VISA Platinum OptimUM Credit Card Agreement 

In  this  agreement  “you”  and  “your”  mean  or  refer  to  all  persons  who  have 
applied  for  this  VISA  credit  card  plan.  “Card”  means  the  VISA  Platinum 
OptimUM  Credit  Card  and  any  duplicates  and  renewals  we  issue.  “Account” 
means  your  VISA  Platinum  OptimUM  Credit  Card  line-of-credit  loan  account 
with  us.  “We,”  “Us,”  “Our”,  “Credit  Union”,  or  “UMCU”  means  or  refers  to  the 
University  of  Michigan  Credit  Union.  This  agreement  is  a  Truth-In-Lending 
Disclosure statement as well as a contract. 
SECURITY  INTEREST:  THE  GRANTING  OF  A  SECURITY 
INTEREST IN YOUR SHARES AND DEPOSITS WITH US IS 
A  CONDITION  FOR  YOUR  CREDIT  CARD  ACCOUNT.  BY 
SIGNING  YOUR  CARD,  YOU  GRANT  US  A  CONSENSUAL 
SECURITY  INTEREST  IN  ALL  INDIVIDUAL  AND  JOINT 
ACCOUNTS  YOU  HAVE  WITH  US  NOW  AND  IN  THE 
FUTURE  TO  SECURE  ALL  ADVANCES  MADE  UNDER 
YOUR  CREDIT  CARD  AGREEMENT.  WE  MAY,  BUT  DO 
NOT  HAVE  TO,  ALLOW  YOU  TO  WITHDRAW  A  PORTION 
OF  YOUR  SHARES  OR  DEPOSITS  WITHOUT  AFFECTING 
THE  SECURITY  INTEREST.  SHARES  IN  AN  INDIVIDUAL 
RETIREMENT  ACCOUNT  AND  ANY  OTHER  ACCOUNT 
THAT  WOULD  LOSE  SPECIAL  TAX  TREATMENT  UNDER 
STATE AND FEDERAL LAW IF GIVEN AS SECURITY ARE  
NOT  SUBJECT  TO  THE  SECURITY  INTEREST  YOU  HAVE 
GIVEN IN YOUR SHARES.  
1. 

ISSUANCE  OF  CARDS:  We  will  issue  VISA  credit  cards  embossed  as 
you  direct  in  your  application  for  this  plan.  As  soon  as  received,  the 
person  whose  name  is  embossed  on  the  card  must  sign  it  on  the  back. 
That signature must be in the same form as the name embossed on the 
front of the card. 

2.  USE OF CARDS: You agree not to let anyone else use your card. If you 
authorize  another  person  to  use  your  Card(s)  for  any  transaction(s),  you 
agree  to  be  responsible  for  all  transactions  performed  by  that  person, 
even those not expressly authorized by you. 

If you notify us to do so, we will take prompt steps to prevent further card 
use.  If  you  do  not  wish  to  be  bound  by  this  agreement,  as  soon  as  you 
receive  your  card,  cut  it  in  half  and  return  it  to  us.  You  agree  that  when 
you  or  any  authorized  user  of  your  card(s)  uses  the  card  to  make  a 
purchase or obtain a cash advance that the terms of this agreement shall 
become effective. 

3a.  USING  THE  CARD:  To  make  a  purchase  or  obtain  a  cash  advance, 
present this card to a participating VISA plan merchant, to us or to another 
financial institution, and sign the sales or cash advance draft which will be 
imprinted  with  your  card  number.  You  will  receive  a  copy  of  the  draft, 
which  you  should  retain  to  verify  your  monthly  statement.  You  may  not 
receive  a  sales  draft  if  the  transaction  is  below  a  minimum  transaction 
amount defined by VISA. 

3b.  The VISA Card may not be used for any illegal transaction. This includes, 

but is not limited to, illegal Internet gambling. 

3c.  OVERDRAFT  PROTECTION:  Advances  may  be  made  from  your  VISA 
loan  for  overdraft  protection  purposes  to  cover  transactions  for  which 
sufficient  funds  are  not  available  in  Credit  Union  savings  and  checking 
accounts designated by you. You take full responsibility for repayment of 
all  overdraft  advances  from  this  VISA  loan  to  Credit  Union  accounts 
designated  by  you  even  if  the  designated  account  is  owned  in  full  or  in 
part by another individual or entity. 

4.  FEES:  Under  this  agreement  you  agree  to  pay  the  fees  listed  below:  All 

fees will be posted to your VISA account as a purchase.  
CARD FEES 
Initial Card (for each VISA cardholder): 
Replacement Card: 

 FREE 
$ 5.00 

TRANSACTION FEES 
Balance Transfer: 

        Cash Advance: 
        Foreign Transaction: 
            (transaction in foreign currency 
             or with foreign merchant) 
        Non-UMCU/Non-CO-OP Network ATM Transaction: 
            (waived for 4 transactions per month for 
             accounts in good standing; surcharge  
             fees may apply) 
        Overdraft Protection Advance: 

 FREE 
 FREE 
  1% of transaction amount 
  in U.S. dollars 

PENALTY FEES 
Late Payment: 
    (payment received after 10th of  
             month following payment due date) 

        OTHER FEES 
        Expedited Phone Payment: 

Statement Copy: 
Account Research: 

 $ 2.00 

 $ 2.00 

 Up to $35.00 

$10.00  
$ 5.00  
$30.00/hour 

Expedited Card Delivery:      If expedited delivery is required, you agree to 
pay the cost of any shipping charges. 

5.  PROMISE  TO  REPAY:  You  promise  to  repay  us  for  all  credit  extended 
pursuant  to  authorized  use  of  the  card,  plus  interest  charges  and  other 
charges as provided in this agreement. If two persons apply for this loan 
plan, each of you is liable, separately and jointly with the other, to repay all 
such credit, interest charges and other charges. 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 responsible persons to pay the account. 

6.  CREDIT LIMIT: You will be advised of your credit limit under this plan in 
the notice of approval for participation in this loan plan. Each payment you 
make  to  the  account  will  replenish  your  credit  limit  by  the  part  of  that 
payment  which  is applied to principal. You agree not to use your card(s) 
so as to exceed this credit limit. You must submit an application to us in 
order to increase your credit limit. 

7.  MONTHLY  PAYMENT:  We  will  provide  you  with  monthly  statements  of 
your VISA loan account as required by law. Every month you promise to 
pay  at  least  the  minimum  payment  on  your  statement  by  the  due  date 
specified on your statement. The minimum payment will be either (a) 2% 
of your total new balance, or $25.00, whichever is greater, or (b) your total 
new balance, if it is less than $25.00 plus (c) any portion of the minimum 
payment(s) shown on prior statements which remains unpaid. In addition, 
if at any time your total new balance exceeds your credit limit, you agree 
to immediately pay the excess. 

You  may  pay  more  frequently,  pay  more  than  the  minimum  payment,  or 
pay  the  total new balance in full, and you will reduce the interest charge 
by doing so. If you make extra or larger payments, you still are required to      
make  at  least  the  minimum  payment  every  month  your  account  has  a 
balance. 

By  separate  agreement  you  may  authorize  us  to  transfer  a  specified       
payment  amount  automatically  from  your  Share  Savings  or  Checking       
Account with us on the payment due date. 

E-statements:  If  you  agree  to  have  your  monthly  statement  provided 
electronically, you will be sent a notice via e-mail when your e-statement 
is available that will direct you to MemberNet Online Banking at umcu.org 
where  you  may  access,  review,  print  and  otherwise  copy/download  your 
monthly  statements  using  procedures  that  we  authorize.  E-mails  will  be 
sent  to  the  e-mail  address  provided  for  the  primary  owner  on your credit 
union account.  

8.  ALLOCATION OF PAYMENTS: We will apply your payments as follows: 

(a) To all outstanding fees and costs, then 
(b) To total unpaid interest charges, then 
(c) To principal balance 

If a payment is not sufficient to cover the interest charge already billed on 
your  statement(s),  the  remainder  of  that  interest  charge  will  be  collected 
from  later  payments  and  will  not  be  added  to  the  daily  balance  of 
purchases or cash advances. 

9.  CREDITING  OF  PAYMENTS:  Payments  made  by  5:00  pm  Eastern  time 
at the address provided on the billing statement or during regular business 
hours at our office will be credited as of the date of receipt. 

10. 

losing  any  of  our 

IRREGULAR  PAYMENTS:  We  can  accept  late  payments  or  partial 
payments,  or  checks/drafts  and  money  orders  marked  “payment  in  full” 
without 
this  agreement.  Any 
communications  concerning  a  disputed  balance,  including  an  instrument 
tendered as full satisfaction of a debt, must be sent directly to University 
of  Michigan  Credit  Union,  ATTENTION:  RISK  MANAGEMENT,  340  E 
Huron, Suite 100, Ann Arbor, Michigan 48104. 

rights  under 

11.  ANNUAL PERCENTAGE RATE: The VISA Platinum OptimUM is subject 
to  a  periodic  rate  of  0.749%,  which  corresponds  to  an  ANNUAL 
PERCENTAGE  RATE  of  8.99%.  This  ANNUAL  PERCENTAGE  RATE 
does not include costs other than interest. 

12.  PAYING  INTEREST:  Your  due  date  is  27  days  after  your  statement 
closing. We will not charge you any interest on purchases if you pay the 
entire statement balance in full by the due date each month. We will begin 
charging  interest  on  cash  advances  and  balance  transfers  as  of  the 
transaction posting date. If you fail to pay the entire balance shown on any 
statement  within  27  days  of  the  closing  date  of  that  statement,  we  will 
begin  charging  interest  on  the  average  daily  balance  from  the  1st  day  of 
the current billing cycle.  

13.  HOW  WE  WILL  CALCULATE  YOUR  BALANCE  AND  INTEREST:  We 
calculate  your  balance  using  a  method  called  “average  daily  balance 
(including  new  purchases).”  This  balance  is  calculated  by  adding  the 
outstanding  balance  (including  new  purchases  and  deducting  payments 
and  credits)  for  each  day  of  the  billing  cycle,  and  then  dividing  by  the 
number  of  days  in  the  statement  period.  The  daily  balance  is  calculated 
separately for purchases and cash advances. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
  
 
 
 
 
 
 
   
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
The  interest  charge  is  calculated  using  the  ANNUAL  PERCENTAGE 
RATE  currently  in  effect.  The  periodic  daily  rate  is calculated by dividing 
the ANNUAL PERCENTAGE RATE by 365 days. The periodic daily rate 
is  then  multiplied  by  the  number  of  days  in  the  statement  period  and 
applied to the calculated average daily balance. 

14.  RETURNS  AND  ADJUSTMENTS:  If  merchants  who  honor  your  card 
process  a  return  or  adjustment,  they  will  do  so  by  sending  us  a  credit, 
which  we  will  post  to  your  VISA  loan  account,  and  you  agree  to  accept 
returns or adjustments in this manner. You should keep your copy of the 
credit slip to verify the transaction on your monthly statement. The credits 
posted to your VISA account do not count as monthly payments. You are 
required  to  make  at  least  your  minimum  monthly  payment  each  month, 
regardless  of  whether  a  credit  was  posted  to  your  account.  However,  if 
your  credits  and  payments  exceed  the  balance  you  owe  us,  we  will hold 
and  apply  this  credit  balance  against  future  purchases  and  cash 
advances, a minimum payment would not be due and we will refund this 
credit balance after six (6) months or upon your written request. 

15.  FOREIGN  TRANSACTIONS:  Purchases  and  cash  advances  made  in 
foreign  currencies  will  be  posted  to  your  VISA  loan  in  U.S.  dollars.  The 
exchange  rate  between  the  transaction  currency  and  the  billing  currency 
used  for  processing  international  transactions  is  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.  The  exchange  rate  used  on  the 
processing  date  may  differ  from  the  rate  that  would  have  been  used  on 
the purchase date of cardholder statement posting date. You agree to pay 
a foreign transaction fee for transactions processed in foreign currencies 
or by foreign merchants. 

16.  LOSS,THEFT, OR UNAUTHORIZED USE OF CARD: You agree that you 
will  contact  the  Credit  Union  immediately  at  734-662-8200  or  800-968-
8628 if you learn or believe that your card has been lost, stolen, or used 
by  some  other  person  without  your  permission.  Outside  of  normal 
business  hours  call  800-991-4965  or  800-847-2911  (if  outside  of  the 
United States).You may also write to University of Michigan Credit Union, 
Attn:  Card Services, PO Box 7850, Ann Arbor, MI  48107.  Telephoning is 
the best way to limit the possible losses and liability. 

17.  LIABILITY  FOR  UNAUTHORIZED  USE:  You  may  be  liable  for  the 
unauthorized  use  of  your  credit  card.  You  will  not  be  liable  for 
unauthorized  use  that  occurs  after  you  notify  us  of  the  loss,  theft,  or 
possible unauthorized use.  You will have no liability for unauthorized use 
of  your  card(s)  unless  you  were  grossly  negligent  or  fraudulent  in  the 
handling  of  your  credit  card(s).  In  any  case,  your  liability  will  not  exceed 
$50. 

18.  DEFAULT: Your account shall be in default if any of the following things 
occur: (a) you do not make any payment or perform any obligation under 
this agreement that you have with the Credit Union; or (b) you have made 
a  false  or  misleading  statement  in  your  credit  application  and/or  in  your 
representations to the Credit Union while you owe money on this loan; or 
(c)  you  should  die,  or  be  involved  in  any  bankruptcy,  insolvency, 
receivership  or  custodial  proceeding  brought  by  or  against  you;  or  (d)  a 
judgment  or  tax  lien  should  be  filed  against  you  or  any  attachment  or 
garnishment  should  be  issued  against  any  of  your  property  or  rights, 
specifically including anyone starting an action or proceeding to seize any 
of your funds on deposit with the Credit Union;  and/or (e) the Credit Union 
should,  in  good  faith,  believe  your  ability  to  repay  your  indebtedness 
hereunder  is  or  soon  will  be  impaired,  time  being  of  the  very  essence. 
Upon  any  occurrence  of  Default,  and  to  the  extent  permitted  by  law,  the 
entire  balance  of  your  account  shall  be  immediately  due  and  payable, 
without  prior  notice  or  demand,  and  you  understand  that  interest  will 
continue  to  accrue  at  the  ANNUAL  PERCENTAGE  RATE  shown  on  the 
reverse  side.  If  the  entire  balance  is  not  paid  immediately  upon  Default, 
the Credit Union may take whatever actions are permitted by law. 

19.  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  our  credit  experience  with 
you under this loan plan to credit bureaus and other creditors. As may be 
required  by  law  you  are  hereby  notified  that  a  negative  credit  report 
affecting your credit record may be submitted to a credit reporting agency 
if you fail to fulfill the terms of your credit obligation. 

20.  AMENDMENTS:  From  time  to  time,  we  may  amend  this  agreement  by 
giving you written notice of the amendment at least 45 days before it goes 
into effect, unless a shorter notice period is permitted by law. The notice 
will be sent to your last known address appearing in our records when it is 
sent,  and  will  state  the  date  upon  which  the  amendment  will  become 
effective.  Amendments  to  the  ANNUAL  PERCENTAGE  RATE  or  to  any 
other  fees  or  terms  to  this  agreement  may  be  announced  in  our 
newsletter,  MemberGuide.  Your  use  of  the  card  thereafter  will  indicate 
your agreement to the amendments. E-statements: If you agree to have 
your  monthly  statement  provided  electronically,  you  also  agree  to  have 
notice of any amendments to this agreement sent electronically to the e-
mail address provided for the primary owner on your credit union account. 

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,  unless  you  provide  notice  of  your  election  to  terminate  the 
account and surrender your card(s) on or before the effective date of the 
changes,  in  which  case  you  will  entitled  to  repay  your  balance  in 
accordance with the terms and conditions in effect at that time. 

21.  EFFECT  OF  AGREEMENT:  This  agreement  contains  our  complete 
contract relating to this loan plan and applies to every transaction relating 
to  it  even  though  a  sales  or  cash  advance  draft  you  sign  or  a  credit  or 
other slip may contain different terms. 

22.  ELECTRONIC  ADVANCES  OR  PURCHASES: 

If  automated 

teller 
machines  or  other  electronic  devices  are  available  while  this  agreement 
remains in effect which make it possible for you to obtain a cash advance 
by  use  of  your  card  in  such  a  machine,  or  to  make  a  purchase  from  a 
merchant  that  uses  the  card  in  an  electronic  terminal  that  accesses  the 
VISA  system,  we  will 
furnish  you  with  a  secret  PERSONAL 
IDENTIFICATION NUMBER (PIN). You agree to keep the PIN secret. You 
also agree that you won’t write the PIN on the card or anything you keep 
with  the  card.  Your  use  of  the  PIN,  together  with  your  card,  in  getting  a 
cash advance or making a purchase is agreed to constitute your signature 
for purposes of such transaction. 

23.  PLAN MERCHANT DISPUTES: We are not responsible for the refusal of 
any  merchant  or  financial  institution  to  honor  your  card.  Except  as 
provided in “Your Billing Rights” at the end of this agreement, you promise 
to  pay  what  you  owe  us  under  this  loan  plan  even  if  you  have  a  dispute 
with a merchant who honored your card. 

24.  RENEWAL: Cards are issued with an expiration date and are renewed for 
a  pre-determined  period.  We  have  the  right,  on  written  notice,  not  to 
renew your card for any reason. 

If  you  have  agreed 

25.  CHANGE OF ADDRESS: If you move, you agree to notify us of your new 
address. 
to  receive  your  monthly  statement 
electronically, you agree to notify us of any change in your e-mail address. 
Otherwise we may send monthly periodic statements and other notices to 
you at the address shown for you in our records. On a joint account, we 
will send statements and notices to only one of you. Unless we notify you 
otherwise, you agree to send notices to us at P.O. Box 7850, Ann Arbor, 
Michigan 48107. 

26.  CANCELLATION:  The  cards  are  our  property.  You  may  cancel  this 
agreement at any time by giving us written notice and returning the card(s) 
cut in half to us. We can reduce your credit limit or cancel this agreement 
for  good  cause,  including  your  breach  of  this  agreement,  or  our  adverse 
redetermination  of  your  creditworthiness.  Cancellation  by  you  or  by  us 
does  not  change  your  obligation  to  pay  us  what  you  then  owe  us  under 
this  loan  plan.  If  we  cancel,  you  promise  to  return  the  card(s)  to  us.  We 
will notify you in writing if we cancel this agreement or reduce your credit 
limit. 

27.  RESTRICTION  OF  CREDIT  UNION  SERVICES:  If  this  loan  plan  or  any 
other loans that you have with us are past due, credit union services may 
be restricted. 

28.  DELAY IN ENFORCEMENT: We can delay enforcing our rights under this 

agreement without losing them. 

29.  We  reserve  the  right  to  block  transactions  from  certain  merchants  and 
certain  geographic  regions  due  to  a  high  incidence  of  fraud  from  that 
merchant  or  region.  You  can  obtain  a  list  of  affected  merchants  and 
geographic regions by contacting us. 

The  laws  of  the  State  of  Michigan  govern  this  agreement,  except  to  the 
extent that federal law controls. 

YOUR BILLING RIGHTS:  Keep this Document for Future Use 
This notice informs 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:  
Credit Card Department, P.O. Box 7850, Ann Arbor, MI 48107 
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.  If you call us, we are not 
required to investigate any potential errors and you may be required 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: 

  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 questions, 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 $50.00 
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 at: 
Credit Card Department , P.O. Box 7850, Ann Arbor, MI 48107 

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. 
                                                                  Form 820 (10/12)