rate may vary from the rate Visa itself receives, or the government-
mandated rate in effect for the applicable central processing date,
plus 1%.

16. Monitoring Telephone Calls
By using your Card the first time, you authorize ESL and its
servicer to record and monitor your calls regarding this account.

17. Responsibility for Use of Card/Notices
Each person who has accepted and agreed to the terms of this
Agreement is individually responsible for all amounts owed on
the account and all are jointly responsible for all amounts owed.
This means ESL can enforce this Agreement against any of you
individually or all of you together. You are responsible for advances
obtained by anyone that one of you authorizes to use the account.
Each of you remains fully responsible even if another agreement,
a divorce decree, or a court order directs only one of you or a
third party to pay. Statements and notices addressed and mailed to
any one of you at the most recent address we have for you in our
records will be considered to have been sent to all of you.

18. Liability for Unauthorized Use
You may be liable for the unauthorized use of your Card. You
will not be liable for unauthorized use that occurs after you notify
us orally or in writing at Cardholder Service, P.O. Box 31112,
Tampa, FL 33631-3112 or at 800.449.7728 (or from outside
the United States at 727.571.2200) of the loss, theft or possible
unauthorized use. Notwithstanding the above, you may be liable
for any amount to the extent allowed under applicable law if we
determine that you were grossly negligent or fraudulent in the han-
dling of your account.

19. Governing Law
Any legal question under this Agreement will be decided in
accordance with applicable federal and New York State law
without regard to the laws of any other state. This Agreement is
made, and credit is extended in New York.

20. Change in Terms
A change in terms notice regarding this account will be made in
accordance with applicable regulation.

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 STATEMENT—If you think your statement is wrong,
or if you need more information about a transaction on your
statement, write to Cardholder Service, P.O. Box 31112, Tampa,
FL 33631-3112. We must hear from you no later than 60 days
after we sent you the FIRST statement on which the error or prob-
lem appeared. You can telephone us at 800.654.7728, 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 NOTICES—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 statement 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 limit. You do
not have to pay any questioned amount while we are investigating,
but you are still obligated to pay the parts of your statement that
are not in question.

If we find that we made a mistake on your statement, 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 on the
questioned amount. In either case, we will send you a statement of
the amount you owe and the date that is due.

If you fail to pay the amount that we determine you owe, we may
report you as delinquent. However, if our explanation does not
satisfy you and you write to us within 10 days telling us that you

still refuse to pay, we must tell anyone we report you to that you
have a question about your statement. 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 cannot collect the first $50 of the
questioned amount, even if your statement was correct.

Special Rule for Credit Card Purchases
If you have a problem with the quality of property or services that
you purchased with the ESL 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 to this right.

1. 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

2. The purchase price must have been more than $50.

These limitations do not apply if ESL owns or operates the
merchant, or if ESL mailed you the advertisement for the property
or services.

Accepted by:
ESL Federal Credit Union
Corporate Headquarters
225 Chestnut Street
Rochester, NY 14604

ESL Visa® Credit Card Agreement
RETAIL INSTALLMENT
CREDIT AGREEMENT

1. Agreement
This Agreement is between ESL Federal Credit Union (called
“ESL”, “us” or “we”) and each person who accepts the Visa
account (called “you”). The word “Card” refers to any Visa Card(s)
or Card number and the word “Check” refers to any Check we
issue under this Agreement. Sign your Card before you use it. The
first use of your Card, Check, or the Card number means that you
accept and agree to be bound by all the terms of this Agreement.

2. Using the Card/Account
You may use the Card or a Check to make purchases in person,
by mail, electronically (through the Internet) or by telephone
from merchants and the others who accept Visa Cards or Checks.
Any financial service provided by ESL Federal Credit Union may
be used for any transaction permitted by law. You agree that the
illegal use of any financial service will be deemed an action of
default and/or breach of contract and such service and/or other
related services may be terminated at the discretion of ESL. You further
agree, should illegal use occur, to waive the right to sue ESL for
such illegal activity directly or indirectly related to it. You also
agree to indemnify and hold ESL harmless from any suits or other
legal action or liability, resulting from such illegal use. ESL is not
responsible if any merchant refuses to accept the Card or Check.
You may also obtain cash advances from ESL, from other financial
institutions participating in the Visa program, and from automated
teller machines which display the PLUS or VISA network logos.
(Not all ATMs provide such access and you will need to use your
Personal Identification Number at those that do.) Cash advances
can be used to make balance transfers.

3. Credit Limit
When we send you the Card, and on each Monthly Statement, we
will tell you your credit limit. You may request an increase in your
credit limit by a written application or a telephone request. The
portion of your payments applied to the principal may be re-borrowed,
up to your current credit limit. We may reduce your credit limit
or terminate your borrowing privileges at any time without prior
notice to you. You may not allow the balance outstanding under
this Agreement to exceed your credit limit. We may, however, at
our discretion, honor your request for an advance that will exceed
your credit limit. If we do, all the provisions of this Agreement
will apply to that excess, you will be charged Finance Charges on
the advance, and you must pay the entire excess to us on demand.

M-104388 (10/11)

4. Payments
You agree to repay all advances made under this Agreement in
response to a request by you or anyone you authorize and all
Finance Charges and all other charges and amounts owed under
this Agreement. Within 25 days after the statement closing date
each month, you must make a minimum payment. The minimum
payment will be equal to the sum of: (i) the greater of 2.7% of your
Total New Balance or $25; (ii) any amounts that are past due; (iii)
the portion of your balance that exceeds your credit limit; (iv) any
applicable rebate participation fee then due; (v) any late fees that you
owe; and (vi) any other fees you may owe. You may pay more than
the minimum due or your entire indebtedness in full at any
time. We may allocate payments to amounts due in any manner or
order chosen by us, provided we comply with any applicable laws
or regulations.

5. Receipt of Payment
If we receive your payment, with a payment stub, at the address
indicated on the front of your monthly statement by 5:00 p.m.,
Monday through Friday (excluding legal holidays) we will credit it
to your account the same day. If your payment is received later in
the day, it will be credited to your account the next business day. If
we receive your payment at another location or without the pay-
ment stub, we will credit it within five business days. We may return
without presentment or protest and without credit to your account
any check which is: (i) missing a signature; (ii) drawn with differ-
ent numeric and written amounts; (iii) postdated; (iv) not payable
to ESL; (v) not paid upon presentment; (vi) drawn on a bank out-
side the United States; (vii) a Check provided to you for use under
this Agreement.

6. Irregular Payments
We will not lose any rights if we accept late payments, partial
payments, checks or money orders marked “payment in full” or
with similar words or phrases or other irregular payments.

7. Payment Holidays
From time to time, we may offer you a payment holiday allowing
you to skip a minimum payment. FINANCE CHARGES, if any,
will continue to accrue on your balance at the applicable periodic
rate and the period within which you must pay the Total New
Balance to avoid paying FINANCE CHARGES on purchases will
not be extended. The regular payment terms will resume at the end
of the payment holiday.

8. Finance Charge
The total FINANCE CHARGE you owe for a billing cycle will be
to the “Periodic Rate Finance Charge.” The minimum
equal
FINANCE CHARGE is $.50 in any billing cycle during which
there is an outstanding balance in your account subject
to a
FINANCE CHARGE. You will continue to pay a Finance Charge
at a periodic rate calculated as described in and under this
Agreement until what you owe is paid in full. Finance Charges can
continue to accrue after the date your monthly statement is gener-
ated. Therefore, even if you pay the Total New Balance shown on
your monthly statement and do not take any additional advances
after that date, you may still owe additional Finance Charges which
accrued after that Total New Balance was determined.

A. Periodic Rate Finance Charge–We calculate the Periodic
Rate Finance Charge by (i) multiplying the applicable daily
periodic rate by (a) the “purchase average daily balance” and
(b) the “Cash Advance average daily balance”; (ii) adding those
amounts together; and (iii) multiplying the sum by the number of
days in the billing cycle.

(1) Amount to Which Periodic Rate is Applied
To get the “purchase average daily balance,” each day we take
the beginning balance of your account attributable to purchases
that day, add any new purchases or purchase debits that day and
subtract any payments or credits attributable to purchases that day.
We do not include any unpaid Finance Charges. This gives us the
“purchase daily balance.” Then we add up all the “purchases daily
balances” for the billing cycle and divide the total by the number of
days in the billing cycle. This gives us the “purchase average daily
balance.” However, the “purchase average daily balance” will be
considered $0 if you pay your Total New Balance in full by the
billing cycle date and you paid your previous balance in full by the
billing cycle date.

To get the “Cash Advance average daily balance,” each day we
take the beginning balance of your account attributable to Cash
Advances that day, add any new Cash Advances or Cash Advance
debits that day and subtract any payments or credits attributable
to Cash Advances that day. We do not include any unpaid Finance
Charges. This gives us the “Cash Advance daily balance.” Then we
add up all the “Cash Advance daily balances” for the billing cycle
and divide the total by the number of days in the billing cycle. This
gives us the “Cash Advance average daily balance.” There is no
“grace” period for Cash Advances.

(2) Determination of the Daily Periodic Rate
The daily periodic rate equals the ANNUAL PERCENTAGE
RATE divided by 365.

Introductory Rate–An introductory daily periodic rate of
.01093% which is equivalent to an ANNUAL PERCENTAGE
RATE of 3.99% will be used for the first six monthly billing cycles
following the date on which your account is opened unless the Past
Due Rate applies (see below).

Base Rate for Gold Card–After the introductory rate period
ends, and provided the Past Due Rate does not apply, the AN-
NUAL PERCENTAGE RATE will be variable and will equal the
highest domestic Prime Rate published in the Money Rates
section of The Wall Street Journal as of five business days prior to
the first day of the calendar month in which the billing cycle begins
(called the “Index”) plus 6.73 to 14.74 percentage points based on
your creditworthiness (6.73% to 14.74%) (called the “Base Rate”).
The Base Rate can change on the first day of each billing cycle.

Past Due Rate–The ANNUAL PERCENTAGE RATE
applicable starting on the first day of the first billing cycle after
your account becomes “past due” and continuing until the billing
cycle after the “past due” status is corrected will be 18%. Your
account will be “past due” if the minimum monthly payment is not
made for two consecutive billing cycles.

in the ANNUAL
Effect of an Increase–An increase
PERCENTAGE RATE will
in an increase in the
FINANCE CHARGE, the monthly payment, and the outstanding
balance of your account.

result

B. Cash Advance Fee–there is no Cash Advance Fee.

C. Maximum Rate–The ANNUAL PERCENTAGE RATE will
not exceed the maximum rate allowed by applicable law.

9. Other Charges
You will pay the following other charges as applicable.

A. Annual Membership Fee–there is no Annual Membership Fee.

B. Documentary Evidence Charge–If you request documentary
evidence of a transaction (for example, a copy of a sales draft or
a duplicate monthly statement) other than in connection with a
billing error inquiry, you will pay a Documentary Evidence
Charge of $2.50 for each document. The charge will be added to
your Purchase Balance.

C. Late Fee–You will pay a Late Fee of up to $25 if your Total
New Balance on the last day of the billing cycle exceeds $25 and
your minimum payment has not been received within three days
following the payment due date. The fee will be charged after the
third day and added to your Purchase Balance.

D. Returned Payment Charge–You will pay a Returned Payment
Charge of up to $25 if you pay us with a check that your bank will
not honor or that is incomplete or if we return a check unpaid. The
charge will be added to your Purchase Balance.

E. Over the Credit-Limit Fee–there is no Over the Credit-Limit
Fee.

10. Default
You will be in default if: (i) you fail to make any minimum or
other required payment by the date it is due; (ii) you violate any of
the other terms of this Agreement; (iii) you default in the payment of
any other loan account with ESL; (iv) you die; (v) you file for bank-
ruptcy or become insolvent (unable to pay your obligations
as they become due); (vi) you make any false or misleading state-
ment on any credit application or credit update or fail to provide
complete and accurate financial information within 30 days after
a request from ESL for the information; (vii) any judgment is entered
against you or any of your deposit accounts at ESL are attached or
levied upon; or (viii) something happens which ESL believes may
substantially reduce your ability to repay what you owe.
When you are in default, ESL has the right to demand immediate
payment for your full account balance without prior notice. To the
extent permitted by law, you will also be required to pay collection
expenses, including court costs and reasonable attorney’s fees,
incurred by ESL.

11. Checks and Balance Transfers
We will not process a Check or Balance Transfer if: (i) you do
not have enough available credit in your account to cover the
Check or Balance Transfer in full; (ii) your account or your right to
obtain advances has been suspended or terminated; (iii) your Card
or Checks have been reported stolen; (iv) your Check is postdated
(shows a future date), although we may pay postdated Checks
as if they had a current date; or (v) you are in default under this
Agreement. We will not return to you the Checks that are paid but
will keep them on microfilm or another storage medium. There is
no Finance Charge grace period for Checks and Balance Transfers.

12. How to Stop Payment of a Check or Balance Transfer
You may request a stop payment on a Check or Balance Trans-
fer by notifying us by telephone at the number shown on your

monthly statement. The request will only be effective for 14 days
unless during that period you confirm, in writing, which describes
with certainty the item on which payment is to be stopped. Notice
must be received by us at ESL, Cardholder Service, P.O. Box
31112, Tampa, FL 33631-3112 in a timely manner so as to afford
us a reasonable opportunity to act upon it. In any event, we may
disregard any stop payment request six months after we receive it
unless you renew it in writing within the six month period. We will
use commercially reasonable efforts to stop payment of the Check
or Balance Transfer. However, you agree that we will not be
responsible in any way if a Check or Balance Transfer is processed
or otherwise presented for payment after you have requested us to
stop payment and, using commercially reasonable efforts, we are
unable to stop the payment.

13. Credit Information
We may investigate your credit standing and request credit reports
about you in connection with your application and updates,
renewals, extensions and collection activity and as otherwise per-
mitted by law. At your request, we will tell you whether we
requested a report and, if so the name and address of the credit
reporting agency which provided it. We may disclose information
about your account to credit bureaus and creditors who inquire
about your credit standing.

14. Returns and Credit Balances
Merchants and others who honor the Card may give credit for
returns or adjustments by sending a credit transaction which will
post to your account. The credit will be applied first to pay what
you owe us under this Agreement. If there is a credit balance (i.e.
a balance in your favor) on your account, we will hold it and apply
it to future amounts owed but will not pay you interest on it. We
will refund a credit balance to you if you ask. If the credit balance
is greater than $50, your request must be in writing. If a credit
balance greater than $1 remains in your account for six months, we
will automatically refund it to you. We may charge to your account
or you will pay us any amount that we refund in error.

15. Exchange Rates for Foreign Transactions
Purchases and Cash Advances made in foreign countries and
foreign currencies will be billed to you in U.S. dollars.

The exchange rate between the transaction currency and the
billing currency used for processing international transactions is a
rate selected by Visa from the range of rates available in wholesale
currency markets for the applicable central processing date, this

ESL Credit Card Information

M-104485 (10/11)

Interest Rates and Interest Charges

Annual Percentage 
Rate (APR) for 
Purchases

APR for 
Balance Transfers

APR for 
Cash Advances

Penalty APR and 
When it Applies

Paying Interest

Minimum Interest 
Charge

For Credit Card Tips 
from the Federal 
Reserve Board

Fees

Annual Fee

Transaction Fees
Penalty Fees

•	Late Payment
•	Returned Payment

Other Fees

3.99% Introductory APR for six billing cycles following the 
account open date.
After that, between 9.98% - 17.99% based on your 
creditworthiness.  This APR will vary with the market based on 
the Prime Rate1.
3.99% Introductory APR for six billing cycles following the 
account open date.

After that, between 9.98% - 17.99% based on your creditwor-
thiness.  This APR will vary with the market based on the 
Prime Rate1.
3.99% Introductory APR for six billing cycles following the 
account open date.

After that, between 9.98% - 17.99% based on your creditwor-
thiness.  This APR will vary with the market based on the 
Prime Rate1.
18.0%
This APR may be applied to your account if:
    1.  Your minimum monthly payment is not made for two  
         consecutive billing cycles.

How long will the Penalty APR Apply?  
If your APRs are increased for the reason above, the Penalty 
APR will be applied until the billing cycle after your past due 
status is corrected.
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 
your entire balance by the due date each month.

We will begin charging interest on cash advances and balance 
transfers on the transaction date.
If you are charged interest, the charge will be no less than 
$.50.
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.

None

None

Up to $25.00
Up to $25.00
None

See reverse side for additional information.

How we will calculate your balance
     We use a method called “average daily balance (including new purchases).”  See your  
     account agreement for more details.

Loss of Introductory APR
     We may end your Introductory APR and apply the Penalty APR if your minimum 
     monthly payment is not made for two consecutive billing cycles.

Billing Rights
     Information on your rights to dispute transactions and how to exercise those rights is 
     provided in your account agreement.

1We add 6.73% - 14.74% to the Prime Rate to determine the Purchase, Balance Transfer 
and Cash Advance Rates.  As of 8/25/11, the Prime Rate was 3.25%.