MICHIGAN FIRST CREDIT UNION
CREDIT CARD ACCOUNT OPENING DISCLOSURES

Interest Rates and Interest Charges

Annual Percentage 
Rate (APR) for 
Purchases

APR for Balance  
Transfers

APR for Cash 
Advances

Paying Interest

7.99% to 19.99%

when you open your account, based on 
your creditworthiness. This APR will vary 
with the market based on Prime Rate.

7.99% to 19.99% when you 
open your account, based on your 
creditworthiness. This APR will vary with 
the market based on the Prime Rate.

7.99% to 19.99% when you 
open your account, based on your 
creditworthiness. This APR will vary with 
the market based on the Prime Rate.

Your due date is at least 25 days after 
the close of each billing cycle. We will 
not charge you interest on purchases if 
you pay your entire balance by the due 
date each month. We will begin charging 
interest on cash advances and balance 
transfers on the transaction date.

For Credit Card 
Tips from the 
Consumer 
Financial 
Protection Bureau

To learn more about factors to consider 
when applying for or using a credit card, 
visit the Consumer Financial Protection 
Bureau website at http://www. 
consumerfinance.gov/learnmore.

Fees

Annual Fee

None

Transaction Fees

• Cash Advance

•  Foreign 

Transaction

Penalty Fees

• Late Payment

• Returned Payment

Either $10 or 3% of the 
amount of each cash advance, 
whichever is greater.

1% of each transaction in U.S. 
dollars.

Up to $25.
$25 first occurrence, then $31.*

(See important information on other side.) 

How We Will Calculate Your Balance: We use a method 
called “average daily balance (including new purchases).” 
See your account agreement for more details.

Billing Rights: Information on your rights to dispute 
transactions and how to exercise those rights is provided 
in your account agreement.

HOW YOUR ANNUAL PERCENTAGE RATE IS DETERMINED
Your account is subject to a variable rate. Your ANNUAL 
PERCENTAGE RATE (APR) may increase or decrease if the 
Index used by the Credit Union increases or decreases. 
The Index is the highest rate of interest identified as the 
“Prime Rate” in the “Money Rates” section of The Wall 
Street Journal on the third business day preceding the 
end of the most recently concluded calendar quarter. To 
determine the ANNUAL PERCENTAGE RATE that will apply 
to your account, a Margin of 4.74% - 16.74% is added 
to the value of the Index. The ANNUAL PERCENTAGE 
RATE can change quarterly on the first day of the billing 
cycles that begin in the months of January, April, July 
and October. There is no limit on the amount by which 
the ANNUAL PERCENTAGE RATE can change, except 
that the ANNUAL PERCENTAGE RATE will never be more 
than 25.00%. In no event will the rate ever exceed 
the maximum rate permitted by law. As determined 
April 2020, and in effect within the last 30 days, the 
ANNUAL PERCENTAGE RATE is 7.99% to 19.99%, which 
corresponds to a monthly periodic rate of 0.6658% to 
1.6658%.

Any change in the ANNUAL PERCENTAGE RATE affects 
your entire balance and is effective at the beginning of the 
first billing cycle that follows the change. The Credit Union 
reserves the right to substitute a similar index if the Index 
described above becomes unavailable.

*The first occurrence of a returned check will incur a $25 
fee. The fee amount increases to $31 for each additional 
returned payment incurred over the following six billing 
periods. 

Rev. 04/20