State Employees’ Credit Union 
Truth in Lending Disclosure and Cardholder Agreement 
Visa® Credit Card 
Effective January 2014 

This document contains the terms which govern your Credit Union Visa credit card Account.  Please review this document and 
keep it for your records.  In this document the words “you” and “your” mean the individual(s) who requested the Account or to 
whom we issued an account. “Card” means the Visa Credit Card and any duplicates and renewals the Credit Union issues. 
“We,” “us,” “our,” and “Credit Union” mean State Employees’ Credit Union, the issuer of the Card.  “Our Mailing Address” 
is Cardholder Services, P.O. Box 28540, Raleigh, NC  27611-8540.  Our business days are Monday through Friday, 8:30 am to 
5:30 pm.  Our Contact Center is available 24 hours a day, 7 days a week at 1-888-732-8562. Calls to the Credit Union may be 
recorded. 

These rules and regulations apply to  any Credit Union Visa credit card  (“Card”) issued, or to  be issued,  by the Credit Union. 
Any Credit Union member (“Cardholder”) who applies for, signs, accepts, uses, or authorizes the use of the Card agrees to be 
bound by these Rules and Regulations; and agrees that they shall constitute the agreement between the Credit Union and  the 
Cardholder  governing  the  use  of  the  Card.  Furthermore,  by  signing  the  Card  as  specified  herein,  the  Cardholder  expressly 
agrees to be bound by the provisions of these Rules and Regulations as to the rates and charges applicable to use of  the Card.  
If you do not agree to this Agreement, do not sign or use your Card and immediately contact your local branch or the Contact 
Center at 1-888-732-8562 to block the Card.  Calls to the Credit Union may be recorded. 

Notifications and Changes:  Any notice required to be given by these Rules and Regulations, by law, or desired to be given by 
the Credit Union will be considered given if and when posted in the United States mail, postage prepaid, and addressed to the 
Cardholder  at  the  last  known  address  as  shown  on  the  Credit  Union’s  records.    The  Credit  Union  may  modify  or  amend  this 
Agreement, from time to time, upon 45 days advance written notice to the Cardholder. The new terms, including any increase or 
decrease  in  the  charges,  will  apply  to  both  new  Cash  Advances  and  Purchases  made  on  and  after  the  effective  date.  The 
Cardholder can contact the Credit Union at any time to determine if changes have been made to this agreement since the date 
this document was printed.  Call the Contact Center at 1-888-732-8562 or write to us at Our Mailing Address. Calls to the Credit 
Union may be recorded.  

Ownership, Termination and Expiration:  The Credit Union may, at any time, suspend your Card and your ability to use your 
Card, for any reason allowed by law, such as if we suspect possible fraud or suspicious activity, or for security reasons.  The 
Card remains the property of the Credit Union at all times.  We may, at any time and for any reason, terminate a Card and your 
use of the Card and may request the Card to be surrendered.  Your Card will expire on  the expiration date on the Card.  Upon 
termination or expiration, we may stop accepting transactions from the Card and we may decline to authorize a transaction with 
the Card.  You agree not to use or attempt to use any expired or revoked Card to obtain credit.  You or anyone jointly liable for 
the Card account may voluntarily terminate the Card account at any time by notifying us orally or in writing.  However, this  will 
not relieve you or any of the other joint owners from liability for the repayment of any obligations arising from the use of the Card 
Account. 

Use of Card:  You may only buy goods or services from businesses displaying the Visa sign (“Merchant”), or borrow cash from 
the Credit Union  or other institutions displaying such signs.   You must follow any reasonable and proper procedures by those 
honoring the Card.  In order for the Card to be valid, it must be signed by the Cardholder or Authorized User.  The Cardholder 
must be a Credit Union member.  By signing, activating, using,  or allowing another person to  use the Card,  you  agree to  this 
Agreement and are responsible for all authorized transactions and cash advances made by the use of this Card.   

Credit Limit:  Your credit limit is set by the Credit Union and may be changed from time to time with notice to the Cardholder.    
The  Credit  Union  may,  at  its  option,  recognize  transactions  (and  extend  credit)  which  will  cause  the  Cardholder’s  outstanding 
balance to exceed the maximum credit limit.  

Activating Your Card: You must activate your Card by calling 1-800-631-3197. The Card is not valid until it has been activated. 

Authorized Users:  You may request a Card for an authorized user in the name of a person identified by you at any time.  We 
may request information about the person to whom you want us to issue the Card and reserve the right to deny your request for 
an Authorized User Card.  You are responsible for all transactions made by an Authorized User.  You have the right to revoke an 
Authorized User at any time either by notifying your local branch or by calling the Contact Center at 1-888-732-8562. Calls to the 
Credit Union may be recorded.  

Your Responsibilities:  You are responsible for the following: 

 You agree not to use the Card if such use would cause your Account to exceed the credit limit. 
 You agree to pay immediately upon demand any amount in excess of the maximum credit limit. 

 
 
 
 
 
 
 
 
 
 You  are  responsible  for  all  transactions  and  cash  advances  made  through  the  use  of  your  Card  by  yourself,  or  any 

Authorized User, or any person you allow to use your Card. 

 You will not authorize anyone else to use your personal Card (other than authorized users added to the Account) and you 
will  not  transfer  your  Card  to  anyone.  If  you  do  give  your  card  to  another  individual,  you  will  be  responsible  for  all 
transactions and cash advances made through the use of your card. 

 You agree to notify us AT ONCE if you believe your Card has been lost or stolen or if someone has used or may use your 
Card without your permission by contacting your local branch immediately or calling the Contact Center at 1-888-732-8562 
or  919-857-2150  locally  in  Raleigh.    You  may  also  write  us  at  Our  Mailing  Address.    Calls  to  the  Credit  Union  may  be 
recorded.  

 You agree to cooperate with us in our investigation of any possible unauthorized use of your Card.   
 You agree to retain copies of all sales slips or cash advance slips or any other instrument acknowledging or recognizing a 

transaction, and to use such copies to identify transactions reported on your periodic statement.   

 You will not use your Card in an illegal transaction or in connection with an Internet gambling transaction. 
 You will take reasonable steps to protect the security and confidentiality of the PIN for your Card. 

Interest Rates and Interest Charges 

Annual Percentage 
Rate (APR) for 
Purchases 

APR for Cash 
Advances 

Paying Interest  

For Credit Card Tips 
from the Consumer 
Financial Protection 
Bureau 

7.75% 
This APR will vary based on 
the 26-week Treasury Bill rate 
rounded up to the nearest 
1/4%.* 
7.75% 
This APR will vary based on 
the 26-week Treasury Bill rate 
rounded up to the nearest 
1/4%.* 

Your due date is at least 21 
days after the close of each 
billing cycle.  We will not 
charge you any interest on 
purchases if you pay your 
entire balance by the due date 
each month.  We will begin 
charging interest on cash 
advances on the transaction 
posting date. 

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.g
ov/learnmore. 

Fees 
Annual Fee 
Transaction Fees 

None 

 Cash Advance 

None 

 Foreign Transaction 

 ATM  

Penalty Fees 

 Late Payment 

 Returned Payment 

1% for transactions 
conducted in two currencies 
and 0.8% for transactions 
conducted in one currency 

$0.75 for each transaction 

$5  

$5 

How We Will Calculate Your Balance 

We calculate the interest charge on your Account by 
applying the periodic rate to the “average daily balance” 
of your Account (including current transactions).  To 
determine the “average daily balance” we take the 
beginning balance of your Account each day, add any 
new purchases, and subtract any payments or credits.  
This gives us the daily balance.  Then we add up all the 
daily balances for the billing cycle and divide the total by 
the number of days in the billing cycle.  This result is the 
“average daily balance.” 

*The first 26-week T-bill auction held each quarter rounded up to the nearest 1/4% will establish an index to which a margin of 
7.5% will be added to set the interest rate.  The rate is subject to change each quarter. 

Billing Rights information on your rights to dispute transactions and how to exercise those rights is provided in this Agreement. 

Rates and Charges:  You agree to the rates and charges and methods of computation set forth in this document which are 
made in accordance with the Truth-in-Lending Law.  The Monthly Periodic Rate for the monthly billing cycle is equal to 1/12 of 
the Annual Percentage Rate (APR). The Monthly Periodic Rate will be computed to 1/100th of one percent. The method for 
calculating the APR is explained below. The APR is subject to change on the first day of the first billing cycle at the beginning of 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
each quarter (January, April, July and October).  If the APR should change, then the Monthly Periodic Rate will change and the 
new rate will take effect on the first day of the billing cycle of January, April, July and October.  The APR will equal 7.5 
percentage points plus the Index Rate. The Index Rate is the 26 week Treasury Bill rate set at the first Auction held in January, 
April, July and October and adjusted up to the nearest 1/4%.  Increases in the APR will result in a higher finance charge which 
may result in additional payments over a longer period in order to repay the purchases balance or your cash advance balance. 
The increased APR will apply to any balance outstanding on the effective date of the change as well as to future purchases and 
advances. There is no minimum APR.  The APR will not exceed 18% per year or the maximum permitted by applicable law, 
whichever is lower. The APR and the Monthly Periodic Rate used to compute your finance charge appears on your monthly 
statement.  

Foreign Currency Transactions:  Foreign currency transactions will be converted to U.S. Dollars by Visa.  Under the currency 
conversion procedure that Visa currently uses, the non-U.S. dollar transaction amount is converted into a U.S. dollar amount by 
multiplying the transaction amount in the non-U.S. dollar currency by a currency conversion rate.  The conversion rate that Visa 
typically  uses  is  either  a  government-mandated  rate  or  a  wholesale  rate  provided  to  Visa.    The  currency  conversion  rate  that 
Visa uses for a particular transaction is the rate in effect for the applicable currency at the time the transaction is processed. This 
rate may differ from the rate in effect when the transaction occurred or when it was posted to your Account, and may be higher 
than the rate you could have gotten if you had converted U.S. dollars into cash.  If a transaction initially in a foreign currency is 
converted to U.S. dollars before it is entered into the Visa network, the conversion rates and fees of the company that  did the 
conversion will apply. Visa applies a 0.8% International Transaction fee to single currency transactions where the currency has 
already  been  pre-converted  into  U.S.  dollars  and  a  1%  fee  for  multi-currency  transactions  where  both  the  country  codes  and 
currency codes are different.  The fee is applied after converting the transaction currency into U.S. dollars.  Two separate entries 
will  appear  on  your  statement,  one  for  the  foreign  transaction  and  one  for  the  International  Transaction  fee.    The  State 
Employees’ Credit Union does not apply any additional conversion fee other than what Visa imposes. 

Refusal to Honor Card:  The Credit Union has no liability or responsibility if any Merchant refuses to honor the Card. 

Notice  of  Negative  Information:    The  Credit  Union  may  report  information  about  your  Account  to  credit  bureaus.  Late 
payments, missed payments, or other defaults on your Account may be reflected on your credit report. 

Events of Default:  At the Credit Union’s option, all amounts due from you to the Credit Union will become immediately due and 
payable  if  any  of  the  following  circumstances  apply:    (a)  default  by  the  Cardholder  in  making  any  payment  when  due  and 
payable,  (b)  default  by  the  Cardholder  under  any  provision  of  these  rules  and  regulations,  (c)  the  Cardholder’s  death  or 
becoming insolvent or making an assignment for the benefit of creditors, (d) a petition being filed or any other proceeding being 
commenced  under  the  Federal  Bankruptcy  Act  or  any  state  insolvency  statute  by  or  against  the  Cardholder,  or  (e)  a  receiver 
being  appointed  for,  or  a  writ  or  order  of  attachment,  levy  or  garnishment  being  issued  against  the  Cardholder  or  any  of  the 
Cardholder’s property, assets or income. To the extent permitted by law, you agree to pay attorney’s fees and collection costs 
we incur in collecting amounts you owe us and enforcing our rights under this Agreement. 

Obtaining Account Information/Receipts: You may obtain information about the balance of your Account by calling our ASK -
SECU  automated  Voice  Response  number  at  1-800-275-7328  or  locally  in  Raleigh  at  919-839-5400.    This  information,  along 
with a history of card transactions, is also available online through Member Access at www.ncsecu.org.  You can get a receipt at 
the time you make any transaction with your Card at an ATM or point of sale terminal.  A receipt may not be required for a point-
of-sale transaction if the amount of the transaction is $15 or less. 

Periodic Statements:  A statement will be mailed to you after the 20th of each month in which there was a balance or activity on 
your Account.  Statements are also available through Member Access at www.ncsecu.org.  We reserve the right to stop periodic 
statements  if  your  Account  is  inactive.    Notify  the  Credit  Union  immediately  of  any  charge  or  item  which  you  believe  to  be 
incorrect or subject to dispute.  Any charge or item on your monthly statement will be considered to be correct 60 days following 
the statement mail date if written notification from you is not received by that time. 

Payments:  If you choose to pay less than the total New Balance as shown on your monthly statement, a minimum payment is 
required to be made. The minimum payment is computed as 3% of your total New Balance or $25, whichever is greater. 
Generally, payments above the Minimum Payment due will be applied first to higher interest rate balances and then to lower 
interest rate balances.  This may help you pay off your highest interest rate balances more quickly and reduce your interest 
charges.  Payments received at a branch office by 5:30 pm Monday through Friday will be credited the same business day.  
Payments received electronically through an optional payment service, including online through Member Access, or through 
ASK-SECU Voice Response, will be credited based on the terms presented during use of the service.   

Late Charges:  A late charge of $5 will be added to your Account balance if you fail to make a payment equal to or greater than 
the  Minimum  Payment  shown  on  your  monthly  statement  on  or  before  the  5th  calendar  day  following  the  Payment  Due  Date 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
shown on that monthly statement. You will only have to pay the late charge once on the same late payment. Any payment you 
make will be treated as being your oldest payment due.  

Overdraft:   You may request overdraft protection if  you maintain  a Credit  Union checking account and a Credit  Union  issued 
Visa card. Overdraft cash advances will be made in $50 increments up to your credit limit less any outstanding balance. If the 
available amount is less than $50, all funds available will be transferred if these funds are sufficient to cover the item(s) in the 
checking account. You understand that the regular increment amount is subject to change by the Credit Union without notice. If 
your Visa credit card Account is thirty or more days past due, or over the approved credit limit, overdraft protection will not be 
available until the Account is current. Rates and methods of computation are the same as other cash advances. 

Refunds and Merchant Disputes:  If you are entitled to a refund or credit for any reason, you agree to accept a credit to your 
Card instead of a cash refund, if the merchant does not provide cash refunds.  You will settle all disputes about purchases you 
make using your Card with the merchant who honored the Card.  We are not responsible for the delivery, quality, safety, legality 
or other aspect of goods or services that you purchase from others with the Card. 

Liability for Unauthorized Use:  If you notice the loss or theft of your Card or a possible unauthorized use of your Card, you 
should notify us immediately at the address listed on your bill or Cardholder Services, PO Box 28540, Raleigh, NC  27611-8540, 
or call us at 1-888-732-8562.  Calls to the Credit Union may be recorded. You may also contact us through Member Access at 
www.ncsecu.org.  You will not be liable for any unauthorized use that occurs after you notify us.  You may, however, be liable for 
unauthorized use that occurs before your notice to us.  In any case, your liability will not exceed $50. 

What To Do if You Discover a Mistake on Your Statement:   If you believe there is an error on  your statement,  notify us in 
writing at the address on your bill or Cardholder Services, PO Box 28540, Raleigh, NC  27611-8540.  You may also contact us 
through Member Access at www.ncsecu.org.  In your letter, please provide the following information: 

 Account Information:  Your name and Account number. 
 Dollar Amount:  The dollar amount of the suspected error. 
 Description  of  Problem:    If  you  believe  there  is  an  error  on  your  bill,  describe  the  error  and  why  you  believe  it  is  a 

mistake. 

You must contact us within 60 days after the error appeared on  your statement.  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.   

While we investigate whether or not there has been an error, the following are true: 

 We cannot try to collect the amount in question, or report you as delinquent for that amount. 
 The charge in question may remain on your statement, and we may continue to charge  you interest on that amount.  
But, if we determine that we made a mistake, you will not have to pay the amount in question or any interest or other 
fees related to 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. 

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 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: 

 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.) 

 You must have used your 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. 

 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 Our 
Mailing  Address  or  through  Member  Access  at  www.ncsecu.org.   While  we  investigate,  the  same  rules  apply  to  the  disputed 
amount as discussed above.  After completion of our investigation, we will notify you of our decision. At that point, if we believe 
you owe an amount and you do not pay, we may report you as delinquent. 

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