Merck Employees Federal Credit Union  
MasterCard / Visa Platinum Credit Card Account Agreement, 
Disclosure Statement & Your Billing Rights. 
Keep This Important Agreement, Disclosure & Your Billing Rights For Your Records 

This is a joint Cardholder Agreement for both the MasterCard and  
Visa Platinum Credit Card programs offered by the Merck Employees Federal Credit Union. 

1. GENERAL INFORMATION: In this Agreement, the words, We, Our, Us, and “Issuer,” refer to the Merck Employees 
Federal Credit Union. The term Cardholder means you and any other person who uses the Card with your approval. The word Card 
means all Credit Cards we issue to you. Your use of the Card, or the use of the Card by a person authorized by you, constitutes your 
acknowledgement that you have received, read and agree to all of the terms of this Account Agreement, Disclosure Statement and 
Your Billing Rights. If this is a Joint Account, each of you are liable for all amounts owed. You are also liable for any purchase or 
cash advance made by any other person you permit to use the Account. You will be notified of your credit limit on your Account. You 
agree not to allow what you owe on your Account to exceed your credit limit. You must pay any amount over your credit limit 
immediately whenever we ask you to. 

You can use your Card to purchase goods, services, and other things of value wherever the Cards are honored. You can also use your 
Card to get cash advances. Limits on daily usage of your Card are imposed for security purposes. 

2. REPAYMENT: You promise to pay us all amounts charged and borrowed by the use of your Credit Card, plus any 
FINANCE CHARGES and other charges or fees provided in this Agreement, all payable in U.S. Dollars. Payments are applied in the 
following order: unpaid FINANCE CHARGES, previously billed miscellaneous charges and principal reduction. The principal 
reduction portion of the payment is first used to pay purchase advances and then cash advances from the last statement. If these are 
paid off by the payment, the purchase advances made during the payment billing cycle are paid.  The minimum periodic payment 
required is the New Balance as shown on your monthly billing statement if the amount is under $35.00. If the new balance exceeds 
$35.00, the minimum periodic payment is three (3%) of that portion of the New Balance which does not exceed your credit limit, plus 
the entire portion of the New Balance in excess of your credit limit, plus any amount due, or $35.00, whichever is greater.  

3.  ANNUAL MEMBERSHIP FEE: None. 

4.  OWNERSHIP OF CARD: Each Card is our property, is not transferable and must be surrendered upon demand. It can be 

cancelled as well as repossessed by us or our designee, and the privileges thereof revoked at any time without prior notice. 

5. PROHIBITION AGAINST EXCEEDING CREDIT LIMITS: You shall not use the Card or permit the use of Related 

Cards to obtain credit purchases or loans which will increase your Credit Card indebtedness to us to an amount in excess of the limit 
established by us. 

6. NO RESPONSIBILITY FOR REFUSAL BY SELLER OR CASH ADVANCING BANK TO HONOR CARD: All credit 
purchases and loans are effected at the option of the seller and cash advancing bank, respectively, and we shall not be responsible for 
refusal by any seller or cash advancing bank to honor the Card or any Related Card. Any refund, adjustment or credit allowed by the 
seller shall not be by cash, but rather by a credit advance to us which shall be shown as a credit on your account statement with us. 

7. MONTHLY STATEMENT: We will send to you, at monthly intervals determined by us, a statement reflecting for the 

prior monthly period all Credit Card and Related Card transactions. This statement shall be deemed correct and accepted by you and 
all holders of Related Cards unless we are notified to the contrary in writing within 60 days of mailing the statement. You will pay 
such statement by remitting to us within 25 days of the closing date reflected on the statement either the full amount billed or, at your 
option, an installment equal to at least the required minimum payment stated in section 9. 

8. FINANCE CHARGES: A FINANCE CHARGE will be imposed on loans and credit purchases in accordance with the 

finance charge calculation methods referred to below. The rate of interest shall be determined as indicated below in Section 9, entitled 
“Variable Interest Rate,” but shall never exceed the maximum rate permitted by the Federal Credit Union Act. The current interest rate 
per annum is the ANNUAL PERCENTAGE RATE set forth in this Disclosure. 

A. FINANCE CHARGE ON CREDIT PURCHASES: A FINANCE CHARGE will be imposed on Credit Purchases of goods 

and services that you obtained through the use of your Card only if you elect not to pay the entire New Balance shown on your 
previous monthly statement within 25 days from the closing date of the statement. If you elect not to pay the entire New Balance 
shown on your previous monthly statement within 25 days from the closing date of this statement, a FINANCE CHARGE will be 
imposed on the unpaid balance of Credit Purchases from the statement closing date (but not on Credit Purchases made during the 
current billing cycle) and will continue to accrue until the closing date of the billing cycle preceding the date on which the entire New 
Balance is paid in full or until the date of payment, if more than 25 days from the closing date.  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The FINANCE CHARGE for a billing cycle is computed by applying the monthly Periodic Rate to the average daily 
outstanding unpaid balance of Credit Purchases, which is determined by dividing the sum of the daily balances during the billing cycle 
by the number of days in the cycle. Each daily balance of Credit Purchases is determined by adding to the previous balance any new 
Credit Purchases as of the transaction date or the first day of the billing cycle in which posted, whichever is later, and subtracting each 
payment and credit on the date of receipt, that excluding any unpaid FINANCE CHARGE. 

B. FINANCE CHARGE ON CASH ADVANCES: A FINANCE CHARGE will be imposed on Cash Advances that you 

obtain through the use of your Card during the current billing cycle from the date of each such Cash Advance or from the first day of 
the billing cycle in which the Cash Advance is posted to the Account, whichever is later, and will continue to accrue until paid if paid 
during the same billing cycle as made, or if not paid in full during the same billing cycle as made, the FINANCE CHARGE will 
continue to accrue on the unpaid balance until the closing date of the billing cycle preceding the date which the entire New Balance is 
paid in full. If the New Balance indicated on your statement for the prior monthly period is paid in full within 25 days after the closing 
date, no FINANCE CHARGE will be imposed during the current billing cycle for Cash Advances made during previous billing 
cycles. 

The FINANCE CHARGE for a billing cycle is computed by applying the monthly Periodic Rate to the average daily 
outstanding unpaid balance of Cash Advances, which is determined by dividing the sum of the daily balances during the billing cycle 
by the number of days in the cycle. Each daily balance of Cash Advances is determined by adding to the previous balance any new 
Cash Advances as of the transaction date or the first day of the billing cycle in which posted, whichever is later, and subtracting each 
payment and credit on the date of receipt, that excluding any unpaid FINANCE CHARGE. 

9. VARIABLE INTEREST RATE: You agree that the interest rate used in computing your finance charge ( see finance 

charge section above ) will be a variable interest rate. The interest rate may change once every three months on the eleventh business 
day of the first month in each calendar quarter (January, April, July, October) each year during the term of this Agreement. The 
interest rate will be determined by using an Index and Margin. The Index which we use is the highest U.S. Prime Lending Rate as 
published in the Money Rates section of the Wall Street Journal newspaper on the first business day of the first month of the preceding 
calendar quarter. For example, the Index to be used to compute the new interest rate in January will be based on the Index as of the 
first business day of the prior October. We will add a Margin of five percent (5%) divided by twelve, rounded to two decimal points. 
For example, if the Prime Lending Rate was six and three quarters (6.75%) percent plus the Margin, divided by twelve, rounded to 
two decimal points, that corresponds to a monthly periodic rate of .98%. An increase in the interest rate will result in an increase in 
your monthly payment(s). Any increase in the interest rate will be effective as to future advances and your outstanding loan balance 
regardless of whether you use the Card after the effective date of the change in interest rate. We reserve the right at any time to charge 
you a lower interest rate than the preceding formula might indicate without losing any of our rights. If the Wall Street Journal Prime 
Lending Rate is no longer available, the Credit Union reserves the right, in its sole discretion, to select a similar index. 

10. DEFAULT: If the Card is cancelled, surrendered, its return is demanded by us, or if you default in any payment due, or 
die, become bankrupt or insolvent, or any attachment or garnishment proceedings are initiated against you or your property, we may 
elect to declare all amounts then owed to us to be immediately due and payable without notice or demand of any kind. If you have 
other loans with us, or take out other loans with us in the future, collateral securing those loans will also secure your obligations under 
this agreement. However, your primary dwelling will not secure your obligations under this agreement, even if we have, or later 
acquire a mortgage on the dwelling. You agree to pay all costs incurred by us in collecting your indebtedness or enforcing this 
Agreement including collection costs of twenty (20%) percent of the unpaid balance or such greater amount as may be reasonable and 
just and also those costs, expenses and attorney’s fees incurred in appellate, bankruptcy and post judgement proceedings. 

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 are giving with your shares. As a condition for the approval 
of your Credit Card account, you grant us a security interest in all individual and joint accounts you have with us now and in the future 
to secure your Credit Card Account. You authorize us to apply the balance in these account(s) to pay any amounts due under this 
Agreeºment should you default. 

11. AMENDMENT: The Credit Union reserves the right to change or amend any of the terms and provisions of this 
Agreement and will provide you with any notice required by law. Any change will apply to the outstanding loan balance and all future 
advances regardless of whether you use the account after receiving notice of the change or amendment. 

12. ADDITIONAL CHARGES: The Credit Union reserves the right in the future, with 45 days written notice, to impose 

additional charges plus applicable taxes if you pay us with a check not honored by your financial institution, make delinquent 
payments or make charges which exceed your credit limit. All such charges shall be treated as Credit Purchases for purposes of 
calculating FINANCE CHARGES unless prohibited by law or regulation.  

A. Copy of Document: $ 2.00 
B.  Delinquent Payment Charge: None 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
C. Charge for Exceeding Credit Limit: None 

There is an additional Card fee of $2.00 per Card and a replacement fee of $5.00 for lost or stolen Cards. There is a fee of $2.00 for 
obtaining a replacement PIN. There are differing charges for using your Card for transactions at automated teller machines (depending 
on the ATM’s owner) where such charges are not prohibited by law or regulation.  

Documentary stamp taxes as may be required by law shall be imposed on each Cash Advance at the time the loan is made. In the State 
of Florida, such taxes are computed at the rate of 35¢ per $100.00 or any fraction thereof. 

13. LIABILITY FOR UNAUTHORIZED USE (LOST OR STOLEN CARDS):  You agree to notify us immediately, orally 

or in writing, at Customer Service TA-24 / PO Box 30327 / Tampa, FL 33620, or telephone 727-570-4881 or 800-237-6211, of the 
loss, theft, or unauthorized use of your card.  MasterCard rules state that there will be zero liability for lost or stolen cards if the 
following two (2) rules are met: 1. You must have exercised reasonable care in safeguarding the MasterCard from risk of loss or theft; 
2. Upon becoming aware of such loss or theft, promptly report the loss or theft to the Merck Employees Federal Credit Union. There is 
zero dollar liability for Visa Card transactions that take place on the Visa system.  

Tell us AT ONCE if you believe your MasterCard or Visa Card has been stolen or lost. Telephoning is the best way of keeping your 
possible losses down. 

For LOST OR STOLEN CARDS, CALL: 
(727) 570-4881 or 800-237-6211 

(toll free from within the US & Canada / stay on the line to report lost or stolen cards) 

If you have a consumer account or a business account for which less than 10 Cards have been issued, your liability for unauthorized 
use of a Card will not exceed $50.00. 

14. PAYMENT: Checks will be made payable to MasterCard or Visa and mailed to MasterCard or Visa at PO Box 31279, 

Tampa, FL 33631. 

If a cardholder effects a transaction in a merchant country other than the U.S. in a currency other than U.S. dollars, our Credit Card 
processor will assess a 1% International Transaction Fee. The converted transaction amount will be shown separately from the 
International Transaction Fee on your billing statement. The fee is assessed on all international purchases, credit vouchers and cash 
disbursements. 

The exchange rate for transactions in a foreign currency will be a rate selected by MasterCard or Visa from the range of rates available 
in wholesale currency markets for the applicable central processing date, which rate may vary from the rate MasterCard or Visa itself 
receives, or the government mandated rate in effect for the applicable central processing date, plus the 1% International Transaction 
Fee. 

  15. Irregular Payment / Lapse in Enforcement: We can accept late payments or partial payments or checks or 

money orders marked “ Payment in Full” without losing any of our rights under this agreement. We can delay enforcing our rights 
under this agreement without losing any of them. 

       16. Miscellaneous. This agreement shall be governed by applicable federal  
law and regulation and, where the foregoing do not apply, the laws of the State of New Jersey. If any part of this agreement is invalid, 
it shall not make any other provisions of this agreement invalid. You agree that all notices sent to you pursuant to this agreement shall 
be sent to you at the address the Credit Union and/or its processor has for you on file or your email address if you have elected to 
receive statements electronically (if available). 

17. QUESTIONS AND BILLING ERRORS: Please contact Customer Service TA-24, PO Box 30327, Tampa FL 33630. 

You may telephone but doing so will not preserve your rights. (See Your Billing Rights.) 

Your Billing Rights  
Keep This Notice for Future Use 
This Notice tells you about your rights and our responsibilities under the Fair Credit Billing Act.   

What To Do If You Find a Mistake on Your Statement 

If you think there is an error on your statement, write to us at: 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Customer Service TA-24 / PO Box 30327 / Tampa, Florida 33630 

In your letter, give us the following information: 

• 
• 
• 

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

You must contact us:  

• 
• 

Within 60 days after the error appeared on your statement. 
At least 3 business days before an automated payment is scheduled, if you want 
to stop payment on the amount you think is wrong. 

You must notify us of any potential errors in writing.  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.  

What Will Happen After We Receive Your Letter 

When we receive your letter, we must do two things: 

1. 

2.  

Within 30 days of receiving your letter, we must tell you that we received your 
letter.  We will also tell you if we have already corrected the error. 

Within 90 days of receiving your letter, we must either correct the error or 
explain to you why we believe the bill is correct. 

While we investigate whether or not there has been an error: 

• 

• 

• 

• 

We cannot try to collect the amount in question, or report you as delinquent 
on that amount. 

The charge in question may remain on your statement, and we may continue 
to charge you interest on that amount.  

While you do not have to pay the amount in question, you are responsible for 
the remainder of the balance. 

We can apply any unpaid amount against your credit limit. 

After we finish our investigation, one of two things will happen: 

• 

• 

If we made a mistake:  You will not have to pay the amount in question or any 
interest or other fees related to that amount. 

If we do not believe there was a mistake: You will have to pay the amount in 
question, along with applicable interest and fees. We will send you a statement 
of the amount you owe and the date payment is due. We may then report you 
as delinquent if you do not pay the amount we think you owe. 

If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days telling us that you still refuse to 
pay. If you do so, we cannot report you as delinquent without also reporting that you are questioning your bill. We must tell you the 
name of anyone to whom we reported you as delinquent, and we must let those organizations know when the matter has been settled 
between us. 

If we do not follow all of the rules above, you do not have to pay the first $50 of the amount you question even if your bill is correct. 

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 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 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 

1. 
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.) 

2. 
accesses your credit card account do not qualify. 

You must have used your credit card for the purchase. Purchases made with cash advances from an ATM or with a check that 

3. 

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 at: 

Customer Service TA-24 / PO Box 30327 / Tampa, Florida 33630 

While we investigate, the same rules apply to the disputed amount as discussed above.  After we finish our investigation, we will tell 
you our decision.  At that point, if we think you owe an amount and you do not pay, we may report you as delinquent. 

MasterCard & Visa Platinum Rate & Terms Information 

    Interest Rates & Interest Charges 

Annual  
percentage rate  
for purchases, cash  
advances & balance transfers:  

Variable Rate  
Information: 

Minimum Monthly  
Finance Charge: 

How to Avoid Paying Interest On Purchases: 

For Credit Card Tips From the Federal Reserve Board: 

A variable rate currently equal to:  

8.28% APR 

As of 7/1/10 

This APR will vary with the market based on the Prime Rate. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If you are charged interest, the charge will be no less than 1¢. 

Your due date is at least 25-days after the close of each billing cycle. 
We will not charge you any interest on new purchases before your due date.  

To learn more about factors to consider when applying for or using a Credit Card, visit the Web Site of the  
Federal Reserve Board at:  
www.consumerfinance.gov/learnmore 

    Fees 

Annual Fee 

None 

Transaction Fees:  

Balance Transfers 
Cash Advances  None 
Foreign Transactions 

None 

Up to 1% on all purchases, credit  

vouchers & cash disbursements. 

Penalty Fees: 

Late Payment  None 
Over the Credit Limit 
Returned Payment 

None 
$10 

How We Will Calculate Your Balance: We use a method called “Average Daily Balance (including new purchases).” 

Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your Merck 
Employees Federal Credit Union MasterCard/Visa Platinum Credit Card Account Agreement, Disclosure Statement and Your Billing 
Rights. 

Security Interest: This loan account will be secured by your deposit accounts at the Credit Union. Collateral securing other loans with 
the Credit Union will also secure this loan except 1st Mortgages and IRAs (see Section 10 of your Disclosure Statement).