nature  between  you  (or  any  co-signer,  co-obligor,  guarantor,  joint  user  or 
authorized user) and us or our employees, officers, directors, attorneys, and 
other representatives and agents, arising out of or in any way relating to this 
agreement, including this arbitration agreement. You agree that this is a contract 
involving interstate commerce which is subject to the Federal Arbitration Act 
and that any Dispute shall be settled by binding Arbitration in accordance with 
the applicable rules and procedures of the American Arbitration Association 
(“AAA”),  except  as  modified  herein  with  the  sole  exception  of  collection 
actions by us relating to your Account. You and we agree that the arbitrator 
has no authority to conduct class-wide proceedings and will be restricted to 
resolving  the  individual  disputes  between  the  parties.  You  further  agree  to 
waive  any  claim  for  punitive  damages  to  the  extent  permitted  by  law.  The 
arbitrator otherwise has the ability to award all remedies otherwise available 
by statute, at law or in equity to the prevailing party including the recovery 
of reasonable attorneys’ fees and the costs of arbitration, as determined by the 
arbitrator. Judgment upon the award rendered by an arbitrator may be entered 
in any court having jurisdiction thereof. YOU UNDERSTAND THAT YOU 
WILL NOT HAVE THE RIGHT TO GO TO COURT, TO HAVE A JURY 
TRIAL, TO ENGAGE IN PRE-ARBITRATION DISCOVERY (EXCEPT 
AS  PROVIDED  FOR  IN  THE  ARBITRATION  RULES),  OR  TO 
PARTICIPATE AS A REPRESENTATIVE OR MEMBER OF ANY CLASS 
OF CLAIMANTS PERTAINING TO ANY DISPUTE. OTHER RIGHTS 
THAT YOU WOULD HAVE IF YOU WENT TO COURT MAY ALSO 
BE UNAVAILABLE IN ARBITRATION. If any portion of this Arbitration 
Agreement  is  subsequently  deemed  unenforceable,  the  enforceability  of 
any other provision of this Arbitration Agreement shall not be affected and 
the unenforceable term shall be amended such that it is enforceable to the 
maximum extent permitted by law.

19.    Venue and Jurisdiction. You consent to be subject to the jurisdiction and 
venue  of  the  Circuit  Court  for  the  Third  Judicial  Circuit,  State  of  South 
Dakota, and agree that such court shall be the sole and exclusive jurisdiction 
and venue of all court actions of disputes or claims arising from or relating to 
this Agreement or the Account relationship.

20.    Applicable Law. This Agreement is entered into in the State of South Dakota 
where  the  decision  to  grant  credit  is  made  and  in  which  payments  will  be 
received. Therefore, this Agreement will be governed by the laws of the State of 
South Dakota without giving reference to its conflict of law provisions. If there 
is any conflict between any of the terms and conditions of this Agreement 
and applicable law, this Agreement will be considered changed to the extent 
necessary to comply with the law. The other provisions of the Agreement shall 
not be affected.

21.    Currency  Conversion  Rate.  If  you  effect  a  international  transaction  at  a 
merchant that settles in U.S. dollars, the rate used to determine the transaction 
amount for such transactions is generally either a government mandated rate 
or a wholesale rate determined by Visa®/MasterCard® for the processing cycle 
in which the transaction processed, and may be increased by an adjustment 
factor established from time to time by Visa®/MasterCard®.  The rate used on 
the processing date may differ from the rate that would have been used on the 
Purchase or cardholder statement.

If you effect a transaction at a merchant that settles in a currency other than 
U.S.  dollars,  Visa®/MasterCard®  will  convert  the  charge  into  a  U.S.  dollar 
amount.    Visa®/MasterCard®  will  use  its  currency  conversion  procedure, 
which is disclosed to institutions that issue the Cards.  Currently the currency 
conversion rate used to determine the transaction amount in U.S. dollars for 
such transactions is generally either a government mandated rate or a wholesale 
rate determined by Visa®/MasterCard® for the processing cycle in which the 
adjustment factor established from time to time by Visa®/MasterCard®.  The 
currency conversion rate used on the processing date may differ from the rate 
that would have been used on the Purchase or cardholder statement posting 
date.  
Illegal  Transactions.  Your  Card  and  Account  may  be  used  only  for  valid 
and lawful purposes. If you use, or allow someone else to use, your Card and 
Account for any other purpose, you will be responsible for such use and may 
be required to reimburse us for all amounts or expenses we pay as a result of 
such use.  You acknowledge and agree that the Business Card and Account 
will be used for legitimate business purposes and that you will have neither 
consumer  law  rights  nor  remedies  associated  with  any  illegal  Purchases, 

22.  

Charges, or other activity associated with the Business Card or Account.
23.    Lost  or  Stolen  Card.  You  may  be  liable  for  the  unauthorized  use  of  your 
Card. You will not be liable for unauthorized use that occurs after you notify 
us through our agent at 1-800-658-3660 orally of the loss, theft, or possible 
unauthorized use. You may also notify us in writing of loss, theft, or possible 
unauthorized  use  at  CARD  PROCESSING  CENTER,  PO  Box  3038, 
Evansville, IN 47730. In either case, your maximum liability is $50.00 for 
unauthorized charges to your Account made prior to receipt of your oral or 
written  notification.    You  should  also  notify  your  Employer  in  accordance 
with your Employer’s instructions.

YOUR BILLING RIGHTS
KEEP THIS NOTICE FOR FUTURE USE
This notice contains important information about your rights and our responsibilities 
under the Fair Credit Billing Act.
Notify Us In Case of Errors or Questions About Your Bill
If  you  think  your  Statement  is  wrong,  or  if  you  need  more  information  about  a 
transaction on your Statement, write us [on a separate sheet] at the address listed on 
your Statement.  Write to us as soon as possible. We must hear from you no later than 
60 days after we sent you the first Statement on which the error or problem appeared. 
You can telephone us, but doing so will not preserve your rights.

In your letter, give us the following information:

•	 Your name and account number.
•	 The dollar amount of the suspected error.
•	 Describe the error and explain, if you can, why you believe there is an error. 
If you need more information, describe the item you are not sure about.

If you have authorized us to pay your credit card Statement automatically from your 
savings or checking account, you can stop the payment on any amount you think is 
wrong. To stop the payment your letter must reach us three business days before the 
automatic payment is scheduled to occur.
Your Rights and Our Responsibilities After We Receive Your Written Notice
We must acknowledge your letter within 30 days, unless we have corrected the error 
by then. Within 90 days, we must either correct the error or explain why we believe 
the Statement was correct.

After we receive your letter, we cannot try to collect any amount you question, or 
report you as delinquent. We can continue to bill you for the amount you question, 
including interest charges, and we can apply any unpaid amount against your credit 
limit. You do not have to pay any questioned amount while we are investigating, but 
you are still obligated to pay the parts of your Statement that are not in question.

If we find that we made a mistake on your Statement, you will not have to pay any 
interest charges related to any questioned amount. If we didn’t make a mistake, you 
may have to pay interest charges, and you will have to make up any missed payments 
on the questioned amount. In either case, we will send you a notice of the amount 
you owe and the date that it is due.

If you fail to pay the amount that we think you owe, we may report you as delinquent. 
However, if our explanation does not satisfy you and you write to us within ten days 
telling us that you still refuse to pay, we must tell anyone we report you to that you 
have a question about your Statement. And, we must tell you the name of anyone 
we reported you to. We must tell anyone we report you to that the matter has been 
settled between us when it finally is.

If  we  don’t  follow  these  rules,  we  can’t  collect  the  first  $50.00  of  the  questioned 
amount, even if your Statement was correct.
Special Rule for Credit Card Purchases
If you have a problem with the quality of property or services that you purchased 
with a credit card, and you have tried in good faith to correct the problem with the 
merchant,  you  may  have  the  right  not  to  pay  the  remaining  amount  due  on  the 
property or services. There are two limitations on this right:
(a)   You must have made the Purchase in your home state or, if not within your 

home state, within 100 miles of your current mailing address; and

(b)  The Purchase price must have been more than $50.00.

These limitations do not apply if we own or operate the merchant, or if we mailed 
you the advertisement for the property or services.

08/10 

G-12787

VISA® BUSINESS
CARDHOLDER AGREEMENT
IMPORTANT:  The enclosed First Bank & Trust Business Card was issued to you at 
the request of your Employer.  Before you sign or use the Business Card, please read 
this Agreement thoroughly, since it governs use of the Business Card.  Please save it 
for future reference. To avoid unauthorized use of your Card, please sign the back of 
your Card immediately.

This Agreement is effective when you use the Card or the Account or if you fail to 
cut your Card in half and return it to us within 30 days after the date it is issued 
to you.
1.    Definitions.  In this Business Card Cardholder Agreement (“Agreement”), the 

following definitions apply:
“Account” means the Account established in connection with the Business 
Card to which Charges are made.
“Billing Cycle” means the period of time covered by the Statement.
“Business Card” means the business purpose credit card designed for use by 
Cardholder to charge purchases of Employer-defined goods and services that 
are primarily for or incidental to the business of Employer, and which is issued 
by First Bank & Trust to Cardholder on behalf of Employer in accordance 
with the terms of this Agreement.  
“Cardholder”,  “You”,  and  “Your”  refer  to  the  individual  named  on  the 
Business Card who has been authorized by Employer to be issued a Business 
Card, make Purchases, and incur Charges to the Account of such Business 
Card  on  behalf  of  the  Employer  in  accordance  with  the  terms  of  this 
Agreement. 
“Cash Advance” means an advance of cash that, if permitted by the Employer, 
is charged to the Account with or in connection with a Business Card.  Any 
cash equivalents obtained with the Card will also be treated as Cash Advances. 
Cash  equivalent  transactions  include  but  are  not  limited  to  wire  transfers, 
money  orders,  travelers  checks,  tax  payments,  gold  bullion  purchase,  and 
gaming transactions or services.  
“Charge” is any Account activity that has a debit value.
“Due Date” means the date that payment is due for Debt on an Account 
as reference on the Statement (the date printed on the Statement below the 
words “Payment Due Date”).
“Debt”  means  all  amounts  charged  to  an  Account,  including  without 
limitation, Purchases, Charges, and Fees, that are due and owing to First Bank 
& Trust.
“Employer” means the organization that authorized First Bank & Trust to 
issue the Business Card to you on behalf of the organization.
“Fees” means all fees that are posted to an Account and due and payable to 
First  Bank  & Trust  which  are  associated  with  any  Business  Card.    See  the 
section entitled Fees for a description of the Fees associated with this Card.
“First Bank & Trust”, “we”, “us”, “our”, and “Bank” mean, First Bank & 
Trust, Brookings, South Dakota, the creditor and issuer of Business Cards and 
related Accounts.
“Legitimate  Business  Charge”  is  any  Charge  that  directly  or  indirectly 
benefits your Employer.
“Purchase” means a purchase of goods or services (or both) that is charged to 
the Account with or in connection with a Card or Central Account.

2.    Your  Acceptance  of  the  Agreement.    By  accepting,  signing,  or  using  the 
Business  Card  or  the  Account  established  in  connection  with  it,  you  are 
agreeing to the terms of this Agreement.  If you do not agree to the terms 
of the Agreement, you agree to cut the Business Card in half and return the 
pieces to First Bank & Trust.

3.    Ownership of the Business Card.  The Business Card remains the property 
of First Bank & Trust.  First Bank & Trust can revoke your right to use the 
Business Card at any time.  First Bank & Trust can do this with or without 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
cause and without giving you notice.  You must surrender the Business Card 
to your Employer or to First Bank & Trust at their request.

4.    Using Your  Card.  First  Bank  & Trust  provides  charging  privileges  on  the 
Business Card pursuant to an agreement with your Employer.  Your Employer 
has authorized the issuance of the Business Card to you, which is to be used 
only by you and only for Legitimate Business Charges, as defined to you by 
your  Employer.    Charging  privileges  will  be  withdrawn  upon:  (i)  abuse  of 
Charge privileges by you (including, but not limited to, the failure of your 
obligation to use the Business Card for Legitimate Business charges, making 
illegal Purchases, failure of your obligation to make payment to First Bank 
& Trust, and failure of any other obligation as provided by this Agreement); 
(ii) termination of your employment or affiliation with your Employer; (iii) 
termination or suspension of the agreement between First Bank & Trust and 
your Employer.

You  may  use  your  Card  or  Account  to  make  Purchases  wherever  the  Card 
is honored. You may also use the Card to obtain Cash Advances from any 
financial institution that accepts the Card. If you use your Card or Account, 
you  agree  to  us  paying  the  amount  owed  to  each  merchant  or  financial 
institution which honored your Card. 

If  you  give  your  Account  number  to  make  a  Purchase  or  obtain  a  Cash 
Advance without presenting your Card (such as for a mail order, telephone, 
or Internet purchase), the legal effect will be the same as if the Card itself was 
used by you.

If we, at our option, give you a Personal Identification Number (PIN), you 
may  use  your  Card  to  obtain  a  Cash  Advance  from  any  Automated Teller 
Machine (ATM) that bears the VISA®, MasterCard®, or CIRRUS® logo. All 
ATM transactions are treated under terms of this Agreement the same as Cash 
Advances.  We  have  the  right  to  restrict  your  access  to  any  qualified  ATM 
at any time. You should not keep your PIN with your Card. If you believe 
that anyone has gained unauthorized access to your PIN, you should advise 
us immediately, following the procedures under the heading “Lost or Stolen 
Card.”

5.    Credit Line. Your credit line is shown on the folder containing your Card. 
Since we may change your credit line from time to time, your latest credit line 
will appear on your monthly billing statement. You agree not to make any 
Purchases or obtain any Cash Advances that would cause the unpaid balance 
of  your  Account  to  exceed  your  credit  line.  We  may  honor  Purchases  and 
Cash Advances in excess of your credit line at our sole discretion. If we do, 
this  Agreement  also  applies  to  that  excess  and  you  agree  to  pay  the  excess 
immediately if we demand that you do so. You agree that we may change or 
cancel your credit line at any time without affecting your obligation to pay 
amounts that you owe under this Agreement.

6.    Billing  Statements.  We  will  promptly  send  a  Monthly  Billing  Statement 
(“Statement”) at the end of each monthly billing cycle if your Account has 
a debit or credit balance greater than $1.00. The Monthly Billing Statement 
will show the Previous Balance, Purchases and Cash Advances posted during 
the billing period, any Interest Charges, and all payments, debits, and credits 
to your Account through the Billing Cycle Closing Date. It will also show, 
among  other  things,  your  New  Balance,  the  Minimum  Payment  Due,  and 
the Payment Due Date (which will be at least 25 days after the Billing Cycle 
Closing Date).

7.    Your Responsibility to Make Payment.  Your obligation to make payment to 
First Bank & Trust is due and payable upon the Due Date referenced on your 
Statement.  You are liable to First Bank & Trust for payment of all Charges and 
Fees incurred on the Account or otherwise authorized by you, independent of 
any  agreement  or  program  for  reimbursement  that  may  exist  between  you 
and your Employer.  In certain circumstances, unless prohibited by law, your 
Employer may decide to pay First Bank & Trust directly for business-related 
Charges  made  to  your  Business  Card,  but  you  are  still  liable  for  all  Debt 
associated with the Account.  Certain Charges may be billed directly to your 
Employer and will appear on your Statement as a memorandum item only.  In 
the event that your Employer refuses to pay these Charges and/or Debt and 
they are later billed to your Account, you agree to pay such Debt in full.
Irregular Payments and Delay in Enforcement, Waivers and Releases. We 
can accept late payments, partial payments, checks and money orders marked 

8.   

“paid in full” or language having the same effect without losing any of our 
rights under this Agreement. We can also delay enforcing our rights under this 
Agreement any number of times without losing them and can waive or delay 
enforcing a right against one of you without waiving or delaying it as to the 
other. No waiver by us of any default shall be effective unless in writing nor 
operate as a waiver of any other future default. We can release you in whole or 
in part without affecting your obligations under this Agreement.

9.     Minimum Payments. You may pay your New Balance each month, or you 
may pay in monthly installments. If you decide to pay in monthly installments, 
you must pay at least the Minimum Payment Due shown on your Statement 
by the Payment Due Date. You may pay more than the Minimum Payment 
Due and may at any time pay your total balance due. We will apply payments 
to amounts owed on your Account based on applicable laws. 

If your New Balance is greater than $20.00, then the Minimum Payment Due 
will be the greater of $20.00 or 3% of your total outstanding balance, plus any 
Late Fee, and any amount that is delinquent. If the New Balance is less than 
$20.00,  you  pay  only  the  New  Balance. When  we  calculate  the  Minimum 
Payment Due, it will be rounded to the next highest $5.00 increment.

Your Account is not in good standing if at any time we do not receive at least 
the  Minimum  Payment  Due  by  the  60th  day  after  the  Payment  Due  Date 
shown on the Statement. 

10.    INTEREST  CHARGES.  Your  Account  is  subject  to  the  following  interest 
charges, each of which will be charged to your Account as a Purchase:
Periodic  Interest  Charges.  An  INTEREST  CHARGE  is  imposed  on 
Purchases beginning on the date the Purchase is posted to your Account. No 
INTEREST  CHARGE  will  be  imposed  on  your  Purchases  if  the  Previous 
Balance shown on your Statement is zero and you pay your New Balance in 
full  by  the  Payment  Due  Date  shown  on  your Statement.  An  INTEREST 
CHARGE  is  imposed  on  Cash  Advances  beginning  on  the  date  they  are 
obtained and continues until the balance of your Account is paid in full. There 
is no time in which you can pay the balance of Cash Advances in order to 
completely avoid an INTEREST CHARGE.
The INTEREST CHARGE is determined by multiplying the Average Daily 
Balance for Purchases and for Cash Advances outstanding during the monthly 
billing  cycle  by  the  monthly  Periodic  Rate.  The  monthly  Periodic  Rate  for 
Purchases and Cash Advances is 1.158% which is equivalent to an ANNUAL 
PERCENTAGE RATE of 13.9%. 

The  Average  Daily  Balance  is  computed  by  taking  the  beginning  balance 
of your Account on each day, calculated separately for Purchases and Cash 
Advances,  adding  new  Purchases  and  Cash  Advances  and  subtracting  any 
payments and credits. Any resulting credit balance is treated as a zero ($0.00) 
balance.  This  gives  us  the  daily  balance.  The  daily  balances  are  then  added 
together and divided by the number of days in the billing cycle to get the 
Average Daily Balance.
Minimum Interest Charge. The minimum Periodic INTEREST CHARGE 
each billing cycle, based on the Periodic Rate, is $.50.
Cash  Advance  Fee.  In  addition  to  the  INTEREST  CHARGE  on  Cash 
Advances  calculated  by  application  of  the  Periodic  Rate,  there  is  an 
INTEREST  CHARGE  of  3%  (minimum  $5.00),  whichever  is  greater,  for 
each Cash Advance posted to your Account that month.
Replacement Card Fee. If at any time you request a replacement credit card 
due  to  loss,  damage,  theft,  or  destruction  of  your  current  credit  card,  you 
may  be  charged  a  Replacement  Card  Fee  of  $5.00.  No  replacement  Card 
will be allowed on the third lost or stolen Card. This fee is an INTEREST 
CHARGE.

11.    Fees.  Your  Account  is  subject  to  the  following  fees,  each  of  which  will  be 

charged to your Account as a Purchase:
Late Fee. If we do not receive a payment from you in at least the amount 
of  your  Minimum  Payment  Due  by  the  Payment  Due  Date  shown  on 
any Statement, you may be charged a Late Fee equal to the amount of the 
Minimum Payment Due up to a maximum of $25.00.
Returned Payment Fee. If you make a payment on your Account and your 
check or other payment instrument is not honored for any reason or cannot 

be processed, we may charge a Returned Payment Fee equal to the amount of 
the Minimum Payment Due up to a maximum of $25.00.  
Account  Handling  Fee.  If  you  are  in  default  of  this  Agreement  and  it  is 
necessary for us to place restrictions on your Account, you may be charged 
an Account Handling Fee of $25.00. If these restrictions cause your Card to 
be retained and returned to us, you agree to pay all charges associated with 
recovering your Card. 
Reinstatement  Fee.  If  we  close  your  Account  due  to  your  default  and  we 
later reinstate your Account at your Employer’s request, you may be charged a 
Reinstatement Fee of $25.00.
Statement  Copy  Fee.  If  you  request  a  copy  of  a  Statement,  you  may  be 
charged a Statement Copy Fee of $2.50 per page.

12.    Default/Collection  Costs.  Your  Account  will  be  in  default  and  we  may 
demand immediate payment of the entire amount you owe us without giving 
you prior notice, if: (a) your Minimum Payment Due is not received by the 
Payment  Due  Date;  (b)  you  make  Purchases  or  obtain  Cash  Advances  in 
excess of your credit line; or (c) you provide false information to us, misuse 
the Account or Card or violate any term of this Agreement.  We shall also have 
the right to all remedies provided by law including, without limitation, closing 
or refusing to renew your Account and demanding return of your Card(s). If 
we refer your Account for collection to an attorney who is not our regularly 
salaried employee, you agree to pay the reasonable fees of such attorney and, 
whether  or  not  an  attorney  is  retained,  all  court  and  other  collection  costs 
(including any amounts actually incurred by us in recovering your Card (s)). 
13.    Refusals to Honor Card. We are not responsible for refusals to honor your 
Card. And, except as otherwise required by law or regulations, we will not be 
responsible for merchandise or services purchased through use of your Card.

14.    Termination.  We  may  terminate  your  privileges  under  this  Agreement  or 
cancel or limit your privileges to make Purchases or obtain Cash Advances 
at any time, with or without cause without notice or liability. If we ask, you 
must return your Cards to us, cut in half. You agree that you will not try to 
make  any  Purchases  or  obtain  Cash  Advances  after  you  have  been  notified 
that your privileges to use your Account have been canceled. You may cancel 
this Agreement by returning all Cards issued on your Account to us, cut in 
half.  Your  or  our  termination  or  cancellation  will  not  affect  your  existing 
obligations under this Agreement.

15.    Notices. We will send statements and any other notices to you at the address 
shown  in  our  files.  You  promise  to  inform  us  promptly  in  writing  of  any 
change  in  your  address.  In  determining  your  last  known  address,  we  can 
accept address corrections received from the U.S. Postal Service.

16.   Changes in Agreement Terms. We can change any term of this Agreement, 
including the rate at which or manner in which interest charges are calculated, 
at any time upon such notice to you as is required by law. At our option, any 
change will apply both to your new activity and to your outstanding balance 
when the change is effective. If you do not wish to be subject to the change, 
you must notify us in writing within 25 days of the effective date of the change 
and close your Account. Use of the Card after the effective date of the change 
is deemed acceptance of the new terms.

17.   Exchange of Information Between First Bank & Trust and Your Employer.  
First  Bank  &  Trust  may  furnish  information  concerning  your  use  of  the 
Business  Card,  including  any  delinquency,  to  your  Employer,  which  may 
include your direct supervisor.  Your Employer may furnish information about 
your use of the Business Card and the Account, and any pertinent information 
about any reimbursement of Charges received by you from your Employer, 
Cardholder  delinquency  information,  Cardholder  employment  status  and 
location and any other related Cardholder tracking information to First Bank 
&  Trust.    By  participating  in  international  programs  or  transactions,  you 
and your Employer agree that First Bank & Trust may transfer and use such 
transaction information to process international transaction requests by the 
Employer or Cardholder to merchants, processors, and service providers.  You 
consent to such use and transfer of such information.

18.    Arbitration. “Arbitration” is a means of having an independent third party 
resolve  a  Dispute.  A  “Dispute”  is  any  controversy  or  claim  of  any  type  or