interest in a specific amount of your share or share draft account(s) with the Credit Union given to secure this agreement also secures all other loans and agreements between you and the Credit Union now existing or arising after the date of this agreement; and any security interest in any property, other than a dwelling or a non-purchase money security interest in household goods, given to secure other loans or agreements between you and the Credit Union, now existing or arising after the date of the agreement, also secures this agreement.
15. Military Act. Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account).
16. Visa Account Updater. This service provides new credit card numbers and/or expiration dates to merchants who maintain card-on-file account information for recurring transactions. To opt-out of this service, please contact the Credit Union.
17. 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. Your use of the card thereafter will indicate your agreement to the amendments. To the extent the law permits, and we indicate in our notice, amendments will apply to your existing account balance as well as to future transactions.
18. Joint Liability. Each person who has signed the application or applied for a card will be individually and jointly responsible for paying all amounts owed under this Agreement. This means that the Credit Union can require any one of you individually to repay the entire amount owed under this Agreement. Each of you authorizes the other(s) to make purchases or cash advances individually. Any one of you may terminate the account and the termination will be effective as to all of you.
19. Statements. We are required to send you a periodic statement at least 21 days before the payment due date. If you do not receive your statement by the last day of the month, please call 207.443.5531 or 877.964.3262 for a copy of your most recent statement.
20. Changes to Terms. With the exception of your card account being in default, as described in section 9, we are required to give you 45 day notice before any changes to the terms described in this disclosure that may not benefit you 21. Due Date. Your Visa Credit Card due date will be on the same date each month.
22. Copy Received. You acknowledge receipt of a copy of this Agreement.
23. Signatures. By signing in the Signature area of the application form that accompanied this agreement, you agree to the terms of this Agreement. You should retain this Agreement for your records.
YOUR BILLING RIGHTS : KEEP THIS NOTICE 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 Your Statement
If you think there is an error on your statement, write to us at Midcoast Federal Credit Union,186 Lower Main Street, Freeport, ME 04032.
In your letter, give us the following information:
- 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 a mistake.
You must contact us:
• Within 60 days after the error appeared on your statement.
• At least 3 business days before an automated payment is scheduled, if you want to stop payment on the amount you think is wrong. 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 question.
What Will Happen After We Receive Your Letter
When we receive your letter, we must do two things:
1. Within 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.
2. Within 90 days of receiving your letter, we must either correct the error or explain to you why we believe the bill is correct. While we investigate whether or not there has been an error:
• 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.
After we finish our investigation, one of two things will happen:
• If we made a mistake: You will not have to pay the amount in question or 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 10 days telling us that you still refuse 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 $50 of the amount you question even if your bill is correct.
Your Rights If You Are Dissatisfied With Your Credit Card Purchases
If you are dissatisfied 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:
1. 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 $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 or services.)
2. You must have used your credit card for the purchase. Purchases made with cash advances from an ATM or with a check that accesses your credit card account do not qualify.
3. 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: Midcoast Federal Credit Union, 186 Lower Main Street, Freeport, ME 04032. 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.
How We Will Calculate Your Balance: We use a method called “average daily balance (excluding new purchases).” See the Credit Card Agreement for details.
Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your credit card account agreement. See the Credit Card Agreement for details.
The information about the costs of the card described in this application is accurate as of January 02, 2018. This information may have changed after that date. To find out what may have changed, call us at 877.964.3262 or write us at 186 Lower Main Street, Freeport, ME 04032.