VISA Credit Card Agreement
and
Regulation “Z” Disclosures

Please read this information carefully. This is your copy of the VISA Credit Card Agreement and Disclosures made pursuant to the Truth in Lending Act.
the Service Pricing Schedule or Member Rewards brochure for details.
INTRODUCTION.  This Agreement  covers  your  VlSA  Credit  Card  (“Card”) 
1.  
issued through iQ Credit Union. In this Agreement the words “you”, “your” and 
“yours” mean any joint obligator, guarantor, authorized user or the person whose 
name is embossed on the Card. The words “we”, “us” and “our” mean iQ Credit 
Union.

shown on the Periodic  Statement for that Billing Cycle as the “New Balance”.

You do not have to sign this agreement, but once you or any person permitted or 
allowed by you has received this Card, any other card issued for this account or 
card privilege, and retained it, signed it, or used it, you and they will be bound by 
the terms and conditions of it, just as if you and they have signed it.

2.  YOU PROMISE TO PAY. You promise to pay us in United States dollars, by 
cash, check or money order as provided by this agreement, all such amounts, plus 
FINANCE CHARGES which arise from such use of the Card by you or any other 
person, and to be jointly and severally liable with such a person, unless such other 
person does not have actual, implied or apparent authority for such use, and you 
received no benefit for the use.

3.  PURCHASES  AND  CASH  ADVANCES.  You  may  use  your  account  for 
purchases  of  services  and  merchandise  from  participating  sellers  or  lessors  of 
goods, labor, insurance, and/or services that honor your Card. You may not use 
your card for any illegal or unlawful transactions, and   we may decline to authorize 
any transaction that we believe poses an undue risk of illegality or unlawfulness. 
You may also use your account and Card to get cash advances from participating 
financial institutions. You may use your card and personal identification number to 
obtain cash advances at automated teller machines designated with the VISA or 
Plus System networks. The monthly statement will identify the merchant or financial 
institution at which transactions were made, but sales, cash advance, credit or other 
slips cannot be returned with the statement. You will retain the copy of such slips 
furnished at the time of the transaction in order to verify the monthly statement. 
The Credit Union may make a reasonable charge for photocopies of slips you may 
request.

4.  CONVENIENCE CHECkS. If we approve, you may obtain advances under 
your account by writing preprinted loan drafts (convenience checks) that we supply 
to you. Your use of convenience checks will be shown as credit advances on your 
periodic statement. We may not honor the convenience check if it is post-dated, 
payment of the check will exceed your credit limit, a convenience check is signed 
by a person without authorized access, the amount of the check is less than the 
minimum required amount, your account has been terminated or suspended, or 
any convenience checks have been reported lost or stolen.  You may stop payment 
on a convenience check if you provide us with the exact information describing the 
convenience check. If you give us incorrect information, we will not be responsible 
for failing to stop payment. You understand there may be a charge for convenience 
check printing and charges for stop payment requests, returned items, check copies, 
and other fees or costs we incur in handling your convenience checks. Our liability 
for a wrongful dishonor is limited to your actual losses; however, a dishonor for the 
reasons stated above is not a wrongful dishonor.

5.  PERIODIC  STATEMENTS.  If  at  the  end  of  any  monthly  periodic  interval 
which  we  may  determine  the  “Billing  Cycle”,  you  have  an    outstanding  
undisputed debit or credit balance in your account, or if there is any FINANCE 
CHARGE  imposed  with  respect  to  your  account,  we  will  send  you  a  periodic 
statement  regarding  the  account  for  that  Billing  Cycle.  The  statement  will 
show  any  purchases,  cash  advances,  and  payments  or  credits  made  to  your  
Account during that billing cycle, as well as your “New Balance”. Your statement 
will  identify  also  the    “Required  Payment  Due”  you  must  make  for  that  billing 
period and the date it is due. You may pay in full for all your purchases and cash 
advances each month or you may repay in monthly installments. You agree that 
the  periodic  statement  is  correct  and  accepted  by  you  unless  we  receive  from 
you proper written notification of a billing error, within 60 days after we mailed the 
periodic statement to you.

6.  CONDITIONS UNDER WHICH A FINANCE CHARGE WILL BE IMPOSED. 
The total outstanding balance of purchases and cash advances in the Account on 
the closing date of any Billing Cycle, including any FINANCE CHARGE, will be 

(a)  PURCHASES.  “Purchases.  A FINANCE CHARGE will be imposed on the unpaid 
portion of purchases included in the New Balance and on purchases posted during 
the following Billing Cycle when your New Balance is not paid in full by the due 
date shown on your periodic statement.  This “grace period” allows you to avoid a 
FINANCE CHARGE on purchases for a billing cycle.  However, if you do not pay 
the New Balance for purchases within the grace period, your FINANCE CHARGE 
will accrue on any unpaid purchase transactions from the first day of the billing 
cycle and on new purchases from the date of the purchase.

(b)  CASH  ADVANCES.  A  FINANCE  CHARGE  will  be  imposed  on  cash 
advances  from  the  date  posted  to  the  account  to  the  date  paid.  The  
FINANCE  CHARGE  as  disclosed  on  the  statement  is  only  figured  through 
the  statement  date.  The  FINANCE  CHARGE  will  continue  to  accrue  from 
that  date  to  the  date  paid.  There  is  no  time  within  which  to  pay  to  avoid  this 
FINANCE  CHARGE.  In  addition,  a  cash  advance  fee  FINANCE  CHARGE 
equal  to  2%  of  the  cash  advance  (or  $5.00,  whichever  is  greater)  will  be  
applied to each cash advance. 

7.  THE METHOD OF DETERMINING THE BALANCE UPON WHICH A FINANCE 
CHARGE  MAY  BE  IMPOSED.  The  FINANCE  CHARGE  on  your  account  will  be 
figured  by  applying  the  Daily  Periodic  Rate  to  the  “Average  Daily  Balance”  of  your 
account  including  current  transactions  and  multiplying  this  figure  by  the  number 
of  days  in  the  Billing  Cycle.  To  compute  the  “Average  Daily  Balance”,  we  take 
the  beginning  balance  of  your  account  each  day,  add  any  new  Purchases/  Cash  
Advances  and  subtract  any  payments,  credits,  and  unpaid  FINANCE  CHARGES. 
This gives us the daily balances. Then we add up all the daily balances for the Billing 
Cycle and divide the number of days in the Billing Cycle. This gives us the “Average 
Daily Balance”.

8.  METHOD OF DETERMINING THE AMOUNT OF THE FINANCE CHARGE. 
The FINANCE CHARGE based on a periodic rate is figured by applying the Daily 
Periodic Rate to the Average Daily Balance of purchases and cash advances by 
the number of days in the Billing Cycle. The Daily Periodic Rate for VISA classic 
purchases is .038356%, with a corresponding ANNUAL PERCENTAGE RATE of 
14.00%. The Daily Periodic Rate for VISA Gold purchases is .035479%, with a 
corresponding ANNUAL PERCENTAGE RATE of  12.95%. The Daily Periodic rate 
for cash advances (including balance transfers) on VISA Classic Gold accounts is 
.04658% with a corresponding ANNUAL PERCENTAGE RATE of 16.99%.

Visa Classic 
Visa Gold 

DAILY PERIODIC   
.038356% 
.035479% 

ANNUAL

14%
12.95%

“The  FINANCE  CHARGE  for  any  Billing  Cycle  will  be  the  sum  of  the  FINANCE 
CHARGE  for  purchases  and  the  FINANCE  CHARGE  for  cash  advances.    However, 
the  portion  of  your  balance  that  is  the  result  of  purchases  has  a  different  treatment.  
If you paid the entire New Balance shown on the previous monthly statement by the 
payment due date shown on that statement, the portion of the New Balance shown on 
the current statement that is attributable to purchases that is paid by the payment due 
date shown on that statement will be excluded from the calculation of the balance each 
day.  For this purpose, payment will be applied first to unpaid FINANCE CHARGE, then 
to unpaid purchases and cash advances from prior billing statements, then to unpaid 
purchases  and  cash  advances  from  the  current  billing  statement.   At  our  option,  the 
minimum payment may be applied first to the portion of the balance that is subject to the 
lowest interest rate.  Payments in excess of the minimum payment will be applied first to 
the portion of the balance that is subject to the highest rate.

9.  THE CONDITIONS UNDER WHICH ANY OTHER CHARGES MAY BE IMPOSED.

(a)  Membership Fee: An Annual Membership Fee for the VISA Cards is:

Visa Classic 
Visa Gold 

$   5
$ 15

 Y

ou  may  avoid  these  fees  based  on  your  Member  Rewards  level.  See   

(b)  Fees and Cost: We may pay someone else to help collect your account 
if you do not pay. You also will pay us that amount. This includes our 
reasonable lawyer’s fees whether or not there is a lawsuit, including 
fees  on  any  appeal,  subject  to  limits  set  by    applicable  law. You  will 
also pay any court costs. These fees and costs may be added to your 
loan balance and bear interest at the ANNUAL PERCENTAGE RATE 
applicable at that time.

(c)  Returned Check Charge: A $28.00 charge will be imposed for each check 

returned to us regardless of the reason.

(d)  Research and Copying: If you ask us to examine your account or provide 
copies of documents, except in resolution of a billing error, we may charge 
you $5 for each copy and $25 per hour for research.

(e)  Convenience  Check  Stop  Payment: A  $25.00  charge  will  be  imposed 
for  each  convenience  check  stop  payment  request  (includes  verbal 
requests).

(f)  Card Replacement: A $5 card replacement fee may be imposed to replace 

a lost or damaged card.  

(g)  Late Fee: A late fee will be imposed when any payment is 15 days past 
due. The fee $15 if the outstanding balance is less than $250 and $25 if 
the balance is $250 or more.

(h)  Surcharge:  If  you  use  an ATM  that  is  not  operated  by  us,  you  may  be 
charged an ATM surcharge by the ATM operator or an ATM network utilized 
for such a transaction. The ATM surcharge will be debited from your account 
if you elect to complete the transaction.

(i)  Foreign  Transaction  Fee:  Purchases  made  in  foreign  countries  will  be 
billed to you in U.S. dollars. The currency conversion rate for international 
transactions as established by VISA International, Inc. 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, you will be charged a 
Foreign Transaction Fee of up to 1% of the transaction amount for any 
card transaction made in a foreign country.

10.  SECURITY INTEREST. We retain no security interest in any   property 
under this agreement unless you have executed a separate security agreement 
with us. Any such security interests so granted remain in effect until expressly 
released by us.

11.  THE MINIMUM PERIODIC PAYMENT REQUIRED. Minimum payment will 
be the greater of $25 or 3% of any new balance, rounded to the nearest dollar, 
plus the greater of any amount past due or any amount in excess of your credit 
line.

12.  PAYMENTS. Payments received at the mailing address shown on your 
statement on any business day by 5:00 P.M. Pacific Time will be credited to 
your Account as of that date; payments received by mail at that address after 
5:00 P.M. Pacific Time, or on a weekend or federal holiday will be posted to 
your Account as of the next business day.  Payment crediting to your Account 
may be delayed up to five (5) days if your payment is received by mail at any 
other address or not accompanied by the remittance portion of your Account 
statement.

13.  CREDIT LINE. We have established and advised you of the “Credit Line” 
which is the limit on the total balance which may be outstanding in your account 
at any one time. You agree not to attempt to obtain more credit than the amount 
of this Credit Line. However, if you temporarily exceed your Credit Line, you 
agree  to  repay  the  excess  immediately,  even  if  we  have  not  yet  billed  you. 
Obtaining such credit does not increase your Credit Line; however, we can 
increase your Credit Line at our sole discretion.

14. LOSS OR THEFT OF CREDIT CARD. You agree to notify us immediately, 

 
 
 
 
 
 
 
 
 
 
 
    
orally or in writing, at iQ Credit Union, PO Box 1846, Vancouver, Washington, 
98668, or telephone (360) 695-3441, or (800) 247-4364 of the loss, theft or 
unauthorized  use  of  your  Credit  Card. After  normal  Credit  Union  hours  and 
on  weekends  and  holidays,  phone  (360)  694-5463  or  (800)999-3441  and 
then  notify  the  Credit  Union  at  the  first  opportunity  during  business  hours. 
If  you  notify  us  of  your  lost  or  stolen  Credit  Card,  you  will  not  be  liable  for 
any  losses.  This  liability  exclusion  will  apply  provided  you  were  not  grossly 
negligent or fraudulent in handling your Credit Card, otherwise your liability for 
unauthorized VISA Credit Card transactions may be up to $50.

15.  TERMINATION.  We  may  terminate  or  suspend  your  credit  privileges 
under this agreement, at any time, at our sole discretion, without demand or 
notice. If we are required by law to give you a reason for adverse action or credit 
denied, we will do so. You must notify us in writing if you decide to terminate the 
agreement. If you terminate this agreement or if we terminate or suspend your 
credit privileges the provisions of the agreement and your liability hereunder 
shall otherwise remain in full force and effect until all cards or credit instruments 
or devices issued to you have been canceled and/or returned to us and you 
have paid us all sums due us.

16.  TRANSFER OF ACCOUNT. You cannot transfer your account to any other 
person.

17.  HONORING THE CARD. Neither we nor merchants authorized to honor 
the card will be responsible for the failure or refusal of anyone to honor the card 
or any other credit instrument or device we supply you.

18.  REFUNDS. If a seller agrees to give you a refund or adjustment, you agree 
to accept a credit to your account in lieu of a cash refund.

19. ADDRESS. You agree to advise us promptly if you change your mailing 
address.  We  can  accept  address  corrections  received  from  the  U.S.  Postal 
Service or from any authorized user. All written notices and statements from us 
to you will be sent to your address as it appears on our records. Written notices 
and inquires from you must be sent to:

iQ Credit Union
P.O. Box 1846
Vancouver, WA 98668-1846

20.  CREDIT REPORTS. You authorize us to make or have made any credit 
employment and/or investigative inquiry we deem appropriate for the extension 
of  credit  or  collection  of  amounts  owing  on  the  account.  We  can  furnish 
information concerning your account to consumer reporting agencies and others 
who appear to have a business need for that information.

IRREGULAR  PAYMENTS.  We  can  accept  late  payments  or    partial 
21. 
payments,  or  checks  and  money  orders  marked  “payment  in  full”,  without 
prejudice  to  our  rights  under  this  agreement  which  are  hereby  explicitly 
reserved.

22.  DEFAULT. You will be in default if you fail to comply with any provision of 
this agreement, if you provide us with false information or signature, or if you 
default on any account or other obligation that you have with us.

23.  ACCELERATION.  If you are in default  as provided above, or if we, in 
good faith, reasonably believe that the prospect of payment or performance is 
impaired, amounts you owe us shall, at our option and without notice, become 
immediately due and payable.

24.  DELAY IN ENFORCEMENT. We can delay enforcing any right under this 
agreement without losing that right or any other right.

25.      AMENDMENT.    We  reserve  the  right  to  amend  the  terms  of  this 
Agreement  at  anytime  as  permitted  by  and  subject  to  any  limitations  and 
notice requirements of applicable law.

26.  SEVERABILITY.  If  any  provision  of  this  agreement  is  held  invalid,  all 
provisions that are severable from the invalid provision remains in effect.

27.  OWNERSHIP OF CARDS. Any card or other credit instrument or device 
which  we  supply  to  you  is  our  property  and  must  be  returned  to  us,  or  any 
person whom we authorize to act as our agent, or any person who is authorized 
to  honor  the  card,  immediately  according  to  instructions.  The  card  may  be 
repossessed at any time at our sole discretion without any demand or notice. 
We will issue you a personal identification number (PIN) for use with your card 
at ATMs. The numbers are issued to you for your security purposes. These 
numbers are confidential and should not be disclosed to third parties. You are 
responsible for safekeeping your PIN. You agree not to disclose or otherwise 

make available your PIN to anyone not authorized to sign on your accounts. To keep 
your account secure, do not write your PIN on your card or keep it in the same place 
as your card.

28.  GOVERNING  LAW.  This  agreement  will  not  take  effect  until  it  is  
approved by the Credit Union in the State of Washington. All payments shall be made 
to the Credit Union at the Credit Union’s offices within the State of Washington. This 
Agreement shall be governed by the laws of the State of Washington.
29.  By the use of the iQ Credit Union Visa Credit Card you acknowledge receipt of 
the Agreement and agree to the terms herein.

YOUR BILLING RIGHTS – keep This Notice for Future Use.

This  notice  contains  important  information  about  your  rights  and  our  
responsibilities under the Fair Credit Billing Act.

Notify Us in Case of Errors or Questions about your Bill.

If you think your bill is wrong, or if you need more information about a transaction on 
your bill, write us on a separate sheet at the address listed on your bill. Write to us as 
soon as possible. We must hear from you no later than 60 days after we sent you the 
first bill 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.

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 bill 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 bill you for the amount you question, including 
FINANCE CHARGES, and we can apply any unpaid amount against your Credit Line. 
You do not have to pay any questioned amount while we are investigating, but you are 
still obligated to pay the parts of your bill that are not in question.

If we find that we made a mistake on your bill, 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 
of 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 delinquent. 
However, if our explanation does not satisfy you and you write to us within 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 bill. And we must tell you the name of anyone we reported you 
to. We must tell anyone we report you to that the matter 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 bill 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 must have been more than $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.

Call the Credit Union: (360) 695-3441
Outside the area: (800) 247-4364
TDD: (360) 695-9626
Visit Us At: www.iQcu.com 

Visa  
Credit Card  

Agreement  
and  
Regulation “Z”
 Disclosures

®

04/10

ICN0626

 
 
 
 
 
®

Modifications applicable only to the Platinum Agreement 
and the Professional Platinum Agreement:

Addendum to the iQ Credit Union
VISA Credit Card Agreement
VISA Platinum Credit Card Agreement
VISA Professional Platinum Credit Card Agreement

This  addendum  (“Addendum”)  amends  and 
supplements the terms of the iQ Credit Union VISA Credit 
Card Agreement (the “Standard Agreement”), the iQ Credit 
Union VISA Platinum Credit Card Agreement (the “Platinum 
Agreement”) and the iQ Credit Union Professional Platinum 
Credit  Card  Agreement  (the  “Professional  Agreement”) 
(the Standard Agreement, the Platinum Agreement and the 
Professional Platinum Agreement are collectively referred to 
as the “Agreements”).  Please keep a copy of this Addendum 
attached to your respective Agreement.  Except as modified 
by  this  Addendum,  all  the  existing  terms  and  conditions 
of the Agreements remain in effect.  If there is any conflict 
between  any  of  the  Agreements  and  this  Addendum,  the 
terms in this Addendum shall control. Effective  August 22, 
2010, each of the Agreements is revised as follows: 

Modifications to all Agreements:

•	

•	

•	

Each  reference  to 
“FINANCE  CHARGE”  or 
“FINANCE  CHARGES,”  as  the  case  may  be, 
is  changed  and  deemed  a  reference  to  “Interest 
Charge” or “Interest Charges,” as applicable. 
Each  reference  to 
“ANNUAL  PERCENTAGE 
RATE”  is  changed  and  deemed  a  reference  to 
“Annual Percentage Rate”
The  Returned  Check  Charge  will  no  longer  be 
charged  and  is  deleted  from:  (i)  Section  9(c)  of 
the Standard Agreement, (ii) Section 13(f) of the 
Platinum Agreement, and (iii) Section 13(f) of the 
Professional Platinum Agreement.

Modifications applicable only to the Standard Agreement:

The  Late  Fee  in  Section  9(g)  of  the  Standard 
Agreement  is  deleted  and  replaced  with  the 
following:

•	

•	
•	
•	

•	

The Late Fee in Section 13(c) of the Platinum 
Agreement and the Professional Platinum 
Agreement is deleted and replaced with the 
following:

Late Fee

Revised Terms, as of 08/22/10
A late fee of up to $25 will be imposed when any 
payment is 15 days past due.

•	

•	

•	

the 

insert 

In  Section  6,  Minimum  Periodic  Payment,  of 
the  Platinum  Agreement  and  the  Professional 
Platinum  Agreement, 
following: 
“Minimum payment will be the greater of $25 or 
3%  of  any  new  balance,  rounded  to  the  nearest 
dollar, plus the greater of any amount past due or 
any amount in excess of your credit limit. Payments 
received  at  the  mailing  address  shown  on  your 
statement on any business day by 5:00 P.M. Pacific 
Time  will  be  credited  to  your  Account  as  of  that 
date;  payments  received  by  mail  at  that  address 
after  5:00  P.M.  Pacific  Time,  or  on  a  weekend  or 
federal holiday will be posted to your Account as 
of the next business day. Payment crediting to your 
Account may be delayed up to five (5)  days if your 
payment is received by mail at any other address 
or not accompanied by the remittance portion of 
your Account statement.”
In Section 14, Security Agreement, of the Platinum 
Agreement  and  Section  15,  Security  Agreement, 
of  the  Professional  Platinum  Agreement,  the 
reference to Section 7 is deleted and replaced with 
a reference to Section 11.
A  new  Section  18.1  is  added  to  the  Platinum 
Agreement  and 
the  Professional  Platinum 
Agreement as follows:
“18.1   Address. You agree to advise us promptly if 
you change your mailing address.  We can accept 
address corrections received from the U.S. Postal 
Service or from any authorized user.  All written 
notices  and  statement  from  us  to  you  will  be 
sent to your address as it appears on our records.  
Written  notices  and  inquiries  from  you  must  be 
sent to us at:

Late Fee

Revised Terms, as of 08/22/10
A late fee will be imposed when any payment is 15 days 
past due.  A late fee of up to $15 will be imposed if the 
outstanding balance is less than $250 and a late fee of up to 
$25 will be imposed if the balance is $250 or more.

iQ Credit Union
P.O. Box 1846
Vancouver, WA 98668-1846