GEORGIA’S OWN CREDIT UNION
STUDENT VISA® CREDIT CARD AGREEMENT
NOTICE: See reverse side for important information regarding your rights to dispute billing errors.
In this agreement the words you and your mean each and all of those who apply for the card. Card means the Student VISA Credit Card and any duplicates and renewals we issue. 
Everyone who receives, signs or uses a card issued under this Agreement must be a member of this Credit Union. Account means your Student VISA Credit Card Line of Credit 
account with us. We, us and ours means Georgia’s Own Credit Union.

1. Responsibility. If we issue you a card, you agree to repay all debts and 

the FINANCE CHARGE arising from the use of the card and the card account. For 
example, you are responsible for charges made by yourself, your spouse and minor 
children. You are also 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. Any person using the card is jointly responsible with you for changes he or she 
makes, but if that person signs the card he or she becomes a party to this Agreement 
and is also jointly responsible for all charges on the account, including yours.

2. Liability for Unauthorized Use-Lost/Stolen Card Notification. You 

agree to notify us immediately, orally or in writing at P.O. Box 105205, Atlanta, Georgia 
30348 or telephone us at (404) 874-1166, (800) 533-2062 or on weekends, holidays, or 
after Credit Union hours, call: (800) 991-4961, of the loss, theft, or unauthorized use of 
your Credit Card. 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 purchases made 
with your Credit Card, unless you are grossly negligent in the handling of your Card. In 
any case, your liability will not exceed $50.

3. 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 principle. You may request an increase in your Credit Line 
only by written application to us, which must be approved by our Credit Committee 
or loan officer. By giving you written notice our Credit Committee 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 also 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. After revocations 
and/or termination, we may list your account number in a “Cancellation Bulletin”, or 
otherwise inform firms honoring the card that the card issued to you has been revoked 
or cancelled. Any firm honoring the card has the right to retain or request surrender of 
any revoked, cancelled or expired card.

4. 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. If your account is eligible for emergency cash and/or 
emergency card replacement services, and you request such services, you agree that 
we may provide personal information about you and your account that is necessary to 
provide you with the requested service(s).

5. Monthly Payments. We will mail you a statement every month showing 

your Previous Balances of available under your Credit Line, the New Balances of 
purchases and cash advances, the Total New Balance, the FINANCE CHARGE due 
to date, any other billed fees, and the Minimum Payment required. 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 savings or checking 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 either (a) 2% of your Total New Balance, or $10, whichever is greater, or (b) your 
Total New Balance, if it is less than $10, plus (c) any portion of the Minimum Payment(s) 
shown on prior statement(s) which remains unpaid. In addition, at any time your Total 
New Balance exceeds your Credit Line, you must immediately pay the excess upon our 
demand. Payments and credits will be applied first to pay billed and unpaid FINANCE 
CHARGES and other charges and next to pay cash advances and purchases.

6. Finance Charge. New purchases posted to your account during a billing 

cycle will not incur a finance charge for that billing cycle if you had a zero or credit 
balance at the beginning of that billing cycle or if you paid the entire New Balance on the 
previous cycle’s billing statement by the Payment Due Date of that statement; otherwise 
a finance charge will accrue from the date a purchase is posted to your account. To 
avoid an additional finance charge on the balance of purchases, you must pay the 
entire New Balance on the billing statement by the Payment Due Date of that statement. 
A finance charge begins to accrue on cash advances from the date you get the cash 
advance or from the first day of the billing cycle in which the cash advance is posted 
to your account, whichever is later. The FINANCE CHARGE (the periodic rate is * per 
month, ANNUAL PERCENTAGE RATE of *) is calculated separately for purchases and 
cash advances.
For purchases, the finance charge is computed by applying the monthly periodic 
rate to the average daily balance of purchases. To get the average daily balance of 
purchases, we take the beginning outstanding balance of purchases each day, add 
any new purchases and subtract any payments and/or credits that we apply to the 
purchase balance. This gives us the daily balance of purchases. Then, we add all 
the daily balances of the purchases for the billing cycle together and divide the total 
by the number of days in the billing cycle. This gives us the average daily balance of 
purchases.
For cash advances, the finance charge is computed by applying the monthly periodic 
rate to the average daily balance of cash advances. To get the average daily balance of 
cash advances, we take the beginning outstanding balance of cash advances each day, 
add any new cash advance balance. This gives us the daily balance of cash advances. 
Then, we add all the daily balances of cash advances for the billing cycle together and 
divide the total by the number of days in the billing cycle. This gives us the average daily 
balance of cash advances.
Default APR: If at any time your account is 60 days or more past due, we may increase 
your rate to 17.99%. The Default APR increase will cease to apply if we receive 6 
consecutive required minimum  payments from you on or before the payment due date, 
beginning with the first payment due following the effective date of the increase.

7. Other Charges. Late Charges: If your payment is 15 days late you agree 

to pay a fee up to $25.00. Over Credit Limit Fee: If your account balance exceeds your 
credit limit you agree to pay a fee of up to $15.00. Documentary Evidence Fees: We 
may charge you the following fees for copies of documentary evidence requested by 
you under the billing errors resolution procedures: (1) $8 for originals and (2) $4 for 
copies. Returned Check Charges: You agree to pay up to $25 for each check or draft 
issued by you to make a payment on your account which fails to clear and is returned 

unsatisfied. Statement copies: We will charge you a fee of $2.00 for each copy of a 
periodic statement requested by you.

8. 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 
should you be in default on any other obligation to us, or if your ability to repay us 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, or if the value of our security interest materially declines. 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. To the extent permitted by law, 
you will also be required to pay our collection expenses, including court costs and 15% 
attorneys’ fees if any sums owing hereunder are collected by or through an attorney at 
law.

9. Using the Card. You may use your Card to make purchases from 

merchants and others who accept VISA Cards. However, you may not use your Card 
to initiate any type of electronic gambling  transaction through the internet. If you wish 
to pay for goods or services over the internet, you may be required to provide card 
number security information before you will be permitted to complete the transaction. In 
addition, you may obtain cash advances from the Credit Union and from other financial 
institutions that accept VISA Cards, and from some automated teller machines (ATMs). 
(Not all ATMs accept VISA Cards.) To obtain cash advances from an ATM, you must 
use the Personal Identification Number (PIN) that is issued to you for use with your 
Card. You agree that you will not use your Card for any transaction that is illegal under 
applicable federal, state or local law.

10. Return 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 $1.00 or more, refund it on your written request or automatically after 
6 months.

11. 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 international 
transactions is a rate selected by VISA from a 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 the 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 of 1% of the amount of the transaction, calculated in U.S. dollars will be imposed 
on all multiple currency foreign transactions, including purchases, cash advances and 
credits to your account. A fee of 0.8% of the amount of the transaction, calculated 
in U.S. dollars will be imposed on all single currency foreign transactions, including 
purchases, cash advances and credits to your account. A foreign transaction is any 
transaction that you complete or a merchant completes on your card outside of the 
United States, with the exception of U.S. military bases, U.S. territories, U.S. embassies 
or U.S. consulates.

12. Plan Merchant Disputes. We are not responsible for the refusal of any 

plan merchant or financial institution to honor your card. We are subject to claims and 
defenses (other than tort claims) arising out of goods or services you purchase with 
the card only if you have made a good faith attempt, but have been unable to obtain 
satisfaction from the plan merchant, and (a) your purchase was made in response to an 
advertisement we sent or participated in sending you; or (b) your purchase cost more 
than $50 and was made from a plan merchant in your state or within 100 miles of your 
home. Any other disputes you must resolve directly with the plan merchant.

13. Security Interest. As a condition for the approval of our credit card 
account you grant the Credit Union a specific pledge of your Credit Union deposit 
accounts.
PLEDGE OF DEPOSIT ACCOUNT(S)-NOTE: You pledge, as security for what you owe, all present 
and future shares and/or deposits in all your single and multiple party deposit accounts. If you 
are in default the Credit Union has the right to apply all your present and future shares and/or 
deposits toward the amount you owe. Shares and deposits in an Individual Retirement Account, 
and any other account that would lose special tax treatment under state or federal law if given as 
security, are not subject to the security interest you have given in your shares.
Collateral securing your existing or future debts to us, if any, may also secure your VISA 
account, except that any mortgage on your dwelling will not secure your VISA account.

14. 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.

15. Waiver. We may at our option extend the time for payment or reduce 
the required payments hereunder, or renew this Agreement, and any such extension, 
reduction, renewal, or other indulgence shall not relieve you from liability hereunder. Our 
failure to exercise any of our rights under this Agreement shall not be deemed to be a 
waiver of such rights or any other right hereunder.

16. Disclaimer of Responsibility. Services and benefits, other than credit, 

are provided by third parties not affiliated with us. There is no warranty, guarantee or 
indemnity on the part of us, either expressed or implied, pertaining to the third party 
services or benefits. The responsibility for the third party services and benefits resides 
with the third party provider thereof and not with us.

17. Assignment. We may assign, sell or transfer your VISA account to 

another financial institution. You agree not to assign or transfer any rights under this 
Agreement. Any assignment by you shall be null and void.

18. Governing Law. It is expressly agreed that this Agreement and all 
transactions hereunder, and all rights of the parties hereto, shall be governed and 
interpreted as to validity, construction, enforcement and in all other respects by the laws 
of the State of Georgia.

19. Statements and Notices. Statements and notices will be mailed to you 

at the most recent address you have given us. Notice sent to any one of you will be 
considered notice to all.

20. Copy Received. You acknowledge receipt of a copy of this Agreement.
21. Acts Making Agreement Binding. Applicant(s)’ signing the Application 

Form or the Open-End Plan Signatures and/or using or permitting another to use the 
VISA card(s) referred to herein shall bind applicant(s) to the terms and conditions hereof 
and all amendments.

* Your Annual Percentage Rate may be adjusted each February and will be determined by adding a margin between 6.74% and 13.74% to the Prime Rate published in the Wall St. 
Journal five business days preceding February 1st each year. Your rate will not be more than 18.00%, regardless of the Wall St. Journal Prime Rate. Your Annual Percentage Rate 
and margin may vary according to your creditworthiness and qualifications.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
YOUR BILLING RIGHTS 
KEEP THIS NOTICE FOR FUTURE USE
This  notice  contains  important  information  about  your 
rights  and  our  responsibilities  under  the  Fair  Credit  Bill-
ing Act.

Notify  Us in  Case of  Errors or  Questions About Your 
Statement

If  you  think  your  statement  is  wrong,  or  if  you  need  more  
information about a transaction on your statement, write to 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 a pay your credit card account au-
tomatically  from  your  savings  account  or  Teledraft  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  send  statements  to  you  for  the  amount  you 
question,  including ﬁnance 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  finance  charges  related  to  any 
questioned amount. If we didn’t make a mistake,  you may 
have to pay finance charges, and you will have to make up 
any missed payments on the questioned amount. In either 
case, we will send you a statement 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 delinque nt. However, if our explanatio n 
does not satisfy you and  you write to us  withi n 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  matte r  has  been  settled   between  us  when  it 
finally is.

If we don’t follow these rules, we can’t collect the ﬁrst $50 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 the $50.

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