Please read this information carefully.  This is your copy of the Professional Platinum VISA Credit Card Agreement  

1.  Introduction.   This Agreement  covers  this  Professional  Platinum VISA  Credit  Card 
issued by iQ Credit Union (“Lender”).  In this Agreement the words “you,” “your,” “yours,” 
“applicant,” and “Borrowers” mean the organization or member to or for whom the Cards 
are  issued  under  this Agreement.   The  words “we,” “us,” “our,”  and “Lender”  means  
iQ Credit Union.  The word “Card” means any one or more credit cards issued under 
this Account.  The following terms and conditions govern this Account.

2. You Promise to Pay.   You promise to pay us in United States dollars, by cash, check, 
or money order as provided in this Agreement, all such amounts, plus FINANCE CHARGES, 
which arise from use of the Card or Account 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 from the use.  
This includes any loan requests for credit card purchases, payments to a third party, or 
for deposit to a deposit, share, or share draft account of yours, or any co-applicant at the 
Credit Union.  You agree to pay advances requested by any co-applicant the same as if you 
asked for the loan and it was paid to you.

3. Purchases and Cash Advances.  You must sign the Card to use it.  Once you have signed 
the Card, you can use it to buy or lease goods or services, wherever the Card is honored, 
up to the full amount of your credit line.  You also may use your Account and Card to get 
cash advances from us or participating financial institutions.  You may use your Card and 
personal identification number (“PIN”) to obtain cash advances at automated teller machines 
(“ATMs”) designated with the VISA or Plus System networks.  The periodic statement will 
identify the merchant or financial institution, at which transactions were made, but sales, 
cash advances, credit, or other slips cannot be returned with the statement.  We may impose 
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 postdated, 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. Rebate Program.  You may earn a 1% cash rebate on your account if you meet the 

following requirements.:

a.  Cash Rebate on Net Purchases.   You may earn a 1% cash rebate on net purchases 
(purchases less returns for credit) made during the rebate period in which the net 
purchases posted to your account.   The cash rebate will be calculated on cumulative 
net purchases posted to your account for the prior rebate period.  To illustrate, let 
us assume during the first rebate period of the year (January –March) your total net 
purchases equal $3500.   In this example, we would multiple $3500 by 1% which 
would equal a cash rebate of $35

  There are four rebate periods in each calendar year. January 1 through March 31, April 
1 through June 30, July 1 through September 30 and October 1, through December 
31.  The cash rebate for the prior rebate period will be credited to your checking or 
savings account by the 15th day of the month following the end of the prior rebate 
period. Your account must remain open and in good standing order to receive the cash 
rebate.   If at any time your account is assessed a late fee, is closed or is in default, you 
will forfeit all cash rebates accrued through the calendar quarter in which your account 
was closed, or the delinquency or default occurred.  The terms and conditions of this 

rebate program may be changed or cancelled at any time and for any reason without notice.  

6.  Minimum Periodic Payment.  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.

7. 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, payments, and credits made to your Account during the Billing Cycle, 
as well as your “New Balance,” any FINANCE CHARGE, any late charge, or other charges.  You 
may elect to receive your statement information electronically.  Your statement also will identify 
the “Required Payment Due” you must make for that Billing Cycle 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 to retain for statement verification copies of transaction slips resulting 
from each purchase, each advance, and other transaction on your Account.  Unless you notify 
us of a billing error as described below, you accept your monthly statement as an accurate 
statement of your Account with us.

8. Credit Line.  This Agreement will constitute a revolving line of credit, and we will advise you 
of the amount of your credit line.  That amount will be the maximum amount you may have 
outstanding at any one time.  You agree not to attempt to obtain more credit than the amount 
of your credit line.  However, if you temporarily exceed your credit line, you agree to pay any 
overlimit fees and repay the excess immediately, even if we have not yet billed you.  Obtaining 
such credit does not increase your credit line.  We retain the right to increase or decrease your 
credit line at any time for any reason.  Any increase or reduction on the limit of your credit line 
will be shown on your monthly statement or by separate notice together with any changes in 
the applicable minimum monthly payments.  The minimum credit limit is $2,500.

9. Circumstances 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 a Billing Cycle, 
including any FINANCE CHARGE will be shown on the Periodic Statement for that billing cycle 
as the “New Balance.”

a.  Purchases.  A  FINANCE  CHARGE  will  be  imposed  on  the  unpaid  portion  of  purchases 
included in the New Balance 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.

b.  Cash Advances.  A FINANCE CHARGE will be imposed on cash advances from the date 
each cash advance is made.  There is no time period within which to pay to avoid a 
periodic FINANCE CHARGE on cash advances.  In addition, a Cash Advance Fee (FINANCE 
CHARGE) equal to two percent (2%) of the advance (or $5.00, whichever is greater), will 
be applied to each cash advance. 

10.    Method  Used  to  Determine  the  Balance  on  Which  the  FINANCE  CHARGE  May  Be 
Computed. We figure the FINANCE CHARGE on your Account by applying the Periodic Rate to 
the “Average Daily Balance” of purchases and cash advances for your Account (not including 
current transactions). To get the “Average Daily Balance” we take the beginning balance of 
your Account each day, add any new purchases or cash advances, and subtract any payments 
or credits, unpaid FINANCE CHARGES and unpaid late charges. 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 gives us the “Average Daily Balance.

11.  Method of Determining the Amount of the FINANCE CHARGE. We figure the 
FINANCE CHARGE for purchases and cash advances by multiplying the Average Daily 
Balance of purchases and cash advances by the number of days in the Billing cycle 
and then by the applicable periodic rate.  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.. 

12.  Periodic Rate and Corresponding ANNUAL PERCENTAGE RATE. The Periodic 
Rate that is used to compute the FINANCE CHARGE and the corresponding ANNUAL  
PERCENTAGE RATE is variable, and will change based on changes in an index, which is 
the Prime Rate quoted on the 15th day of the last month of the prior quarter as published 
in The Wall Street Journal (Western Edition). We add a margin of 4.99 percentage points 
to the index to obtain the ANNUAL PERCENTAGE RATE. The ANNUAL PERCENTAGE RATE 
includes only interest and not other costs. The ANNUAL PERCENTAGE RATE is divided 
by 365 to produce the daily Periodic Rate. The Periodic Rate and ANNUAL PERCENTAGE 
RATE that will apply to your Account will be disclosed on the notice that accompanies 
(and is a part of) this Agreement when you open your Account. The ANNUAL PERCENTAGE 
RATE will in no event be higher than 18%,  over the life of the credit line. The rate will 
be adjusted on the twenty fifth day of each calendar quarter (January 25, April 25, 
July 25, and October 25).

13. Conditions Under Which Other Charges May Be Imposed.  We may impose the 
following fees and charges on your Account:

a.  Annual Fee.  An annual fee of $25 (per loan) will be charged to your Account 

each year.

b.  Cash Advance Fee.  The fee (FINANCE CHARGE) for a cash advance is the greater 

of 2.00% of the cash advance amount or $5.00.

c.  Late Fee.  A late fee of $25 will be imposed when any payment is 15 days past due.

d.  Miscellaneous Photocopying.  If you request a copy of a sales draft or other 
document, we may charge your Account $5 per copy and $35 per hour for 
research.  These charges cover the costs of locating, copying, and delivering 
the documents to you.  If a request is related to a billing error and an error is 
found, we will reverse any photocopying charges.

e.  Replacement Card Charge.  A $5 charge per card will be imposed for each 

replacement card you request, regardless of the reason.

f.  Convenience Check Stop Payment.  A $25.00 charge will be imposed for each 

convenience check stop payment request (includes verbal requests).

g.  ATM Surcharges.  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 charged to your account if you 
elect to complete the transaction.

h.  Fees and Costs.  We may pay someone else to help collect your Account if you 
do not pay.  You agree to pay us all costs to collect your Account, including 
court costs, reasonable attorney fees and costs, and collection agency costs, if 

 
applicable, whether or not there is a lawsuit, and fees on any appeal and fees 
for bankruptcy proceedings, appeals, and any post judgment collection services, 
if applicable.  These fees and costs may be added to your loan balance and bear 
interest at the ANNUAL PERCENTAGE RATE applicable at that time.

14. 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.

15. Security Interest.  To secure your Account, you grant us a purchase money security 
interest under the Uniform Commercial Code in any goods you purchase through your 
Account.  If you default, we will have the right to recover any of these goods, which 
have not been paid for through application of your payments in the manner described 
in Section 11.  Except for real estate loans or loans secured by a dwelling, collateral 
securing other loans with us also may be used to secure this Account.  You also pledge 
all of your present and future Credit Union accounts and any earnings thereon as security 
for obligations under your Account.

16. Conditions of Card Use.  The use of your Card and Account are subject to the 
following conditions:

a.  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 to any person whom 
we authorize to act as our agent, or to any person who is authorized to honor the 
Card, immediately according to instructions.  The Card may be repossessed at 
any time in our sole discretion without demand or notice.  You cannot transfer 
your Card or Account to another person.  You may not use the 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.

b.  Honoring the Card.  Neither we nor merchants authorized to honor the Card will 
be responsible for the failure or refusal to honor the Card or any other credit 
instrument or device we supply to you.  If a merchant agrees to give you a 
refund or adjustment, you agree to accept a credit to your Account in lieu of a 
cash refund.

c.  Notices and Payments.  All notices will be sent to your address as shown in the 
application. You agree to advise us promptly if you change your mailing address. 
All payments should be mailed to us at the remittance address shown on your 
monthly statements. Payments received at that address will be credited to your 
Account as of the date received. Payments mailed must reach our office by 
the due date. Where the due date falls on a weekend or holiday, payments are 
due the last working day prior to the due date. We can accept late payments 
or partial payments, or checks, drafts, and money orders marked “payment in 
full,” without prejudice to our rights under this Agreement, which are hereby 
explicitly reserved.

d.  Personal Identification Number.  We may issue you a Personal identification 
Number  (“PIN”)  for  using  your  Card  to  obtain  cash  advances  at  automatic 
teller machines (“ATMs”).  These 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, please do not write your PIN on your 
Card or keep it in the same place as your Card.

17. Default.  You will be in default under this Agreement if any of the following occur:  
(a) Any minimum payment is not made when due; (b) You become insolvent, bankrupt, 
or you die; (c) You violate any part of this Agreement, or any other agreement with us; 
or (d) if we reasonably deem ourselves insecure on your credit line.  We will notify you 
in writing of any such action as soon as practical if it occurs.  Upon default, we may 
declare the entire unpaid balance immediately due and payable, and you agree to pay 

Professional 
Platinum  
Visa 
Credit Card  

Agreement and
Regulation “Z”
Disclosures

that amount plus any attorney’s fees and costs incurred by us.  We can delay enforcing any 
right under this Agreement without losing that right or any other right.

18.  Credit  Information/Financial  Statements.   You  authorize  us  to  release  information  to 
others (e.g., credit bureaus, merchants, and other financial institutions) regarding the status 
and history of your credit line.  You agree to provide us, at any time we deem necessary, with a 
current financial statement and/or a new credit application upon request.  You authorize us to 
make or have made any credit, employment, and/or investigative inquiry we deem appropriate 
for the extension of credit, account maintenance, or collection of amounts owing on the Account 
directly or through a credit reporting agency.

18.1  You agree to advise us promptly if you change your mailing address. We can accept address 
corrections received from th 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:

iQ Credit Union
PO Box 1846
Vancouver, WA 98668-1846

19. Loss or Theft of VISA Platinum Credit Card - Liability for Unauthorized Transactions. 
You  agree  to  notify  us  immediately,  orally,  or  in  writing,  at  iQ  Credit  Union,  P.O.  Box  1846, 
Vancouver, Washington 98668-1846, or telephone (360) 695-3441, or (800) 247-4364 of the 
loss, of the theft, or the use without your permission of any Card or other credit instrument or 
device which we supply to you. 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 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 Card, otherwise your liability for unauthorized Professional Platinum Visa Credit 
Card transactions may be up to $50.00.

20. Termination.  Your eligibility for this credit line is determined by our loan policy and may 
be terminated at our sole discretion, without demand or notice.  You may close your credit line 
at any time by notifying us in writing and returning all Cards cut in half.  If you terminate this 
Agreement or if we terminate or suspend your credit privileges, the provisions of this Agreement 
and your liability hereunder shall otherwise remain in full force and effect until you have paid 
us all sums due us under this Agreement and returned all Cards.

21.  Severability.    If  any  provision  of  this Agreement  is  held  invalid,  all  provisions  that  are 
severable from the invalid provision remain in effect.

22. Acknowledgment and Amendments.  You understand and agree to the terms and conditions 
in this Agreement and the Fair Credit Billing Notice.  You acknowledge that you have received a copy 
of this Agreement and Disclosure and the Fair Credit Billing Notice.  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.

23. Governing Law.  This Agreement will not take effect until it is approved by us.  This Agreement 
shall be governed by the laws of the State of Washington.

Call the Credit Union: 360-695-3441
Outside the area: 800-247-4364
Visit us at : www.iQcu.com

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