UNIVERSITY BANK - VISA CREDIT CARD INTEREST RATES AND INTEREST CHARGES

Annual Percentage Rate(APR) for Purchases

APR for Balance Transfers

APR for Cash Advances

Penalty APR and When It Applies

6.25 % - 14.25 % 
The interest rate will vary between 6.25% - 14.25% based on your creditworthiness.

This APR will vary with the market based on the Prime Rate.
6.25% - 14.25%
The interest rate will vary between 6.25%-14.25% based on your creditworthiness.

This APR will vary with the market based on the Prime Rate.
6.25% - 14.25%
The interest rate will vary between 6.25% - 14.25% based on your creditworthiness.

This APR will vary with the market based on the Prime Rate.
25.00%
This APR may be applied to your account if you:
1) Make a late payment;
2) Go over your credit limit; or

3) Make a payment that is returned.

How Long Will the Penalty APR Apply? If your APRs are increased for any of these reasons, the Penalty 
APR will apply until you make six consecutive minimum payments when due.

How to Avoid Paying Interest on Purchases

Your due date is at least 25 days after close of each billing cycle. We will not charge you interest on 
purchases if you pay the entire balance by the due date each month.

Minimum Interest Charge

If you are charged periodic interest, the charge will be no less than $1.00.

For Credit Card Tips from the Consumer Financial 
Protection Bureau

Annual Fees
Transaction Fees

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Balance Transfer
Cash Advance
Foreign Fees

Penalty Fees

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

FEES

$0.00 

Either $5.00 or 4.00% of the amount of each transfer, whichever is greater.
Either $0.00 or 0.00% of the amount of each transfer, whichever is greater.
3.00% of each transaction in U.S. Dollars.

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Other Fees
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Late Payment
Over-the-Credit-Line
Returned Payment

Replacement Card

Up to $25.00

Up to $25.00
Up to $25.00

$10.00/card

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Additional Card

$10.00/card (Two cards are provided without charge)

Duplicate Statement or Document Copy
Expedited Delivery

$5.00/statement or document copy
Up to $50.00

How We Will Calculate Your Balance: We use a method called “average daily balance”. See your account agreement for further information regarding how we 
calculate your balance.

Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your account agreement.

How We Will Calculate Your Variable APRs: We calculate variable APRs by adding a margin to the highest U.S. Prime Rate published in the Money Rates section of 
The Wall Street Journal two business days (not weekends or federal holidays) before the closing date shown on your billing statement. The APR may increase or 
decrease each month if the Prime Rate changes. Any new rate will be applied as of the first day of your billing cycle during which the Prime Rate has changed. If the 
APR increases, you will pay a higher interest charge and may pay a higher minimum payment. The Prime Rate is simply a reference index and is not the lowest interest 
rate available. If The Wall Street Journal stops publishing the Prime Rate, we will select a similar reference rate.

Prime Rate: Variable APRs are based on the Wall Street Journal Prime Rate of 3.25% as of December 30, 2021.

Contact for Updates: The information about the costs of the credit card described in this application is current as of December 30, 2021. This information may have 
changed after that date. To find out what may have changed, please call us at 1-800-368-7987 or email us at branch@university-bank.com.

University Bank - Visa Credit Card 
Agreement 

1. Agreement. These regulations govern the possession and use of
credit cards (“card”) issued by University Bank (“Issuer”). Each person 
who applies for a credit card and in whose name the card is issued
(“Holder”) consents and agrees to these regulations and to the terms 
contained on the credit cards, sales drafts, credit adjustment memos
and  cash  advance  drafts,  signed  by  or  given  to  Holder  or  any
authorized user of Holder’s cards. When credit cards are issued upon
the  application  of  two  or  more  persons,  all  such  persons  shall  be
jointly  and  severally  liable  as  Holders.  The  provisions  of  these
regulations,  as  amended  from  time  to  time,  govern  Holder’s
obligations,  notwithstanding  any  additional  or  different  terms
contained  in  sales  drafts,  credit  adjustment  memos,  cash  advance
drafts  or  other  forms  signed  by  or  given  to  Holder  or  any  user  of
Holder  ‘s  cards  to  evidence  a  credit  card  transaction.  Holder
authorizes  an  investigation  of  Holder’s  credit  standing  prior  to  the
issuance  of  a  credit  card  to  Holder  and  at  any  time  thereafter  and
authorizes  disclosure  of  information  to  third  parties  relating  to
Holder’s  credit  standing.  These  regulations  apply  to  all  credit  cards
issued  to  Holder  or  to  others  on  Holder’s  authorization  and  to  any
user of Holder’s cards.
2. Membership  Fees.  As  a  condition  of  participation  in  the  issuer’s
credit plan and the issuance of a card, Holder agrees that there is no
annual  membership  fee  for  VISA  consumer  and  business  accounts.
The membership fee described above entitles the Holder to two VISA 
cards. Holder agrees to pay a fee for each additional card requested.
Please see Rates and Fees Disclosure Table for fees charged.
3. Use  of  Card.  Credit  for  purchases  from  a  merchant  or  a  cash
advance from a participating financial institution may be obtained by
Holder  or  an  authorized  user  of  Holder’s  card  presenting  one  of
Holder’s  cards  to  the  merchant  or  participating  financial  institution
and, if requested, by providing the proper identifying information and 
signing the appropriate drafts. Failure to sign a draft does not relieve
the Holder of liability for purchases made or cash received. The use of 
this card for illegal transactions is prohibited. The card may also be
used  to  obtain  cash  advances  from  certain  automated  equipment
provided  it  is  used  with  Holder’s  correct  Personal  Identification
Number  (“PIN”)  issued  to  Holder.  Holder  may  make  only  two  cash
advance  withdrawals  totaling  not  more  than  $200  each  day  from
compatible ATM terminals. Terminals or terminal operators may have 
other limits on the amounts or frequency of cash withdrawals. Holder 
will not be liable for the unauthorized use of the card or PIN issued to 
Holder  which  occurs  before  issuer  receives  notification  orally  or  in
writing of loss, theft or possible  unauthorized use of a card or PIN.
Lost or stolen cards or PINS should be reported immediately to Issuer
by notifying CUSTOMER SERVICE, P.O. Box 30495, Tampa, FL 33630,
and Telephone (866) 839-3485.
4. Use of University Bank Card Checks. Credit obtained by use of a
Balance Transfer Check shall be treated as a credit purchase. Credit
obtained by use of Classic or Premier Check shall be treated as a cash 
advance.
5. Credit  Line.  Holder  will  from  time  to  time  be  informed  of  the
amount of the approved credit line established for Holder, and Holder 
covenants not to make credit  purchases or borrowings  in excess  of
that amount. Holder is liable for all purchases and borrowings made
with Holder’s cards by Holder or by anyone authorized to use Holder’s 
cards.
6. Payment. Holder will be furnished a monthly statement for each
billing  period  at  the  end  of  which  there  is  an  undisputed  debit  or
credit balance of $1.00 or more. Holder shall pay within 25 days after

each statement Closing Date either (a) the full amount billed (“New 
Balance”) or, at Holder’s option, (b) a minimum Payment of $25 or 3% 
of the New Balance, whichever is greater. Payments may be mailed 
to VISA, P.O. Box 4512, Carol Stream, IL 60197-4512. Payments may 
be made, in person, at a University Bank office. Payments received 
after 5:00 p.m. on any processing day or at any time on any non-
processing  day  will  be  considered  as  payments  made  on  the 
following processing day. All payments by Holder will be applied first 
to  payment  of  Interest  Charges  in  the  order  of  their  entry  to  the 
account,  second  to  additional  fees  and  credit  insurance  charges,  if 
any,  in  the  order  of  their  entry  to  the  account,  third  to  previously 
billed cash advances, purchases and other similar charges in the order 
of  their  entry  to  the  account,  and  then  to  current  cash  advances, 
purchases and other similar charges in the order of their entry to the 
account.  
7. Interest  Charges.  Holder  shall  pay  Interest  Charges  as  shown  on
Holder’s monthly statements, for each billing period in which there is 
a cash advance or the Previous Balance is not paid in full prior to the
Closing Date of the billing statement. For cash advance fees, please
see  the  Rates  and  Fees  Disclosure  Table.  We  figure  the  Interest
Charges on your account by applying the monthly Periodic Rate to the 
entire “Balance  Subject to Interest Rate.” The additional charge for
cash advances shall not apply to any cash advance obtained under a
separate  credit  agreement  with  Holder  and  written  in  connection
with these regulations. The “Balance Subject to Interest Rate” is the
“average  daily  balance,”  of  the  account 
(including  current
transaction).  To  get  the  “average  daily  balance,”  we  take  the
beginning  balance  of  the  account  each  day,  add  any  new  cash
advances,  credit  purchases  and  other  charges,  and  subtract  any
payments  or  credits,  unpaid  late  charges,  unpaid  membership  fees
and unpaid Interest Charges. This gives us the daily balance. Then, we 
add up all of 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.” Interest Charges for credit purchases begin on the
date  the  purchase  is  posted  to  the  account  unless  the  Previous
Balance  shown  on  the  statement  is  paid  in  full  prior  to  the  Closing
Date of the statement. Credit purchases made during the statement
period and the Previous Balance will be excluded from the calculation 
of the “average daily balance” if the Previous Balance shown on the
front of the statement was paid in full prior to the Closing Date of the 
statement. The Interest Charges for cash advances begin on the date
the  advance  is  posted  to  the  account.  Holder  may  avoid  additional
Interest  Charges  on  an  account  by  paying  in  full  the  New  Balance
shown on the account’s monthly statement within 25 days after the
Closing Date for that statement.
8. Variable  Annual  Percentage  Rate.  The  current  monthly  Periodic
Rate  and  corresponding  ANNUAL  PERCENTAGE  RATE  for  new
accounts are disclosed on the accompanying card mailer. These rates
may vary monthly and shall be adjusted on the first day of each billing 
period  (“Change  Date”).  The  ANNUAL  PERCENTAGE  RATE  on  each
Change Date shall equal the highest prime rate published in The Wall
Street Journal “Money Rates” tables on the last date of publication in 
the calendar month preceding each Change Date (“Index Rate”), PLUS 
a Margin. For more information on current margin(s), please refer to
the  Rates  and  Fees  Disclosure  Table.  The  monthly  Periodic  Rate  is
1/12th of the ANNUAL PERCENTAGE RATE. Beginning on the date an 
adjustment in the rate is effective and until the next Change Date, the 
monthly Periodic Rate then in effect will be applied to the balance in
the account to determine the Interest Charges. An adjustment in the
monthly  Periodic  Rate  and  corresponding  ANNUAL  PERCENTAGE
RATE will apply both to the outstanding balances in the account and
to  new  cash  advances,  (including  any  balance  transfers  from  other
credit  card  accounts),  credit  purchases,  and  other  charges.  An
increase  or  decrease  in  the  Index  Rate  will  cause  and  increase  or
decrease  in  the  monthly  Periodic  Rate  and  corresponding  ANNUAL

insolvent or the subject of bankruptcy or insolvency proceedings or 
fails to observe any covenant or duty contained in these regulations, 
if  such  event  or  breach  materially  impairs  Holder’s  ability  to  pay 
amounts  due;  the  full  amount  of  Holder’s  account  for  which  the 
default occurred (including unpaid Interest Charges) shall, at Issuer’s 
option become immediately due and payable if Holder does not cure 
the  default  within  15  calendar  days  after  notice  is  mailed  to  the 
address of Holder, or given as otherwise provided by law. Issuer has 
this right, without notice and opportunity to cure; if the default is the 
Holder’s third default within 12 months and the Holder is notified of 
the  prior  two  defaults  and  the  Holder  cured  those  defaults.  16. 
Termination.  Holder’s  consent  to  these  regulations  may  be 
terminated at any time by surrendering the cards issued to Holder or 
at  Holder’s  written  request,  but  such  termination  shall  not  affect 
Holder’s obligations as to any balances or charges outstanding at the 
time of termination. Termination by any Holder shall be binding on 
each  person  in  whose  name  the  card  is  issued.  If  Holder’s  spouse 
terminates  this  credit  plan,  the  full  amount  of  Holder’s  account 
(including unpaid Interest Charges) may be declared immediately due 
and payable. Issuer may terminate Holder’s privilege to use the cards 
if Holder moves out of the service area of Issuer, as defined by Issuer 
from time to time. Unless sooner terminated, the privilege to use the 
cards  shall  expire  on  the  date  shown  on  the  cards.  At  any  time, 
without liability to Holder and without affecting Holder’s liability for 
credit previously extended, Holder’s privilege to use the cards may be 
revoked or limited to the extent not prohibited by law. The cards are 
and  shall  remain  the  property  of  Issuer  and  Holder  agrees  to 
surrender them to Issuer upon demand.  
17. Amendments. Issuer may amend these regulations from time to
time by sending Holder advance written notice not less than 90 days
prior  to  the  effective  date  for  any  change  that  is  either  adverse  to
Holder’s outstanding balance or increases certain fees, as required by 
the MI Consumer Act from time to time, or not less than 15 days prior 
to  the  effective  date  for  other  changes,  or  as  may  otherwise  be
required or permitted by law. To the extent that Issuer indicates in
the  notice  and  that  the  law  permits,  amendments  will  apply  to
Holder’s  existing  account  balance  as  well  as  to  future  transactions.
Notices are deemed given when mailed by Issuer to any Holder to the 
current  address  for  mailing  monthly  statements.  Invalidity  of  any
provision of these regulations shall not affect the validity of any other 
provisions unless otherwise provided by the MI Consumer Act.
18. Governing  Law.  Holder  agrees  to  be  governed  by  the  MI
Consumer Act with respect to all aspects of the transactions arising
under these regulations. All statutory references are to the statutes
as they may be renumbered or amended from time to time.

PERCENTAGE  RATE  and  may  increase  the  amount  and  number  of 
minimum payments. If the Index Rate ceases to be made available, 
Issuer may substitute a substantially similar index and margin.  
9. How We Will Calculate Your Variable APRs: We calculate variable
APRs by adding a margin to the highest U.S. Prime Rate published in
the Money Rates section of The Wall Street Journal two business days 
(not weekends or federal holidays) before the closing date shown on
your billing statement. The APR may increase or decrease each month 
if the Prime Rate changes. Any new rate will be applied as of the first
day of your billing cycle during which the Prime Rate has changed. If
the APR increases, you will pay a higher interest charge and may pay
a  higher  minimum  payment.  The  Prime  Rate  is  simply  a  reference 
index and is not the lowest interest rate available. If The Wall Street
Journal  stops  publishing  the  Prime  Rate,  we  will  select  a  similar
reference rate.
10. Additional Fees. For a listing of fees charged in association with
this  card,  please  see  the  Rates  and  Fees  Disclosure  Table
accompanying this Agreement. These charges will not be imposed if
Holder’s request is in connection with or delivery of the documents in 
response to an alleged billing error under Regulations E or Z issued by 
the Board of Governors of the Federal Reserve System. Fees imposed 
will be posted to Holder’s account.
11. Security  Interest.  All  credit  advanced  to  Holder  for  credit
purchases  or  cash  advances  constitutes  loans  made  by  Issuer  to
Holder in the state of MI. Issuer disclaims as security for loans made
to Holder under these regulations any security interest it may at any
time have in household goods or real property. Except as disclaimed
above,  loans  made  to  Holder  after  the  effective  date  of  these
regulations  may  be  secured  by  collateral  given  by  any  Holder  to
secure other loans from Issuer.
12. Insurance. If the Holder is eligible and elects to participate in the
group credit life, disability and loss of income insurance program by
signing the appropriate enrollment forms, insurance charges will be
posted  to  Holder’s  account  each  statement  period  at  the  rate
disclosed in the enrollment form based upon the New Balance on the 
account  (including  accrued  Interest  Charges)  for  each  statement
period. CREDIT LIFE, DISABILITY AND LOSS OF INCOME INSURANCE IS
VOLUNTARY AND IS NOT REQUIRED AS A CONDITION TO HOLDER’S
PARTICIPATION IN THIS CREDIT PLAN.
13. Foreign  Transactions.  If  a  Holder’s  card  is  used  to  effect  a
transaction  in  a  foreign  currency,  the  transaction  amount  will  be
converted  to  U.S.  dollars  by  VISA  International,  VISA  converts
currency  to  U.S.  dollars  using  either  the  government  mandated
exchange  rate  or  the  wholesale  exchange  rate,  in  effect  one  day
before the date of the conversion, as applicable. The exchange rate is 
increased by 1% if the conversion is made in connection with a charge 
to  an  account  and  decreased  by  1%  if  the  conversion  is  made  in
connection  with  a  credit  to  an  account.  The  date  of  conversion  by
VISA  may  differ  from  the  purchase  date  and  the  posting  date 
identified in the monthly statement for the account. Holder agrees to 
pay charges and accept credits for the converted transaction amounts 
in accordance with the terms of this paragraph.
14. Disputes. Issuer is  not responsible for refusal  by any merchant,
financial  institution  or  automated  equipment  to  honor  or  accept  a
card.  Except  as  provided  in  the  Federal  Truth-in-Lending  laws(as
indicated  in  the  Summary  of  Billing  Rights  below),  Issuer  has  no
responsibility for merchandise or services obtained by Holder with a
card  and  any  dispute  concerning  merchandise  or  services  will  be
settled between Holder and the merchant concerned.
15. Default.  Holder  covenants  to  observe  and  comply  with  these
regulations and covenants not to permit an event of default to occur.
Upon the occurrence of any one or more of the following events of
default: (a) Holder fails to pay at least the Minimum Payment when
due on two occasions within any 12-month period; or (b) Holder dies, 
ceases  to  exist,  changes  residency  to  another  state,  becomes

Your Billing Rights: Keep this Document for Future Use 

This notice tells you about your rights and 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 the address shown on your monthly billing statement. 

In your letter, give us the following information: 

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Account Information:
Dollar Amount:
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. 

 Your name and account number. 
 The dollar amount of the suspected error. 

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 (or electronically). 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 after 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:

The charge in question may remain on your statement, and we may continue to charge you interest on that amount.

 We cannot try to collect the amount in question, or report you as delinquent on that amount.
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 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: 

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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 in 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 (or electronically) at the address 
shown on your monthly billing statement. 

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.