Arkansas Federal
CREDIT CARD ACCOUNT
CREDIT
AGREEMENT AND DISCLOSURE
UNION
THIS IS YOUR CREDIT CARD ACCOUNT AGREEMENT AND IT INCLUDES NECESSARY
FEDERAL TRUTH-IN-LENDING DISCLOSURE STATEMENTS, PLATINUM CLASSIC VISA,
Improving Each Member's Financial Life
PLATINUM SECURE VISA AND DIAMOND PREFERRED REWARDS VISA AGREEMENTS, AND
P.O. BOX 9
JACKSONVILLE AR 72078
ANY SPECIAL INSTRUCTIONS REGARDING THE USE OF YOUR PLATINUM CLASSIC VISA,
(501) 982-1000
PLATINUM SECURE VISA AND DIAMOND PREFERRED REWARDS VISA CREDIT CARDS,
AND/OR ANY OTHER ACCOUNT ACCESS DEVICE. PLEASE BE CERTAIN TO READ THIS
AGREEMENT CAREFULLY AND NOTIFY US AT ONCE IF ANY PARTS ARE UNCLEAR.
Interest Rate and Interest Charges
Annual Percentage Rate
Diamond Preferred Rewards VISA:
8.75% - 12.75 %
based on Your
(APR) For Purchases
creditworthiness.
Your APR will vary with the market based on the Prime Rate.
Platinum Classic VISA:
6.00 %
-
10.75%
based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
Platinum Secure VISA:
14.00% -
18.00%
based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
APR for Balance
Diamond Preferred Rewards VISA:
8.75% -
12.75% based on Your creditworthiness.
Transfers
Your APR will vary with the market based on the Prime Rate.
Platinum Classic VISA:
6.00% -
10.75% based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
Platinum Secure VISA:
14.00% - 18.00 % based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
APR for Cash Advances
Diamond Preferred Rewards VISA:
8.75% -
12.75% based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
Platinum Classic VISA:
6.00% -
10.75 % based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
Platinum Secure VISA:
14.00% -
18.00 based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
Paying Interest
We will not charge You interest on purchases if You pay Your entire balance owed each month
within 25 days of Your statement closing date. We will begin charging interest on cash
advances and balance transfers on the transaction date.
For Credit Card Tips from
To learn more about factors to consider when applying for or using a Credit Card, visit the
the Federal Reserve Board
website of the Federal Reserve Board at http://www.federalreserve.gov/creditcard.
Fees
Transaction Fees
Foreign Transaction
1.00% of each transaction in U.S. Dollars.
Penalty Fees
Returned Payment
Up to $25.00
Late Payment
Up to $35.00 after 7 days.
How We Will Calculate Your Balance: We use a method called "average daily balance (including new purchases)." In all
cases, see Your Account Agreement for details.
Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in Your Account
Agreement.
Copyright Oak Tree Business Systems, Inc., 2010. All Rights Reserved.
Page 1 of 4
OTBS 016YCC DC FRB Web ARKA (8/10)
DEFINITIONS. In this Agreement, the reference to "We", "Us", "Our" and "Credit Union" mean ARKANSAS FEDERAL CREDIT UNION. The words "You" and "Your"
mean each person accepting this Agreement. If this is a joint Account, read singular pronouns in the plural. The words "Card" and "Credit Card" mean any Platinum
Classic VISA, Platinum Secure VISA or Diamond Preferred Rewards VISA Credit Card issued to You by Us and any duplicates or renewals. The word "Account" means
the Platinum Classic VISA, Platinum Secure VISA or Diamond Preferred Rewards VISA Credit Card Account established for You under this Agreement. "Convenience
Checks" mean the special Account access devices that We may provide for Your use from time to time.
Account
Variable Rate
Daily
Annual
Feature Categories
Margin
Index
Periodic Rate
Percentage Rate
Platinum Secure VISA
%
%
Platinum Classic VISA
%
%
Diamond Preferred Rewards VISA
%
%
PROMISE TO PAY. You, as the Borrower, understand that the following Federal
amounts paid in excess of the Minimum Monthly Payment will first be applied to
Disclosure Statement and the terms and conditions found herein constitute Our
the balance bearing the highest rate of interest, and then to each successive
Agreement with You. You may request advances on Your Account through
a
balance bearing the next highest rate of interest, until the payment is depleted.
variety of means which could include (but may not be limited to) telephonic
requests, advance request forms, vouchers, checks, charge slips, Convenience
Any unpaid portion of the Finance Charge will be paid by subsequent payments
Checks, Credit Cards and the like. Regardless of the means by which any
and will not be added to Your principal balance. You understand that any delay in
advance is made, You promise to pay Us all amounts charged to Your Account by
the repayment of Your unpaid balance will increase Your periodic Finance
You or by any user who has access to Your Account, with actual, apparent or
Charges and any acceleration in the repayment of Your unpaid balance will
implied authority for use of Your Account, including Finance Charges and other
decrease Your periodic Finance Charges.
fees or charges described herein.
Minimum Payments will be an amount equal to 3.00% of Your new unpaid
USE OF YOUR CARD. You may use Your Card to buy goods and services in
balance at the end of each billing cycle, subject to the lesser of $20.00 or Your
any place that it is honored and to get cash advances at participating financial
balance, plus any portion of the Minimum Payments shown on prior statement(s)
institutions. You agree not to use Your Card for illegal transactions including, but
which remains unpaid, plus any amount that exceeds Your approved Credit Limit.
not limited to, advances made for the purpose of gambling and/or wagering where
such practices are in violation of applicable state and/or federal law.
LATE CHARGE. If Your payment is more than seven days late, You will be
charged the lesser of: (a) $25.00 (this amount will be $35.00 if You have incurred
OTHER SECURITY. Collateral (other than household goods or any dwelling)
a late charge within 6 months of previously incurring a late charge); or (b) the
given as security under this Agreement or for any other loan You may have with
amount of the required minimum payment.
Us will secure all amounts You owe Us now and in the future if that status is
reflected in the "Truth-in-Lending Disclosure" in any particular Agreement
OTHER FEES AND CHARGES. You will be charged the lesser of $25.00 for any
evidencing such debt.
check (or other negotiable instrument used for payment) which is returned unpaid,
or the required minimum payment amount for the returned payment.
CONSENSUAL LIEN ON SHARES. You grant and consent to a lien on Your
shares with Us (except for IRA and Keogh accounts) and any dividends
FINANCE CHARGES. In the case of any transactions under Your Account, the
due or to become due to You from Us to the extent You owe on any
balances subject to the periodic Finance Charge are the average daily
unpaid Credit Card balance.
transactions balances outstanding during the month (including new transactions).
Separate average daily balances are calculated for purchases that are subject to
ACCOUNT RESTRICTIONS. In order to receive and maintain a Platinum Secure
a discounted rate, purchases that are not subject to a discounted rate, balance
VISA Credit Card, You agree to give Us a specific pledge of shares which will
transfers that are subject to a discounted rate, balance transfers that are not
equal Your credit limit. In the event that You default on Your Platinum Secure
subject to a discounted rate, cash advances (including convenience checks) that
VISA Credit Card, We may apply these shares toward the repayment of any
are subject to a discounted rate, and cash advances (including convenience
amount owed on Your Account. You may cancel Your Platinum Secure VISA
checks) that are not subject to a discounted rate.
Credit Card at any time by paying any amounts owed on Your Account. To be
certain that Your entire balance and all advances on Your Account are paid, any
To get the average daily balance for purchases that are subject to a discounted
shares pledged may not be available to You for 30 days after You have cancelled
rate, We take the beginning balance for purchases that are subject to a
discounted rate each day, add any new purchases that are subject to a
and any outstanding balance is paid in full.
discounted rate, debit adjustments or other charges and subtract any payments,
credits and unpaid Finance Charges. This gives Us the daily balance for
LINE OF CREDIT LIMITS. You will be notified of each specific Credit Limit for
purchases that are subject to a discounted rate. Then, We add up all the daily
which You are approved. Unless You are in default, any Credit Limits established
balances for purchases that are subject to a discounted rate during the billing
for You will generally be self-replenishing as You make payments.
cycle and divide them by the number of days in the billing cycle. This gives Us the
average daily transactions balances for purchases that are subject to a discounted
You will keep Your unpaid balance within Your Credit Limit set by Us, and You will
rate. To get the average daily balance for purchases that are not subject to a
pay any amount over Your Credit Limit on Our demand whether or not We
discounted rate, We take the beginning balance for purchases that are not subject
authorize the advances which caused You to exceed Your Credit Limit. Even if
to a discounted rate each day, add any new purchases that are not subject to a
Your unpaid balance is less than Your Credit Limit, You will have no credit
discounted rate, debit adjustments or other charges and subtract any payments,
available during any time that any aspect of Your Account is in default.
credits and unpaid Finance Charges. This gives Us the daily balance for
purchases that are not subject to a discounted rate. Then, We add up all the daily
JOINT ACCOUNTS. Each Borrower will be responsible, jointly and severally, for
balances for purchases that are not subject to a discounted rate during the billing
the repayment of any amounts owed. If any Account access device, such as a
cycle and divide them by the number of days in the billing cycle. This gives Us the
Personal Identification Number (PIN) is requested and approved, You understand
average daily transactions balances for purchases that are not subject to a
that any such Account access device(s) will be mailed only to the primary
discounted rate.
Borrower at the address that We have on file for You. We may refuse to follow
any instructions which run counter to this provision.
To get the average daily balance for balance transfers that are subject to a
discounted rate, We take the beginning balance for balance transfers that are
MINIMUM MONTHLY PAYMENTS (PAYMENT SCHEDULE). Though You need
subject to a discounted rate each day, add any new balance transfers, debit
only pay the Minimum Monthly Payments, You understand that You have the right
adjustments or other charges and subtract any payments, credits and unpaid
to repay at any time without penalty. You also understand that You will only be
Finance Charges. This gives Us the daily balance for balance transfers that are
charged periodic Finance Charges to the date You repay Your entire balance.
subject to a discounted rate. Then, We add up all the daily balances for balance
You may make larger payments without penalty. Any partial payment or
transfers that are subject to a discounted rate during the billing cycle and divide
prepayment will not delay Your next scheduled payment. All payments to Us must
them by the number of days in the billing cycle. This gives Us the average daily
be in lawful money of the United States. We may apply each payment to
transactions balances for balance transfers that are subject to a discounted rate.
whichever Feature Category We wish.
To get the average daily balance for balance transfers that are not subject to a
discounted rate, We take the beginning balance for balance transfers that are not
Payments will be applied in the following order: (a) any Late Charges owing; (b)
subject to a discounted rate each day, add any new balance transfers, debit
any other fees and charges owing; (c) any Finance Charges due; (d) Your
adjustments or other charges and subtract any payments, credits and unpaid
balance for purchases that are subject to a discounted rate; (e) Your balance for
Finance Charges. This gives Us the daily balance for balance transfers that are
purchases that are not subject to a discounted rate; (f) Your balance for balance
not subject to a discounted rate. Then, We add up all the daily balances for
transfers that are subject to a discounted rate; (g) Your balance for cash
balance transfers that are not subject to a discounted rate during the billing cycle
advances that are subject to a discounted rate; (h) Your balance for balance
and divide them by the number of days in the billing cycle. This gives Us the
transfers that are not subject to a discounted rate; and then to (i) Your balance for
average daily transactions balances for balance transfers that are not subject to a
cash advances that are not subject to a discounted rate. As permitted by law, any
discounted rate.
Copyright Oak Tree Business Systems, Inc., 2010. All Rights Reserved.
Page 2 of 4
OTBS 016YCC DC FRB Web ARKA (8/10)
To get the average daily balance for cash advances (including convenience
COLLECTION COSTS. In the event collection efforts are required to obtain
checks) that are subject to a discounted rate, We take the beginning balance for
payment on this Account, to the extent permitted by law, You agree to pay all
cash advances (including convenience checks) that are subject to
a
court costs, private process server fees, investigation fees or other costs incurred
discounted rate each day, add any new cash advances, convenience checks,
in collection and reasonable attorneys' fees incurred in the course of collecting
debit adjustments or other charges and subtract any payments, credits and
any amounts owed under this Agreement or in the recovery of any Collateral.
unpaid finance Charges. This gives Us the daily balance for cash advances
(including convenience checks) that are subject to a discounted rate. Then, We
ENFORCEMENT. We do not lose Our rights under this or any related agreement
add up all the daily balances for cash advances (including convenience
if We delay enforcing them. We can accept late payments, partial payments or
checks) that are subject to a discounted rate during the billing cycle and divide
any other payments, even if they are marked "paid in full" without losing any of
them by the number of days in the billing cycle. This gives Us the average
Our rights under this Agreement. If any provision of this or any related agreement
daily transactions balances for cash advances (including convenience checks)
is determined to be unenforceable or invalid, all other provisions remain in full
that are subject to a discounted rate. To get the average daily balance for
force and effect.
cash advances (including convenience checks) that are not subject to
a
discounted rate, We take the beginning balance for cash advances (including
NOTIFICATION OF ADDRESS CHANGE. You will notify Us promptly if You
convenience checks) that are not subject to a discounted rate each day, add
move or otherwise have a change of address.
any new cash advances, convenience checks, debit adjustments or other charges
and subtract any payments, credits and unpaid Finance Charges. This gives
CHANGE IN TERMS. We may change the terms of this Agreement by mailing or
Us the daily balance for cash advances (including convenience checks) that
delivering to You written notice of the changes as prescribed by the Federal
are not subject to a discounted rate. Then, We add up all the daily balances for
Truth-In-Lending Act. To the extent permitted by law, the right to change the terms
cash advances (including convenience checks) that are not subject to a
of this Agreement includes, but is not limited to, the right to change the periodic
discounted rate during the billing cycle and divide them by the number of days
rate applicable to Your unpaid balance and/or future advances.
in the billing cycle. This gives Us the average daily transactions balances for
cash advances (including convenience checks) that are not subject to a
INTEGRATED DOCUMENTS. Any separate sheet of paper labeled "Additional
discounted rate.
Disclosure Federal Truth-In-Lending Act" which is delivered together with this
Agreement or at a later date becomes an integrated part of this Agreement
The Finance Charge for a billing cycle is computed by multiplying the average
and Disclosure.
daily balance subject to a Finance Charge by the applicable Daily Periodic Rate
times the number of days in the billing cycle. You can avoid Finance Charges on
CONSENT TO AGREEMENT. You acknowledge receipt of a copy of this
purchases by paying the full amount of the entire balance owed each month within
Agreement. By signing the application; or by using Your Account or any Account
25 days of Your statement closing date. Otherwise, the new balance of
access device; or by authorizing another to use Your Account, You agree to and
purchases, and subsequent purchases from the date they are posted to Your
accept its terms.
Account, will be subject to a Finance Charge. Cash advances and balance
transfers are always subject to a Finance Charge from the later of the date they
UPDATING AND DISCLOSING FINANCIAL INFORMATION. You will provide
are posted to Your Account or from the first day of the billing cycle in which the
facts to update information contained in Your original Account application or other
transaction is posted to Your Account.
financial information related to You, at Our request. You also agree that We may,
from time to time, as We deem necessary, make inquiries pertaining to Your
VARIABLE RATE. All credit advances are subject to a Variable Rate which is
employment, credit standing and financial responsibility in accordance with
based on the highest Prime Rate as published in the Money Rates section of The
applicable laws and regulations. You further agree that We may give information
Wall Street Journal in effect on the 25th day of each calendar month of each year
about the status and payment history of Your Account to consumer credit reporting
("Index") plus Our Margin. The Index plus the Margin equals the Interest Rate.
agencies, a prospective employer or insurer, or a state or federal licensing agency
Changes in the Index will cause changes in the Interest Rate on on the first day of
having any apparent legitimate business need for such information.
the billing cycle in the calendar month immediately following any such change in
the Index. Increases or decreases in the Interest Rate will cause like increases or
TERMINATION. Either You or We may cancel Your Account or any particular
decreases in the Finance Charge and will affect the number of Your regularly
Feature Category of Your Account, at any time, whether or not You are in default.
scheduled payments. Your Interest Rate will never be greater than 18.00% and
You will, in any case, remain liable to pay any unpaid balances according to the
terms of Your Account.
will apply to Your remaining principal balance.
OVERDRAFT PROTECTION. We may transfer funds to Your share draft account
GOVERNING LAW. This Agreement is controlled and governed by the laws of
by an advance on Your Platinum Classic VISA or Diamond Preferred Rewards
the State of Arkansas except to the extent that such laws are inconsistent with
VISA Account, subject to this provision, to clear any overdraft on Your share draft
controlling federal law.
account. Such transfers will be in increments of $1.00 (or such other amount that
OWNERSHIP. Your Card remains Our property and may be cancelled by Us at
We may from time to time determine). Whether or not such transfers occur will be
any time without notice. You agree to surrender Your Card and to discontinue its
controlled by this Agreement. In any event, You hold Us harmless for any and all
use immediately upon Our request.
liability which might otherwise arise if the transfer does not occur. Overdraft
protection automatically ceases if this Agreement is ever cancelled or terminated
ISSUANCE OF A PERSONAL IDENTIFICATION NUMBER. We will issue, upon
or Your Account is in default.
Your request, a Personal Identification Number (PIN) for use with participating
Automated Teller Machines (ATMs). This PIN is confidential and should not be
PERIODIC STATEMENTS. On a regular basis, You will receive a statement
disclosed to anyone. You may use Your PIN to access Your Account and all sums
showing all transactions on Your Account including amounts paid and borrowed
advanced will be added to Your Account balance. In the event a use of Your PIN
since Your last statement. We will mail You a statement each month in which
constitutes an Electronic Fund Transfer, the terms and conditions of Your
there is a debit or credit balance or when a Finance Charge is imposed. We need
Electronic Fund Transfer Agreement may also affect Your rights.
not send You a statement if We feel Your Account is uncollectible or if We have
started collection proceedings against You because You defaulted. EACH
EFFECT OF AGREEMENT. Even though the sales, cash advance, credit or other
STATEMENT IS DEEMED TO BE A CORRECT STATEMENT OF ACCOUNT
slips You may sign or receive when using Your Card contain terms, this Agreement
UNLESS YOU ESTABLISH A BILLING ERROR PURSUANT TO THE FEDERAL
is the contract which solely applies to all transactions involving the Card.
TRUTH-IN-LENDING ACT.
UNAUTHORIZED USE. You may be liable for the unauthorized use of Your Card.
OUR RESPONSIBILITIES TO HONOR CONVENIENCE CHECKS. We are
You will not be liable for the unauthorized use that occurs after You notify Us of
under no obligation to honor Your Convenience Checks if: (1) by paying a
the loss, theft, or possible unauthorized use by calling Us at the telephone number
Convenience Check, You would exceed Your Credit Limit; (2) Your Cards or
shown in this Agreement or by writing to Us at the address shown in this
Convenience Checks have been reported lost or stolen; and/or (3) Your Account
Agreement. In any case, Your liability will not exceed $50.00.
has been cancelled or has expired. If a postdated Convenience Check is paid
and, as a result, any other Convenience Check is returned unpaid, We are not
REFUSAL TO HONOR CARDS OR CONVENIENCE CHECKS. We are not
responsible for any resulting loss or liability.
liable for the refusal or inability of merchants, financial institutions and others to
accept the Cards or Convenience Checks, or electronic terminals to honor the
DEFAULT. You will be in default if: (a) You do not make any payment or perform
Cards or complete a Card withdrawal, or for their retention of the Cards or
any obligation under this Agreement, or any other agreement that You may have
Convenience Checks.
with Us; or (b) You should die, become involved in any insolvency, receivership or
custodial proceeding brought by or against You; or (c) You have made a false or
FOREIGN TRANSACTIONS. For transactions initiated in foreign countries and
misleading statement in Your credit application and/or in Your representations to
foreign currencies, the exchange rate between the transaction currency and the
Us while You owe money on Your Account; or (d) A judgment or tax lien should
billing currency dollars) will be: (a) a rate selected by VISA from the range of
be filed against You or any attachment or garnishment should be issued against
rates available in wholesale currency markets for the applicable central processing
any of Your property or rights, specifically including anyone starting an action or
date, which rate may vary from the rate VISA itself receives; or (b) the
proceeding to seize any of Your funds on deposit with Us; and/or (e) We should,
government-mandated rate in effect for the applicable central processing date. For
in good faith, believe Your ability to repay Your indebtedness hereunder is or
transactions that are initiated in a foreign currency, You will be charged 1.00% of
soon will be impaired, time being of the very essence.
the final settlement amount. For transactions occurring in foreign countries and
initiated in U.S. Dollars, You will be charged 1.00% of the final settlement amount.
Upon any occurrence of default, We may, to the extent permitted by law, cancel
Your rights under this Agreement, require the return of all access devices and
TRANSACTION SLIPS. Your monthly statement will identify that merchant,
declare the entire balance of Your Account immediately due and payable, without
electronic terminal or financial institution at which transactions were made, but
prior notice or demand.
sales, cash advances, credit or other slips cannot be returned with the statement.
Copyright Oak Tree Business Systems, Inc., 2010. All Rights Reserved.
Page 3 of 4
OTBS 016YCC DC (8/10)
LOST CARDS OR CONVENIENCE CHECKS. To report lost or stolen Credit Cards
The charge in question may remain on Your statement, and We may
or Convenience Checks, You will immediately call Us at the telephone number
continue to charge You interest on that amount.
shown in this Agreement or write to Us at the address shown in this Agreement.
While You do not have to pay the amount in question, You are responsible
for the remainder of Your balance.
CREDITS. If a merchant who honors Your Card gives You credit for returns or
We can apply any unpaid amount against Your Credit Limit.
adjustments, they will do so by sending Us a slip which will be posted to Your
Account. If Your credits and payments exceed what You owe Us, We will hold and
After We finish Our investigation, one of two things will happen:
apply this credit against future purchases and cash advances, or if it is $1.00 or
more refund it on Your written request or automatically deposit it to Your share
If We made a mistake: You will not have to pay the amount in question or
account after six months.
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
Your Billing Rights: Keep this Document for Future Use
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
This notice tells You about Your rights and Our responsibilities under the Fair
as delinquent if You do not pay the amount We think You owe.
Credit Billing Act.
If You receive Our explanation but still believe Your bill is wrong, You must
What To Do If You Find A Mistake On Your Statement
write to Us within 10 days telling Us that You still refuse to pay. If You do
If You think there is an error on Your statement, write to Us at: Arkansas Federal
so, We cannot report You as delinquent without also reporting that
Credit Union, P.O. Box 9, Jacksonville, AR 72078. In Your letter, give us the
You are questioning Your bill. We must tell You the name of anyone to whom we
following information:
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
Account information: Your name and Account number.
do not have to pay the first $50 of the amount You question even if Your bill
Dollar amount: The dollar amount of the suspected error.
is correct.
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.
Your Rights If You Are Dissatisfied With Your Credit Card Purchases
You must contact Us:
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
Within 60 days after the error appeared on Your statement.
merchant, You may have the right not to pay the remaining amount due on the
At least 3 business days before an automated payment is scheduled, if
purchase. To use this right, all of the following must be true:
You want to stop payment on the amount You think is wrong.
1) The purchase must have been made in Your home state or within 100 miles of
You must notify Us of any potential errors in writing. You may call Us, but if You do
Your current mailing address, and the purchase price must have been more
We are not required to investigate any potential errors and You may have to pay
than $50. (Note: Neither of these are necessary if Your purchase was based on
the amount in question.
an advertisement We mailed to You, or if We own the company that sold You
the goods or services.)
What Will Happen After We Receive Your Letter
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
When We receive Your letter, We must do two things:
account do not qualify.
1) Within 30 days of receiving Your letter, We must tell You that We received
3) You must not yet have fully paid for the purchase.
Your letter. We will also tell You if We have already corrected the error.
2) Within 90 days of receiving Your letter, We must either correct the error or
If all of the criteria above are met and You are still dissatisfied with the purchase,
explain to You why We believe the bill is correct.
contact Us in writing at Our address shown in this Agreement.
While We investigate whether or not there has been an error:
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
We cannot try to collect the amount in question, or report You as
point, if We think You owe an amount and You do not pay, We may report You
delinquent on that amount.
as delinquent.
Copyright Oak Tree Business Systems, Inc., 2010. All Rights Reserved.
Page 4 of 4
OTBS 016YCC DC ARKA (8/10)
Arkansas Federal
CREDIT
PRICING INFORMATION ADDENDUM
CREDIT CARD ACCOUNT
UNION
AGREEMENT AND DISCLOSURE
Improving Each Member's Financial Life
P.O. BOX 9
THIS IS YOUR ADDENDUM THAT CONTAINS PRICING INFORMATION FOR YOUR
JACKSONVILLE, AR 72078
(501) 982-1000
PLATINUM CLASSIC VISA, PLATINUM SECURE VISA AND DIAMOND PREFERRED
REWARDS VISA CREDIT CARDS. PLEASE BE CERTAIN TO READ THIS ADDENDUM
CAREFULLY AND NOTIFY US AT ONCE IF ANY PARTS ARE UNCLEAR.
Interest Rate and Interest Charges
Annual Percentage Rate
Diamond Preferred Rewards VISA:
8.75% - 12.75%
based on Your creditworthiness.
(APR) For Purchases
Your APR will vary with the market based on the Prime Rate.
Platinum Classic VISA:
6.00% - 10.75%
based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
Platinum Secure VISA:
14.00% - 18.00%
based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
APR for Balance
Diamond Preferred Rewards VISA: 8.75% - 12.75% based on Your creditworthiness.
Transfers
Your APR will vary with the market based on the Prime Rate.
Platinum Classic VISA: 6.00% - 10.75% based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
Platinum Secure VISA: 14.00% - 18.00% based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
APR for Cash Advances
Diamond Preferred Rewards VISA: 8.75% - 12.75% based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
Platinum Classic VISA: 6.00% - 10.75% based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
Platinum Secure VISA: 14.00% - 18.00% based on Your creditworthiness.
Your APR will vary with the market based on the Prime Rate.
Paying Interest
We will not charge You interest on purchases if You pay Your entire balance owed each month
within 25 days of Your statement closing date. We will begin charging interest on cash advances
and balance transfers on the transaction date.
SEE TOP OF PAGE 2 for more important information about Your Account
Copyright Oak Tree Business Systems, Inc., 2010. All Rights Reserved.
Page 1 of 3
OTBS 016AYCC DC FRB_Web ARKA (8/10)
Fees
Transaction Fees
Foreign Transaction
1.00% of each transaction in U.S. Dollars.
Penalty Fees
Returned Payment
Up to $25.00
Late Payment
Up to $35.00 after 7 days.
How We Will Calculate Your Balance: We use a method called "average daily balance (including new purchases)." For all
other Feature Categories, We use a method called "daily balance (including new purchases)." In all cases, see Your Account
Agreement for details.
Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in Your Account
Agreement.
FINANCE CHARGES. In the case of any transactions under Your Account, the balances subject to the periodic Finance Charge are the average daily
transactions balances outstanding during the month (new and previous). Separate average daily balances are calculated for purchases that are
subject to a discounted rate, purchases that are not subject to a discounted rate, balance transfers that are subject to a discounted rate, balance
transfers that are not subject to a discounted rate, cash advances (including convenience checks) that are subject to a discounted rate, and cash
advances (including convenience checks) that are not subject to a discounted rate.
To get the average daily balance for purchases that are subject to a discounted rate, We take the beginning balance for purchases that are subject to
a
discounted rate each day, add any new purchases that are subject to a discounted rate, debit adjustments or other charges and subtract any
payments, credits and unpaid Finance Charges. This gives Us the daily balance for purchases that are subject to a discounted rate. Then, We add up
all the daily balances for purchases that are subject to a discounted rate during the billing cycle and divide them by the number of days in the billing
cycle. This gives Us the average daily transactions balances for purchases that are subject to a discounted rate. To get the average daily balance for
purchases that are not subject to a discounted rate, We take the beginning balance for purchases that are not subject to a discounted rate each day,
add any new purchases that are not subject to a discounted rate, debit adjustments or other charges and subtract any payments, credits and unpaid
Finance Charges. This gives Us the daily balance for purchases that are not subject to a discounted rate. Then, We add up all the daily balances for
purchases that are not subject to a discounted rate during the billing cycle and divide them by the number of days in the billing cycle. This gives Us
the average daily transactions balances for purchases that are not subject to a discounted rate.
To get the average daily balance for balance transfers that are subject to a discounted rate, We take the beginning balance for balance transfers that
are subject to a discounted rate each day, add any new balance transfers, debit adjustments or other charges and subtract any payments, credits and
unpaid Finance Charges. This gives Us the daily balance for balance transfers that are subject to a discounted rate. Then, We add up all the daily
balances for balance transfers that are subject to a discounted rate during the billing cycle and divide them by the number of days in the billing cycle.
This gives Us the average daily transactions balances for balance transfers that are subject to a discounted rate. To get the average daily balance for
balance transfers that are not subject to a discounted rate, We take the beginning balance for balance transfers that are not subject to a discounted
rate each day, add any new balance transfers, debit adjustments or other charges and subtract any payments, credits and unpaid Finance Charges.
This gives Us the daily balance for balance transfers that are not subject to a discounted rate. Then, We add up all the daily balances for balance
transfers that are not subject to a discounted rate during the billing cycle and divide them by the number of days in the billing cycle. This gives Us
the average daily transactions balances for balance transfers that are not subject to a discounted rate.
To get the average daily balance for cash advances (including convenience checks) that are subject to a discounted rate, We take the beginning
balance for cash advances (including convenience checks) that are subject to a discounted rate each day, add any new cash advances, convenience
checks, debit adjustments or other charges and subtract any payments, credits and unpaid Finance Charges. This gives Us the daily balance for cash
advances (including convenience checks) that are subject to a discounted rate. Then, We add up all the daily balances for cash advances (including
convenience checks) that are subject to a discounted rate during the billing cycle and divide them by the number of days in the billing cycle. This
gives Us the average daily transactions balances for cash advances (including convenience checks) that are subject to a discounted rate. To get the
average daily balance for cash advances (including convenience checks) that are not subject to a discounted rate, We take the beginning balance for
cash advances (including convenience checks) that are not subject to a discounted rate each day, add any new cash advances, convenience checks,
debit adjustments or other charges and subtract any payments, credits and unpaid Finance Charges. This gives Us the daily balance for cash
advances (including convenience checks) that are not subject to a discounted rate. Then, We add up all the daily balances for cash advances
(including convenience checks) that are not subject to a discounted rate during the billing cycle and divide them by the number of days in the billing
cycle. This gives Us the average daily transactions balances for cash advances (including convenience checks) that are not subject to a discounted
rate.
The Finance Charge for a billing cycle is computed by multiplying the average daily balance subject to a Finance Charge by the applicable Daily
Periodic Rate times the number of days in the billing cycle. You can avoid Finance Charges on purchases by paying the full amount of the entire
balance owed each month within 25 days of Your statement closing date. Otherwise, the new balance of purchases, and subsequent purchases from
the date they are posted to Your Account, will be subject to a Finance Charge. Cash advances and balance transfers are always subject to a Finance
Charge from the later of the date they are posted to Your Account or from the first day of the billing cycle in which the transaction is posted to Your
Account.
Your Platinum Classic VISA Feature Category will be subject to a variable Daily Periodic Rate of 0.016438% 0.029452% (corresponding to an
ANNUAL PERCENTAGE RATE of 6.00% 10.75%), depending on Your creditworthiness.
Your Diamond Preferred Rewards VISA Feature Category will be subject to a variable Daily Periodic Rate of 0.023973% 0.034932% (corresponding
to an ANNUAL PERCENTAGE RATE of 8.75% 12.75%), depending on Your creditworthiness.
Your Platinum Secure VISA Feature Category will be subject to a variable Daily Periodic Rate of 0.038356% .049315% (corresponding
to
an
ANNUAL PERCENTAGE RATE of 14.00% 18.00%), depending on Your creditworthiness.
Copyright Oak Tree Business Systems, Inc., 2010. All Rights Reserved.
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VARIABLE RATE. All credit advances are subject to a Variable Rate which is based on the highest Prime Rate as published in the Money Rates
section of The Wall Street Journal in effect on the 25th day of each calendar month of each year ("Index") plus Our Margin. The Index plus the
Margin equals the Interest Rate. Changes in the Index will cause changes in the Interest Rate on the first day of the billing cycle in the calendar
month immediately following any such change in the Index. Increases or decreases in the Interest Rate will cause like increases or decreases in the
Finance Charge and will affect the number of Your regularly scheduled payments. Your Interest Rate will never be greater than 18.00% and will
apply to Your remaining principal balance.
Your Margin will be determined by Your creditworthiness, and for Platinum Classic VISA the Margin will be 2.75% - 7.50%, whereas the Margin for
Diamond Preferred Rewards VISA will be 5.50% - 9.50% and the Margin for Platinum Secure VISA will be 10.75% - 14.75%.
Copyright Oak Tree Business Systems, Inc., 2010. All Rights Reserved.
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OTBS 016AYCC DC FRB_Web ARKA (8/10)