Visa Credit Card Application Agreement & Truth-In-Lending 
Disclosure Statement

In this agreement (called the “Agreement”), the words “we”, “us” and “our” mean Zeal Credit Union 

and its successors and assignees. “You” and “your” mean or refer to each and all persons who have 

applied for the Card (s) by signing a loan application for a credit card account or accepts a telemarketing or 

other offer for a credit card account or uses the credit card. Every person signing a credit card application 

represents that he or she is a member of this Credit Union. To preserve your membership and ability 

to borrow under this contract, you give us the right to advance funds to your share account from your 

unused line of credit limit in increments of five dollars. “Card” means the VISA Credit Card or Cards, or 

any other access check or device used now or in the future, and any duplicates and renewals thereof or 

substitutions therefore we may issue. “Account” means your VISA Credit Card line of credit loan account 

with us. This Agreement and Truth-in-Lending Disclosure Statement is a contract and is part of the credit 

application. 

1. Responsibility. By signing a loan application, you are applying to us for a VISA Credit Card line of credit 

loan. If we approve the loan and issue a Card, you promise to repay all debts and the Interest thereon 

arising from any authorized use of the Card. You agree NOT to let someone else use the Card. If you do, 

you are agreeing with us that you authorize ALL use that person makes of the Card. Therefore; you will 

be liable for ALL use of the Card. Of course, once you notify us of unauthorized use we will take prompt 

steps to try to prevent any further Card use by that person. If two persons sign the application, the 

Account is joint; therefore each of you, separately and jointly with each other, are liable for all debts on the 

Account and Interest thereon. Your obligation to pay all such debts and Interest thereon continues even 

though an agreement, divorce decree or other court judgment to which we are not a party may direct that 

only one of you, or some person other than you (or both of you) must pay such debts and Interest.

2. Credit Line. If we approve your loan application, we will establish a self-replenishing line of credit for 

you and will notify you of the amount thereof (“credit limit”) in the mailer included when we issue your 

Card. That mailer is incorporated herein as part of this Agreement. You agree not to let your Account 

balance exceed such credit limit. Each payment you make on the Account will replenish your credit limit 

by the part of that payment which is applied to principal. You may request an increase in the credit limit by 

written application only, which must be approved by us. We may reduce your credit limit from time to time 

or may, with good cause, revoke your Card and terminate this Agreement; in either event, we will give you 

Membership Account Agreement | 1

written notice of such action. “Good cause” includes your failure to satisfy the terms of this Agreement, 

or our adverse re-evaluation of your creditworthiness. However, you may terminate this Agreement, at any 

time and for any reason, by giving us written notice. Nevertheless, termination by you or by us does not 

affect your obligation to pay all debts and interest thereon arising from authorized use of your Card. The 

Cards remain our property and you must recover and surrender to us all Cards upon our request or upon 

termination of this Agreement.

3. Using the Card. We will send you a Card (s) embossed as you have directed. As soon as received, each 

Card must be signed (in the space provided on the back) by the person whose name is embossed thereon. 

That signature must be in the same form as the name embossed on the front of the Card. To make a 

purchase or cash advance, present the Card to a participating VISA-plan merchant, financial institution or 

us, and sign the sales draft or cash advance draft which will be imprinted with your account number. You 

can also use your Card, together with your Personal Identification Number (PIN), to get a cash advance 

from an Automated Teller Machine (ATM) in the VISA TRAVEL NETWORK, a VISA financial institution or 

make a purchase from a merchant that uses the card in an electronic terminal that accesses the VISA 

system. There is no fee for ATM cash advances. You agree not to use your Card for any type of illegal 

transaction or activity as defined by federal and state laws. Please note that we are not responsible if a 

particular VISA-plan merchant or financial institution refuses to honor your Card. You will receive a copy of 

any draft you sign when using the Card, which you should retain to verify your monthly statement.

4. Monthly Payment. A statement will be mailed every month showing: “Previous Balance of Purchases” 

from your last statement; “Cash Advances” and “New Balance of Purchases” transactions posted to your 

Account since the last statement; and “Interest”, “Cash Advances” and required “Minimum Payment” 

due to the date of statement and the remaining credit limit still available. You must pay at least the 

Minimum Payment shown on your statement within 25 days of the closing date on the statement. You 

may pay any amount greater than the Minimum Payment, including payment in full of the New Balance on 

the statement, without penalty for prepayment. You may make payments on the Account as often as you 

wish. The Minimum Payment will be either (a) minimum 2% of your New Balance or $25.00, whichever 

is greater, or (b) maximum 4% of your balance or $25, whichever is greater, or (c) your full New Balance, 

if the total is less than $25.00; provided, however, the Minimum Payment shown on your statement 

includes any unpaid portions of Minimum Payment(s) shown on earlier statement(s). In addition, if at any 

time your total New Balances exceed the credit limit, you must pay us that excess immediately. The Credit 

Union reserves the right to apply the payments to your account in any manner it may choose at its sole 

discretion. Generally, Credit Union may elect to apply each payment in the following order: unpaid interest, 

visa charges, credit purchase balances as of the closing date of the last statement; cash advance balances 

as of the closing date of the last statement; credit purchases of this billing cycle and cash advances this 

billing cycle.

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5. Interest. The Interest shown on your Monthly Statement is figured by multiplying a Monthly Period 

Rate times the average daily balance of both Credit Purchases and Cash Advances. The Interest and the 

corresponding Annual Percentage Rate are computed using a variable monthly rate, which may change up 

to twelve (12) times a year. If rate changes occur, they will be made on the first Billing Cycle following the 

16th day of each month. The Annual Percentage Rate and its corresponding Monthly Periodic Rate which 

goes into effect (or continues in effect) is determined by taking the Prime Rate as listed in the “Money 

Rates” column in the Wall Street Journal on the last business day preceding the 16th day of each month.

CLASSIC FIXED RATE  

The Interest for a VISA® Classic for a billing cycle is computed by applying the daily Periodic Rate of 

.03260% which is an Annual Percentage Rate of 11.90% to the average daily balance of the Credit 

Purchases, which is determined by dividing the sum of the daily balances during the billing cycle by 

the number of days in the cycle. Each daily balance of Credit Purchases is determined by adding to the 

outstanding unpaid balance of Credit Purchases at the beginning of the billing cycle any new Credit 

Purchases posted to your account, and subtracting any payments as received and credits as posted to 

your account, but excluding unpaid Interest. 

PLATINUM FIXED RATE  

The Interest for a VISA® Platinum billing cycle is computed by applying the daily Periodic Rate of .02712% 

which is an Annual Percentage Rate of 9.90% to the average daily balance of Credit Purchases, which is 

determined by dividing the sum of the daily balances during the billing cycle by the number of days in the 

cycle. Each daily balance of Credit Purchases is determined by adding to the outstanding unpaid balance of 

Credit Purchases at the beginning of the billing cycle, any new Credit Purchases posted to your account, 

and subtracting any payments as received and credits as posted to your account, but excluding any unpaid 

Interest. 

CLASSIC VARIABLE RATE  

The variable ANNUAL PERCENTAGE RATE for Classic Cards will be based on the Prime Rate plus a Margin 

of 5.75% but never more than 25.00%. 

PLATINUM VARIABLE RATE  

The variable ANNUAL PERCENTAGE RATE for Platinum cards will be based on the Prime Rate plus a 

Margin of 4.50%, but never more than 25.00%. The Monthly Periodic Rate is determined by dividing 

the above Annual Percentage Rate by twelve (12). The Interest Charge for Cash Advances and Credit 

Purchases are determined as follows:

a. Cash Advances. Interest on Cash Advances begins to accrue on the date you obtain the cash 

advance or the first day of the Billing Cycle in which it is posted to your account, whichever is later. 

There is no grace period on Cash Advances. The Interest for a Billing Cycle is computed by applying 

the Monthly Periodic Rate to the average daily balance during the Billing Cycle, which is determined by 

dividing the sum of the daily balances for Cash Advances during the Billing Cycle by the number of days 

Membership Account Agreement | 3

in the Cycle. Each daily balance is determined by adding new cash advances received to the previous 

balance for Cash Advances, and subtracting any payments received or credits posted to your account, 

excluding unpaid Interest.

b. Credit Purchases. To avoid incurring any additional Interest on the balance of Credit Purchases 

reflected on your Monthly Billing Statement, you must pay the “New Balance” in full within 25 days 

of your Statement closing date. The Interest for a Billing Cycle is computed by applying the Monthly 

Periodic Rate to the average daily balance of Credit Purchases, which is determined by dividing the sum 

of the daily balances during the Billing Cycle for Purchases by the number of days in the Cycle. Each 

daily balance is determined by adding new Credit Purchases posted to your account to the previous 

balance of Credit Purchases, and subtracting any payments received and credits posted to your 

account, but excluding any unpaid Interest.

6. Grace Period. You have a 25-day grace period for Purchases, providing you have paid your previous 

balance in full by the Payment Due Date. In order to avoid additional Finance Charges on Purchases, you 

must pay your balance in full by the Payment Due Date on the front of your statement. Exception: There is 

no grace period on Cash Advances.

7. Skip Payment Option. Occasionally we may offer you the option to “skip” your minimum monthly 

payment. You may not skip payments unless this offer is made to you. Skip Payment Option will not be 

available to you if your Accounts are delinquent or in default. When you use a skip payment option the 

periodic Interest continues to build on the entire unpaid balance of your Account.

8. Promotional Balances. We may from time to time offer you a promotional Periodic Rate on all or a 

portion of Cash Advance or Purchase balances in your Account (“Promotional Balances”). If you take 

advantage of a Promotional Balance program, the resulting Promotional Balance will be subject to 

the terms of that specific promotional offer and this Agreement. Any expiration date specified in the 

Promotional Balance offer, the date the Account is closed to future transactions, or the date your Account 

becomes subject to a Default Rate as provided below (the “Termination Date”). In each Promotional 

Balance program, any terms of the program not disclosed in this Agreement (such as the Annual 

Percentage Rate, effective dates any grace period) will be detailed in the Promotional Balance offer.

9. Credits. If merchants who honor your Card give you a credit for returns or adjustments, they will do 

so by sending us a credit slip, which we will post to your Account. You should keep your copy of the 

credit slip to verify your monthly statement. If your credits and payments exceed what you owe us on the 

Account, we will credit such excess to the Account and, if the amount is $1.00 or more, we will refund it 

after 6 months or upon your written request.

Membership Account Agreement | 4

10. Other Charges. The following fees will be added to your Account, as applicable:

Late Fee - If your minimum payment is not received within 10 days after the payment due date, a late 

fee of $25.00 may be added to your account. 

Returned Check (NSF) Fee - If a check you give us in payment of amounts you owe is returned 

unpaid for any reason, a NSF fee of $25.00 may be added to your account.

Over Limit Fee - If your New Balance (less any fees imposed during the cycle) exceeds your credit 

limit on the statement date, an over limit fee of$25.00 may be added to your account.

Document Copy Fee - You will be charged $4.00 for each copy of a draft, charge or statement that 

you request.

11. Balance Transfers. You may transfer balances from other credit card accounts with other creditors, 

subject to the terms and conditions of your Agreement. We reserve the right to refuse any request to 

transfer balances at our sole discretion, and assume no liability of any kind if we refuse your request. 

Balance transfer request(s) exclude loan or credit card balances held with Zeal Credit Union. All balance 

transfers are processed at the rate indicated in the current VISA Credit Card Agreement and are subject 

to credit limit availability and membership accounts being in good standing. To transfer balances to your 

Account, you must complete a Balance Transfer Request form that we will provide upon request. Any 

balance(s) transferred to your Account will be subject to Interest Charges as described in your Agreement. 

You promise to pay any amounts that we advance from your Account for such purpose, as reflected on 

your Monthly Billing Statement.

You acknowledge that you are responsible for any additional fees incurred on the accounts listed above 

(late charges, finance charges, additional purchases, etc.) and that you must continue to make the 

minimum payment amount(s) due until the balance transfer is processed and the amount is reflected 

both on the creditor’s statement and on your Zeal Monthly Billing Statement. Zeal Credit Union is not 

responsible for these additional fees assessed by the other financial institution, including payments that 

are late or lost in the mail. Please allow up to 30 days for processing of the balance transfer. Any transfer 

of balances that contain disputed transaction charges, you understand that you may lose some or all of 

your rights to those charges. By performing a balance transfer, Zeal Credit Union is not responsible for 

closing your other account (s) and that the account will be not automatically close after being paid in full.

12. Foreign Transactions. Purchases and cash advances you make in foreign countries and foreign 

currencies will be billed to you in U.S. dollars. The conversion to U.S. dollars will be made in accordance 

with the VISA operating regulations for international transactions.

Membership Account Agreement | 5

13. Loss or Theft of Card. You agree to notify us immediately upon discovering that your Card has  

been lost or stolen.

14. Ownership of Cards. Any card issued in relation to your account is the property of the Credit Union 

and upon demand of Credit Union, you will surrender it to Credit Union or its authorized agent or destroy  

it by cutting it in half.

15. Assignability. You shall have no right to transfer your Account or to assign this Agreement.  

The Credit Union, however, shall have the right to assign and transfer, at any time an in its sole  

discretion, this Agreement or any or all of its rights under this Agreement to any other person or entity.

16. Cancellation. You may cancel this Agreement with Credit Union or revoke any Authorized User’s 

status at any time by notifying Credit Union in writing and returning any affected Card. You understand 

and agree that Credit Union has up to ten (10) days after such notice to effectuate your cancellation or 

revocation of Authorized User’s status. You remain obligated to Credit Union for all Credit Purchases or 

Cash Advances made prior to or up to thirty (30) days after such cancellation or revocation, and Credit 

Union may declare your balance due and payable together with all applicable Interest and other fees and 

charges; otherwise you remain obligated to repay any unpaid balance according to this Agreement.

17. Claims. You waive and release Credit Union from all defenses, rights and claims you may have 

against any person or company honoring a Credit Card or other access device or not permitting a Credit 

Purchase or Cash Advance, except where such rights cannot be waived under the Fair Credit Billing Act. 

If your Account is available to provide overdraft protection to a deposit account under a separate Overdraft 

Protection Request/ Agreement, you hold Credit Union harmless from any and all claims which might 

otherwise arise if an advance is not processed to cover an overdraft regardless of whether or not credit 

was available under your account.

18. Disputes. You agree to make a good faith effort to settle all disputes concerning Credit Purchases 

made through the use of your Card with the merchant or other person honoring the Card. Except as 

provided in the notice of Your Billing Rights, you agree to pay the Credit Union all amounts charged to your 

Account despite any such dispute.

19. Lien Impressment. Unless prohibited by law, the Credit Union shall have the right to set off the 

amount of any funds you have in your Accounts with the Credit Union or any other amounts owed to you 

by the Credit Union against any amounts charged to your Account after your Account has been canceled  

or terminated. This right of setoff will not extend to any deposits established under a governmental 

approved tax deferral deposit plan such as an I.R.A. or KEOGH account. Credit Union also impresses  

a lien upon your shares and dividends and has the right to enforce that lien in a manner similar to  

enforcing its right of setoff.

Membership Account Agreement | 6

20. Security Interest. If you have given the Credit Union a security interest in any property (other than 

your principal dwelling or “household goods” as defined in the Federal Trade Commission’s Credit 

Practices Rule) as part of any other agreement with the Credit Union, that property is also pledged by 

you as security for the credit extended under this Agreement, unless prohibited by law. This provision is 

the Security section under the Truth in Lending disclosure of this Agreement as well as a statement of 

contract which results in collateral securing other loans with Credit Union also securing this Agreement.

To the extent permitted by law, you grant Credit Union a purchase money security interest in all goods  

you purchase under your Account to the extent you continue to owe Credit Union for the purchase of  

such goods under your Account if such goods are “household goods,” and to the extent you continue  

to owe Credit Union any money under your Account if such goods are not “household goods”. Further,  

if you give Credit Union a specific pledge of other collateral to secure the repayment of your Account,  

such as a pledge of your shares or deposits, then such other collateral will also secure the repayment  

of your Account.

21. Default. You will be in default if you fail to make the “Minimum Payment” shown on a monthly 

statement within 25 days of the closing date on the statement. You will also be in default if (a) you breach 

any other conditions of the Agreement, (b) if we determine that your creditworthiness (which includes 

your ability to repay us) has become unsatisfactory due to change in employment, increase in your other 

obligations, or because of any other reason, or (c) in the event of your death. In the event of any default 

or in the event this Agreement is terminated by you or by us for any reason, the entire balance on the 

Account becomes due and payable forthwith. You also agree that, in case of default, you will pay all usual 

and customary costs of collection permitted by law.

22. Credit Information. You authorize us to investigate your employment and/or credit standing when 

opening, renewing or reviewing your Account, and you authorize us to disclose information regarding  

our experience with you under this Agreement to credit bureaus and other creditors.

23. Effect of Agreement. This Agreement contains our complete contract relating to the Account and 

applies to every transaction relating to the Account even though a sales or cash advance draft you sign  

or credit slip may contain different terms.

24. Amendment of Agreement. From time to time, we may amend this Agreement by giving you written 

notice of the amendment at least 45 days before it goes into effect, unless a shorter notice period is 

permitted by law. The notice will be sent to your last known address appearing in our records and will 

state the date upon which the amendment will become effective. Any amendments which affect you 

adversely (such as an increase in the interest rate) may also apply to amounts you already owe.  

Of course, we will only make changes the law permits.

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25. Personal Identification Number (PIN). We will furnish you with a Personal Identification Number 

(PIN). You agree to keep the PIN secret. You also agree you won’t write the PIN on the Card or anything 

you keep with the Card. Your use of the PIN and Card in getting a cash advance or making a purchase is 

agreed to constitute your signature for purposes of such cash advance.

26. Record Keeping. You hereby agree that we may keep the portion of this Agreement which bears your 

signature so that we can comply with federal and/or state law relating to loan documents we are required 

to keep in our files.

27. Use of Card for Illegal Activity. You agree that you will not use your account for any transaction or 

activity which is illegal under state or federal law.

28. Governing Law. Except to the extent that federal law controls, this Agreement is controlled by the 

laws of the State of Michigan.

YOUR BILLING RIGHTS - KEEP THIS NOTICE FOR FUTURE USE. THIS NOTICE CONTAINS IMPORTANT 

INFORMATION ABOUT YOUR RIGHTS AND OUR RESPONSIBILITIES UNDER THE FAIR CREDIT BILLING 

ACT.  Notify Us In Case Of Errors Or Questions About Your Bill If you think your bill is wrong, or if you need 

more information about a transaction on your bill, write us on a separate sheet at the address listed on 

your bill. Write to us as soon as possible. We must hear from you no later than 60 days after we sent you 

the first bill on which the error or problem appeared. You can telephone us, but doing so will not preserve 

your rights.

Membership Account Agreement | 8

Visa Disclosure

Annual Percentage Rate (APR for Purchases)

7.75% Platinum Variable          9.90% Platinum Fixed

Other APRs

Balance Transfer APR

Cash Advance APR

9.00% Classic Variable            11.90% Classic Fixed

You understand that the terms of your account, including APRs, are subject 
to change. This means that the APRs for this offer are not guaranteed; APRs 
may change to higher APRs or fixed APRs may change to variable APRs. Any 
changes will be in accordance with your Cardholder Agreement. The “Index” 
is the 

“Prime Rate” of interest appearing in the Money Rate section of The Wall 
Street Journal published on the last business day preceding the 16th day of 
each month.

7.75% Platinum Variable / 9.90% Platinum Fixed  
9.00% Classic Variable / 11.90% Classic Fixed 

7.75% Platinum Variable / 9.90% Platinum Fixed  
9.00% Classic Variable / 11.90% Classic Fixed

You understand that the terms of your account, including APRs, are subject 
to change. This means that the APRs for this offer are not guaranteed; APRs 
may change to higher APRs or fixed APRs may change to variable APRs. Any 
changes will be in accordance with your Cardholder Agreement. The “Index” 
is the 

“Prime Rate” of interest appearing in the Money Rate section of The Wall 
Street Journal published on the last business day preceding the 16th day of 
each month.

Penalty APR and When it Applies

18.00% Platinum Variable and Fixed / Classic Variable and Fixed 

The Penalty Rate APR may be applied to your account if either of the follow-
ing two situations occurs:

(a) your Account is 30 days past due on two separate occasions in a rolling 
six month period; or 

(b) your Account is 60 days past due;

We may impose a higher monthly Periodic Rate and corresponding Annual 
Percentage Rate (a “Penalty Rate”) to all outstanding balances in your 
Account. The Penalty Rate is a monthly Periodic Rate of 1.50% with a 
corresponding Annual Percentage Rate of 18.00%. The Penalty Rate will 
take effect on the first day of the Billing Cycle and will apply to all of your 
outstanding and any new Purchase and Cash Advance balances. Interest rate 
changes will be reflected on your periodic statement.

Variable Rate Information based on Wall St. Journal Prime Rate

APR will vary based on the Prime Rate

Grace Period for Repayment

Annual Fee

Minimum Finance Charge

Transaction Fee for Purchases

Transaction Fee for ATM Advances

Return Check Fee

Over Limit Fee

Late Payment Fee

Balance Transfer Fee

For credit card tips from the Consumer Financial Protection Bureau

At least 25 days if previous total balance is paid in full by the payment date

None

None

None

None

$25.00

$25.00

$25.00

No Balance Transfer Fee

To learn more about factors to consider when applying for or using a credit 
card, visit the website of the Consumer Financial Protection Bureau at  
http://www.consumerfinance.gov/credit-cards/.

How We Will Calculate Your Balance: We use a method called “average daily balance (including new purchases).

A one time $2 membership fee is required to be a member at Zeal Credit Union. Membership is required to receive a Visa Credit Card from Zeal 
Credit Union. You understand that if based upon our review you do not qualify for the Platinum Card, you will be considered for the Classic card 
with the same Terms and Conditions. The information listed above is correct as of 3/19/2020 and is subject to change at any time without prior 
notice. To receive the most recent information, please contact Zeal Credit Union at 1-800-321-8570 or write to Zeal Credit Union, PO Box 51700, 
Livonia, Michigan 48151-5700. 

ZCU_UC_022_041520

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