SPIRE
Metro Offices: 651.215.3500
Toll-Free: 888.34.SPIRE
www.spire-banking.com
FEDERAL CREDIT UNION
VISA GOLD REVOLVING CARD
AGREEMENT & DISCLOSURE STATEMENT
Interest Rates and Interest Charges
Annual Percentage Rate (APR) For
12.90% - Gold
Purchases, Balance Transfers and
Your rate is based on your creditworthiness. After that, your APR will
Cash Advances
vary with the market based on the Prime Rate.
Penalty APR and When It Applies
None.
Paying Interest
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
the balance by the due date each month.
Minimum Interest Charge
None.
For Credit Tips from the Federal Reserve Board
To learn more about factors to consider when applying for or
using a credit card, visit the website of the Federal Reserve Board at:
http://www.federalreserve.gov/creditcard
Fees
Annual Fee
None.
Transaction Fees
Balance Transfer
None.
Cash Advance
1% of the amount of each transfer not to exceed $25.
Foreign Transaction
1% of each transaction in U.S. Dollars.
Penalty Fees
Late Payment
Up to $25
Returned Payment
Up to $25
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 account agreement.
The purpose of this Visa Credit Card Agreement and Disclosure Statement ("Visa
Purchase and your account number.
Agreement") is to establish the terms and conditions for use of the Visa Credit
Card revolving line of credit and to provide you with certain disclosures required by
The words "Visa Cash Advance" means loans which may be obtained through the
law.
use of the card upon execution by you, written request on a form furnished by
Issuer, or an authorized Visa representative.
In this Visa Agreement the words "we," "our," "us" or "Credit Union" mean SPIRE
Federal Credit Union or its successors and assigns.
You and we understand and agree as follows:
The words "you" or "your" mean each person who has applied for a Visa Credit
1. Application. You have previously applied for a line of credit that you can use
Card or who uses the card or duplicate credit card.
from time to time and which may be accessed through means of a Visa Credit
Card and may be replenished by payment of amounts previously drawn on such
The word "card" means your Visa Credit Card and duplicates of said card. The
line of credit.
word "account" means your Visa Credit Card revolving credit account with SPIRE
Federal Credit Union.
2. Approval and Use. You understand that use of your credit card will constitute
acknowledgement of receipt and agreement to terms and conditions of this
The words "Credit Purchase" mean goods and services which may be purchased
Visa Agreement. You may use your card to make purchases from merchants
on leased by means of the card from any retail business establishment which
and others who accept your card. The Credit Union is not responsible for refusal
honors the card upon the execution of a sales slip evidencing such Credit
of any merchant or financial institution to dishonor your card.
3. Prepayment. You may pay the balance of your account in full or in part at any
$25, the minimum periodic payment will be 3% of that portion of the New
time without penalty except that you must pay the minimum periodic payments
Balance amount which does not exceed your credit limit, plus the entire portion
that are required under paragraph 8.
of
the New Balance amount in excess of your credit limit, plus any amount past
due, any late payment charge, and/or other charges. Any payments received for
4. Credit Limit and Repayment. Your credit limit will be determined by the
payment of amounts due on your account will be applied and allocated to your
Credit Union and this credit limit will be drawn upon as you utilize your Visa
account at the sole discretion of the Credit Union. If you pay more than the
Account. You must repay all credit that you access from your account in
minimum payment, your payment will be applied to the highest APR first.
accordance with the terms and conditions of this Visa Agreement. The card
is not transferable and will at all times remain the property of the Credit Union
9. Annual Fee. None.
and must be surrendered immediately upon demand by any authorized
representative of the Credit Union.
10. Late/Cash Advance/Replacement Card Fee/Returned Check
Charges/International Currency Conversions.
5. Finance Charge. A Finance Charge will be imposed on Visa Cash
Advances that you obtain through the use of your card during the current billing
You agree to pay up to a $25 fee when payments of any amounts due
cycle from the date of each such Cash Advance. The balance of Cash Advances
thereunder is more than 5 days late.
subject to a Finance Charge is the average daily outstanding unpaid balance,
which is determined by dividing the sum of the daily balances during the billing
You agree to pay a Cash Advance Fee of 1% of transaction amount with a
cycle by the number of days in the cycle. Each daily balance of Cash Advances
maximum of $25.
is determined by adding any new Cash Advances as of the transaction date
or the first day of the billing cycle in which posted, whichever is later, to previous
You agree to pay a $10 fee for replacement card(s) if card(s) is/are lost, stolen,
balance, excluding any unpaid Finance Charges, and subtracting each
or damaged.
payment and credit on the date of receipt. The Finance Charge for a billing
cycle is computed by multiplying the average daily balance by the daily rate and
You agree to pay up to a $25 fee if your check for payment is not honored or is
the number of days in the cycle.
returned to you because it cannot be processed.
A Finance Charge will be imposed on Credit Purchase of goods and service
You agree to pay a Foreign Transaction Fee of 1% of the total transaction amount
that you obtain through the use of your card only if you elect not to pay the
for international currency conversions.
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
11. Direct Payment Authorization. Unless you have instructed the Credit
New Balance shown on your previous monthly statement, a Finance Charge
Union to the contrary at the time you submitted your application or so instruct
will be imposed on the unpaid balance of Credit Purchases from the statement
the Credit Union before using your new Visa Credit Card, you authorize the
closing date and Credit Purchases made during the current billing cycle from
Credit Union in the event the minimum payment on your account is 10 days late
the date of posting each such Credit Purchase to the account, and will continue
or your account exceeds its assigned credit limit by 10% or more to pay the
to accrue until the closing date of the billing cycle preceding the date on which
minimum amount required on your account or the amount exceeding your credit
the entire New Balance is paid in full. If the New Balance indicated on your
limit by advancing funds from any savings account, checking account, or
statement for the prior monthly period is paid in full within 25 days after the
revolving credit loan plan that you have with the Credit Union.
closing date, no Finance Charge will be imposed during the current billing
cycle for Credit Purchases made during previous billing cycles.
12. Collection Costs. You agree to pay all costs, including reasonable attorney's
fees and court costs, incurred by the Credit Union in trying to collect any
The balance of Credit Purchases subject to a Finance Charge is the average
amounts which are owed on your account or in enforcing the terms and
daily outstanding unpaid balance, which is determined by dividing the sum of
conditions of this Visa Agreement.
the daily balances during the billing cycle by number of days in the cycle. Each
daily balance of Credit Purchases is determined by adding to the previous
13. Obligations For All Persons Under This Agreement. You agree to pay
balance new Credit Purchases posted through the date if the previous balance
any and all charges incurred by you or by any person whom you authorize to
was not paid in full within 25 days of the statement closing date, and subtracting
use the Visa Credit Card issued to you, and any fees or charges incurred in the
each payment and credit on the date of receipt, but excluding any unpaid
recovery of your card and in the retrieval of transaction data.
Finance Charges. The Finance Charge for a billing cycle is computed by
multiplying the average daily balance by the daily rate and the number of days in
14. Security Interest. If you give us a specific pledge of shares by signing a
the cycle, using Average Daily Balance (including new purchases) Method.
separate Pledge of Shares, your pledged shares will secure your account.
You may not withdraw amounts that have been specifically pledged to secure
6. Periodic Rate. The Daily Periodic Rate applicable to purchases and cash
your account until we agree to release all or part of the pledged amount. YOUR
advances for the billing cycle is 1/365th of the Annual Percentage Rate effective
ACCOUNT IS SECURED BY ALL OTHER SHARES YOU HAVE IN ANY
for the billing period as disclosed below. The ANNUAL PERCENTAGE RATE is
INDIVIDUAL OR JOINT ACCOUNT WITH US, EXCEPT FOR SHARES
a Variable Rate and may be changed quarterly. Your APR is determined by
IN AN IRA OR ANY OTHER ACCOUNT THAT WOULD LOSE
adding a margin of 9.65% for Visa Gold cards to the prevailing Prime
SPECIAL TAX TREATMENT UNDER STATE OR FEDERAL LAW IF
Rate. The U.S Prime Rate used to determine your APR for each billing cycle is
GIVEN AS SECURITY. THESE OTHER SHARES MAY BE
the highest rate appearing in The Wall Street Journal on the last day of the
WITHDRAWN UNLESS YOU ARE IN DEFAULT UNDER THIS
calendar months of March, June, September and December. If the Prime Rate
AGREEMENT. YOU AUTHORIZE US TO APPLY THE BALANCE
has changed, the new rates will take effect with your billing period ending the
IN YOUR INDIVIDUAL OR JOINT SHARE ACCOUNT TO PAY ANY
following month. As of the effective date of this disclosure, the ANNUAL
AMOUNTS DUE ON YOUR LINE OF CREDIT IF YOU SHOULD
PERCENTAGE RATE is 12.9% for Visa Gold which corresponds to a daily
DEFAULT. Collateral securing other loans you have with us may also secure this
periodic rate of 0.035% for Visa Gold. The Annual Percentage Rate will
loan, except that a dwelling will never be considered as security for this account,
never be greater than 18.00%.
notwithstanding anything to the contrary in any other Agreement."
7. CURewards. Gold cardholders are automatically enrolled in SPIRE's CURewards
15. Termination By Credit Union. The Credit Union may terminate your account
program. You will earn one point per dollar on purchases, when using your
and declare any and all amounts thereunder immediately due and payable under
CURewards Gold card. Accumulated points may be redeemed for merchandise
any of the following conditions:
and travel. Your account must be open and in good standing to redeem points.
No points are earned for cash advances, or balance transfers. Points will expire
(a) upon the adverse re-evaluation of your creditworthiness; or
three years from the end of the calendar year in which they are earned, and will
expire on a first-in-first-out basis annually (e.g. points earned in calendar year
(b) upon your failure to make any minimum payment or other required payment
one will expire on the last business day of calendar year four). The CURewards
by the date that it is due or otherwise fail to satisfy the terms of this Visa
Program is subject to the terms and conditions set forth in the CURewards
Agreement; or
Disclosure Statement made available to you together with the General Program
Rules and Conditions available at the CURewards website. Ask your Member
(c) upon your default under any other security agreement executed in
Service Representative for details.
connection with a transaction with the Credit Union; or
8. Minimum Payments. The minimum periodic payment required on your
(d) if you die; or
account will be the total New Balance as shown on your monthly billing
statement if such amount is $25 or less. If the New Balance amount exceeds
(e) at the Credit Union's option, if it has other good cause.
16. Termination by Cardholder. You may terminate your account at any time at
YOUR BILLING RIGHTS: KEEP THIS NOTICE FOR FUTURE USE
your option.
This notice tells you about your rights and our responsibilities under the Fair Credit Billing
Act.
17. Notification of Amendment or Termination. The Credit Union reserves
What To Do If You Find A Mistake On Your Statement
the right to amend this Visa Agreement to comply with federal and/or state
If you think there is an error on your statement, write to us at:
laws or to refuse any request for a Visa Cash Advance or Credit Purchase
SPIRE Federal Credit Union
at any time for any reason not prohibited by law or to terminate your account as
2025 Larpenteur Ave. W.
provided in paragraph 15. If the Credit Union changes the terms of this
Falcon Heights, MN 55113
Agreement, a 45 day notice of any change will be given in accordance
or via email: info@spire-banking.com
applicable law. The change in terms will apply to any future transactions and all
In your letter, give us the following information:
existing balances. You have the right to opt-out of any changes to your
Account information: Your name and account number.
account. If you elect to opt-out of any changes after notification, you will be
Dollar amount: The dollar amount of the suspected error.
required to submit your request in writing or contact us at: 651.215.3500 by the
Description of problem: If you think there is an error on your bill, describe
stated due date as stated in the notification. If you choose to opt-out, your
what you believe is wrong and why you believe it is a mistake.
account will be closed. Your existing balance may be subject to a five (5) year
amortization to repay the existing balance once your account is closed.
You must contact us:
Within 60 days after the error appeared on your statement.
18. Liability for Unauthorized Use. You may be liable for the unauthorized use
At least 3 business days before an automated payment is scheduled, if you
of your card. Notify us immediately, in writing or by telephoning us at
want to stop payment on the amount you think is wrong.
(800)-654-7728, if your card is lost, stolen or you suspect there has been
You must notify us of any potential errors in writing or electronically. You may call
unauthorized use of your card or account. You are not liable for any further
us, but if you do, we are not required to investigate any potential errors and you
unauthorized charges after you notify us of a loss, theft or possible
may have to pay the amount in question.
unauthorized use. You will have no liability for unauthorized purchases made
What Will Happen After We Receive Your Letter.
with your credit card, unless you are grossly negligent in handling your card. In
When we receive your letter, we must do two things:
any case your liability will not exceed $50.00.
1. 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.
19. Returns and Adjustments Merchants and others who honor your card
2. Within 90 days of receiving your letter, we must either correct the error or
may give credit for returns or adjustments, and they will do so by sending the
explain to you why we believe the bill is correct.
Credit Union a credit slip which will be posted to your account. If your credits
and payments exceed what you owe the Credit Union, the amount will be
While we investigate whether or not there has been an error:
applied against future purchases and cash advances. If the credit balance is
We cannot try to collect the amount in question, or report you as delinquent
$1.00 or more, it will be refunded upon your written request or automatically
on that amount.
after six (6) months.
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
20. Statements and Notices. Statements and Notices will be mailed to you at
the remainder of your balance.
the appropriate address you have given the Credit Union. Notice sent to any
We can apply any unpaid amount against your credit limit.
one of you will be considered notice to all.
After we finish our investigation, one of two things will happen:
21. Review of Credit. You understand that the Credit Union reserves the right
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.
to review your loan file and you hereby give permission and authorize the
If we do not believe there was a mistake: You will have to pay the amount in
Credit Union to investigate and re-assess your creditworthiness including the
question, along with applicable interest and fees. We will send you a
right to make inquiries as deemed necessary pertaining to your employment,
statement of the amount you owe and the date payment is due. We may then
credit standing, and financial responsibility from time to time as the Credit
report you as delinquent if you do not pay the amount we think you owe.
Union may determine.
If you receive our explanation but still believe your bill is wrong, you must write to
use within 10 days telling us that you still refuse to pay. If you do SO, we cannot re-
22. Governing Law. You understand and agree that this Visa Agreement shall
port you as delinquent without also reporting that you are questioning your bill. We
be governed in all respects, including validity, interpretation and enforcement,
must tell you the name of anyone to whom we reported you as delinquent, and we
by federal law and the laws of the State of Minnesota, without regard to its
must let those organizations know when the matter has been settled between us.
conflict of law principles. The invalidity or unenforceability of any provision of
this Visa Agreement under applicable law shall not affect, modify or impair the
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.
validity and enforceability of all other provisions. In addition, you agree that we
may sue you in the county in which our principal office is located.
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
23. Illegal or Unlawful Transaction. You may not use your card for gambling
your credit card, and you have tried in good faith to correct the problem with the
or other illegal or unlawful transactions, and we may decline to authorize any
merchants, you may have the right not to pay the remaining amount due on the
transaction that we believe poses an undue risk of illegality or unlawfulness.
purchase.
To use this right, all of the following must be true:
1. The purchase must have been made in your home state or within 100 miles
of your current mailing address, and the purchase price must have been
more than (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. You must have used your credit card for the purchase. Purchases made with
cash advances from an ATM or with a check that accesses your credit card
account do not qualify.
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 or electronically at:
SPIRE Federal Credit Union
2025 Larpenteur Ave. W.
Falcon Heights, MN 55113
info@spire-banking.com
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.
NCUA
(1/11)