American Eagle Financial Credit Union  
Visa® Secured Credit Card Agreement, Effective August 1, 2017

1. Agreement. These regulations govern the possession and use of credit 
cards  (“card”)  issued  by  American  Eagle  Financial  Credit  Union,  Inc. 
(“we” or “Issuer”). Each person who applies for a credit card and in whose 
name  the  card  is  issued  (“you”  or “Holder”)  consents  and  agrees  to  these 
regulations  and  to  the  terms  contained  on  the  credit  cards,  sales  drafts, 
credit  adjustment  memos  and  cash  advance  drafts,  signed  by  or  given  to 
Holder or any authorized user of Holder’s cards. When credit cards are issued 
upon  the  application  of  two  or  more  persons,  all  such  persons  shall  be 
jointly and severally liable as Holders. The provisions of these regulations, as 
amended from time to time, govern Holder’s obligations, not withstanding 
any additional or different terms contained in sales drafts, credit adjustment 
memos,  cash  advance  drafts  or  other  forms  signed  by  or  given  to  Holder 
or any user of Holder ‘s cards to evidence a credit card transaction. Holder 
authorizes an investigation of Holder’s credit standing prior to the issuance 
of a credit card to Holder and at any time thereafter and authorizes disclosure 
of  information  to  third  parties  relating  to  Holder’s  credit  standing.  These 
regulations apply to all credit cards issued to Holder or to others on Holder’s 
authorization and to any user of Holder’s cards. You agree that the card will 
only be used for personal, family, or household purposes, and will not be 
used for business purposes. You may be liable for the unauthorized use of 
the card before you notify Issuer. You will not be liable for any unauthorized 
use  that  occurs  after  you  notify  Issuer.  In  any  case,  your  liability  will  not 
exceed $50. You agree to cooperate with the investigation of the loss, theft, 
or unauthorized use of the card, including providing whatever reasonable 
information Issuer requires.

2. Membership Fees. As a condition of participation in the issuer’s credit 
plan  and  the  issuance  of  a  card,  Holder  agrees  that  there  is  no  annual 
membership fee for VISA consumer and business accounts. The membership 
fee described above entitles the Holder to two VISA cards. Holder agrees to 
pay a fee for each additional card requested.

3. Use of Card. Credit for purchases from a merchant or a cash advance from a 
participating financial institution may be obtained by Holder or an authorized 
user  of  Holder’s  card  presenting  one  of  Holder’s’  cards  to  the  merchant  or 
participating financial institution and, if requested, by providing the proper 
identifying  information  and  signing  the  appropriate  drafts.  Failure  to  sign 
a  draft  does  not  relieve  the  Holder  of  liability  for  purchases  made  or  cash 
received. The  use  of  this  card  for  illegal  transactions  is  prohibited. The  card 
may also be used to obtain cash advances from certain automated equipment 
provided  it  is  used  with  Holder’s  correct  Personal  Identification  Number 
(“PIN”) issued to Holder. Holder may make only two cash advance withdrawals 
totaling  not  more  than  $500  each  day  from  compatible  ATM  terminals. 
Terminals  or  terminal  operators  may  have  other  limits  on  the  amounts  or 
frequency of cash withdrawals. Holder will not be liable for the unauthorized 
use of the card or PIN issued to Holder which occurs before issuer receives 
notification orally or in writing of loss, theft or possible unauthorized use of 
a card or PIN. Lost or stolen cards or PINS should be reported immediately to 
Issuer by notifying CUSTOMER SERVICE, P.O. Box 31535,Tampa, FL 33631-3535, 
and Telephone (866) 839-3485.

4. Use of AEFCU Card Checks. Credit obtained by use of a Balance Transfer 
Check shall be treated as a cash advance. Credit obtained by use of Classic 
or Premier Check shall be treated as a cash advance.

5. Credit Line. Holder will from time to time be informed of the amount of 
the approved credit line established for Holder, and Holder covenants not 
to make credit purchases or borrowings in excess of that amount. Holder is 
liable for all purchases and borrowings made with Holder’s cards by Holder 
or by anyone authorized to use Holder’s cards.

6. Payment. Holder will be furnished a monthly statement for each billing 
period at the end of which there is an undisputed debit or credit balance of 
$1.00 or more. Holder shall pay within 25 days after each statement Closing 
Date either (a) the full amount billed (“New Balance”) or, at Holder’s option, 
(b) a minimum Payment of 2.5% of the New Balance, or $25, whichever is 
greater.  Payments  may  be  mailed  to  AEFCU,  P.O.  Box  104,  Brattleboro, VT 

05302.  Payments  may  be  made,  in  person,  at  a  AEFCU  office.  Payments 
received  after 5:00  p.m.  on  any processing  day  or  at  any time on any 
non-processing  day  will  be  considered  as  payments  made  on  the 
following processing day. All payments by Holder will be applied first to 
payment of Interest Charges in the order of their entry to the account, second 
to additional fees and credit insurance charges, if any, in the order of their 
entry to the account, third to previously billed cash advances, purchases and 
other similar charges in the order of their entry to the account, and then to 
current cash advances, purchases and other similar charges in the order of 
their entry to the account. If your credits and payments exceed what is owed 
Issuer, Issuer will refund it on your written request or automatically after 6 
months.

7.  ANNUAL  PERCENTAGE  RATE  (APR).  The  ANNUAL  PERCENTAGE  RATE 
(APR)  will  be  a  VARIABLE  rate.  Variable  rates  are  calculated  by  adding 
together a margin and an index. A margin is the percent added to the index 
to  calculate  APR. The  index  is  the  highest  U.S.  Prime  Rate  as  published  in 
the “Money Rates” section of The Wall Street Journal on the last publication 
day  of  each  month.  An  increase  or  decrease  in  the  index  will  cause  a 
corresponding  increase  or  decrease  in  your  variable  rates  on  the  first  day 
of  your  billing  cycle  that  begins  in  the  same  month  in  which  the  index  is 
published. An increase in the index means that you will pay higher interest 
charges and have a higher Total Minimum Payment Due. If The Wall Street 
Journal does not publish the U.S. Prime Rate, or if it changes the definition 
of  the  U.S.  Prime  Rate,  we  may,  in  our  sole  discretion,  substitute  another 
index. However, we may choose at our option and in our sole discretion to 
delay an APR increase resulting from an increase to the Prime Rate by one or 
more billing cycles. We do not have to give you advance notice of changes 
to the APR that are due to changes to the Prime Rate. Account statements 
will show the APRs that were in effect during the billing cycles covered by 
the statements.

We also reserve the right to re-determine the margin that applies to your 
Account more frequently than and/or on dates other than those described 
above when the Prime Rate itself is subject to change. We may review your 
credit  worthiness  several  times  a  year.  Based  on  changes  to  various  risk 
factors,  including  but  not  limited  to,  credit  scores  and  other  information 
obtained  from  various  outside  agencies,  your  margin  (and  therefore  your 
APR)  may  be  increased  or  decreased  from  time  to  time.  However,  we  will 
not increase your margin during the first year after your Account is opened. 
If  your  margin  and  APR  are  increased  due  to  a  change  in  any  of  these 
risk  factors,  your  Account  will  be  reviewed  semi-annually  in  an  effort  to 
restore your previous margin and previous APR. We will give you advance 
written notice of the effective date for any increase to the margin and any 
corresponding increase to your APR, as required by applicable law.

An increase to your APR (whether due to an increase to your margin or an 
increase  to  the  Prime  Rate)  will  increase  the  Finance  Charges  payable  on 
your Account until your APR decreases (whether due to a decrease to the 
Prime Rate or a decrease to your margin).

Regardless  of  the  rate  as  determined  by  adding  the  Prime  Rate  and  your 
margin,  the  Annual  Percentage  Rate  will  never  exceed  18%  (a  monthly 
periodic rate of 1.5%).

8.  Failure  to  Make  Minimum  Payment  -  Penalty  APR. We  may  increase 
the APR applicable to your outstanding balances to 18% APR (a monthly 
periodic rate of 1.5%) if we have not received a required Minimum Payment 
within sixty (60) days after the payment is due. If we intend to increase your 
APR  under  these  circumstances,  we  will  give  you  written  notice  at  least 
45  days  prior  to  the  effective  date  of  the  change. This  increased  APR  will 
remain in effect for no longer than six (6) months, provided that you make all 
required Minimum Payments on time during that period. If you fail to make 
all required Minimum Payments on time for six (6) consecutive billing cycles, 
the 18% APR will remain in effect until you do so.

9.  FINANCE  CHARGES.  The  PERIODIC  RATE  (FINANCE  CHARGE 
consisting  of  interest)  will  be  one-twelfth  of  the  APR.  You  can  avoid  a 
FINANCE CHARGE on purchases by paying the Total New Balance (including 

all Purchases, Cash Advances, Balance Transfers, finance charges and other 
fees) each month within 25 days of your statement closing date. Otherwise, 
the  New  Balance  of  Purchases  and  subsequent  purchases  from  the  date 
they are posted to your Account will be subject to FINANCE CHARGE. Cash 
Advances  are  always  subject  to  FINANCE  CHARGE  from  the  date  they  are 
posted  to  your  Account.  If  Balance  Transfers  or  Convenience  Checks  are 
used, the amount of each we pay will be charged to your Account as a Cash 
Advance and subject to FINANCE CHARGES as Cash Advances. 

We  calculate  the  periodic  FINANCE  CHARGE  (interest)  on  your  Account 
by  applying  the  periodic  rate  to  the  average  daily  principal  balances  of 
purchases and Cash Advances on your Account (including new transactions) 
each  billing  cycle. To  get  the  average  daily  principal  balance,  we  take  the 
principal  balances  of  purchases  or  Cash  Advances  each  day  during  the 
billing cycle, beginning with the principal portion of your Previous Balances, 
reduced by payments you make and credits we apply, and increased by new 
purchases and Cash Advances you make and debit adjustments we make 
during the billing cycle. We add up all the daily principal balances and divide 
the  total  by  the  number  of  days  in  the  billing  cycle  to  produce  separate 
average daily principal balances for purchases and Cash Advances to which 
the periodic rate is then applied. (We treat a credit balance as a zero balance 
when we figure the average daily principal balance.) 

10.  Additional  Fees.  For  a  listing  of  fees  charged  in  association  with  this 
card, please see the rates and fees disclosure at https://www.americaneagle.
org/Loans/VISA-Credit-Card/Forms-Disclosures.aspx.  Fees  imposed  will  be 
posted to Holder’s account. 

11.  Security  Interest,  Pledge,  Collateral.  This  is  a  secured  credit  card 
account. In consideration of the issuance of this secured credit card account, 
you have authorized us to open a secondary deposit account in your name 
(“Collateral  Account”).  To  secure  all  of  your  obligations  arising  under  this 
Agreement,  you  assign,  transfer,  pledge,  grant  a  security  interest  in,  and 
set  over  to  us  all  rights,  title  and  interest  in  the  Collateral  Account  and  in 
all  renewals,  additions  and  proceeds  of  the  Collateral  Account. You  agree 
that this security interest, pledge, and assignment includes and gives us the 
right  to  redeem,  collect  and  withdraw  any  part  or  the  full  amount  of  the 
Collateral Account upon any default under this Agreement or in the event 
your Account is terminated for any reason. You acknowledge and agree that 
this security interest, pledge, and assignment means that we have exclusive 
control over the Collateral Account. You may not make any withdrawals from 
the Collateral Account while it secures this Account. This security interest, 
pledge,  and  assignment  is  given  as  security  for  any  and  all  amounts  you 
may owe, including but not limited to interest, fees and charges which may 
accrue under your Account. You agree that if this Account is closed for any 
reason, we may apply funds in the Collateral Account to pay off any balance 
on the Account. If there are still funds remaining in the Collateral Account 
after doing so, these funds may remain on deposit for up to 60 days before 
being remitted to you. 

12. Foreign Transactions.  Purchases and Cash Advances made in foreign 
currencies will be billed to you in U.S. dollars. The U.S. dollar exchange rate for 
the foreign currency used for a Purchase or Cash Advance 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. In addition, for transactions processed 
outside of the United States, the Foreign Transaction Fee will apply. 

13. Disputes. Issuer is not responsible for refusal by any merchant, financial 
institution  or  automated  equipment  to  honor  or  accept  a  card.  Except  as 
provided in the federal Truth-in-Lending laws (as indicated in the Summary 
of  Billing  Rights  below),  Issuer  has  no  responsibility  for  merchandise  or 
services  obtained  by  Holder  with  a  card  and  any  dispute  concerning 

merchandise or services will be settled between Holder and the merchant 
concerned.

14.  Default.  Holder  covenants  to  observe  and  comply  with  these 
regulations  and  covenants  not  to  permit  an  event  of  default  to  occur. 
Upon the occurrence of any one or more of the following events of default: 
(a)  Holder  fails  to  pay  at  least  the  Minimum  Payment  when  due  on  two 
occasions  within  any  12-month  period;  or  (b)  Holder  dies,  ceases  to  exist, 
changes  residency  to  another  state,  becomes  insolvent  or  the  subject  of 
bankruptcy  or  insolvency  proceedings  or  fails  to  observe  any  covenant 
or  duty  contained  in  these  regulations,  if  such  event  or  breach  materially 
impairs  Holder’s  ability  to  pay  amounts  due;  the  full  amount  of  Holder’s 
account for which the default occurred (including unpaid Interest Charges) 
shall, at Issuer’s option become immediately due and payable if Holder does 
not  cure  the  default  within  15  calendar  days  after  notice  is  mailed  to  the 
address  of  Holder,  or  given  as  otherwise  provided  by  law.  Issuer  has  this 
right, without notice and opportunity to cure. if the default is the Holder’s 
third default within 12 months and the Holder is notified of the prior two 
defaults and the Holder incurred those defaults. Issuer may delay enforcing 
any  of  its  rights  under  these  regulations  or  under  applicable  law  without 
losing those rights or any of its other rights. 

15. Termination. Holder’s consent to these regulations may be terminated 
at any time by surrendering the cards issued to Holder or at Holder’s written 
request, but such termination shall not affect Holder’s obligations as to any 
balances or charges outstanding at the time of termination. Termination by 
any Holder shall be binding on each person in whose name the card is issued. 
If  Holder’s  spouse  terminates  this  credit  plan,  the  full  amount  of  Holder’s 
account (including unpaid Interest Charges) may be declared immediately 
due and payable. Issuer may terminate Holder’s privilege to use the cards if 
Holder moves out of the service area of Issuer, as defined by Issuer from time 
to time. Unless sooner terminated, the privilege to use the cards shall expire 
on the date shown on the cards. At any time, without liability to Holder and 
without affecting Holder’s liability for credit previously extended, Holder’s 
privilege  to  use  the  cards  may  be  revoked  or  limited  to  the  extent  not 
prohibited by law. The cards are and shall remain the property of Issuer and 
Holder agrees to surrender them to Issuer upon demand.

16. Amendments. Issuer may amend these regulations from time to time 
by sending Holder advance written notice not less than 90 days prior to the 
effective date for any change that is either adverse to Holder’s outstanding 
balance or increases certain fees, as required by applicable law, from time to 
time, or not less than 15 days prior to the effective date for other changes, or 
as may otherwise be required or permitted by law. To the extent that Issuer 
indicates in the notice and that the law permits, amendments will apply to 
Holder’s existing account balance as well as to future transactions. Notices 
are  deemed  given  when  mailed  by  Issuer  to  any  Holder  to  the  current 
address for mailing monthly statements. Invalidity of any provision of these 
regulations shall not affect the validity of any other provisions.

17.  Statement  of  Military  Annual  Percentage  Rate.  Federal 
law 
provides important protections to members of the Armed Forces and their 
dependents relating to extensions of consumer credit. In general, the cost of 
consumer credit to a member of the Armed Forces and his or her dependent 
may  not  exceed  an  annual  percentage  rate  of  36  percent. This  rate  must 
include,  as  applicable  to  the  credit  transaction  or  account:  The  costs 
associated with credit insurance premiums; fees for ancillary products sold 
in connection with the credit transaction; any application fee charged (other 
than certain application fees for specified credit transactions or accounts); 
and any participation fee charged (other than certain participation fees for 
a credit card account).

18. Governing Law. Holder agrees these regulations are governed by the 
law of Connecticut to the extent not preempted by federal law.

Visa Secured Credit Card Agreement
315-801 (Rev. 8/2017)