MICHIGAN FIRST CREDIT UNION
SECURED CREDIT CARD ACCOUNT OPENING DISCLOSURES

Interest Rates and Interest Charges

Annual Percentage 
Rate (APR) for 
Purchases

19.99%
This APR will vary with the 
market based on the Prime 
Rate.

APR for Balance 
Transfers

APR for Cash 
Advances

Paying Interest

For Credit Card 
Tips from the 
Consumer 
Financial 
Protection Bureau

19.99% This APR will vary with
the market based on the Prime 
Rate.

19.99% This APR will vary with
the market based on the Prime 
Rate.

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.

To learn more about factors to 
consider when applying for or 
using a credit card, visit the 
Consumer Financial Protection 
Bureau website at http://
www. consumerﬁnance.gov/
learnmore.

Fees

Annual Fee

$50

Transaction Fees

 Foreign 
Transaction

Penalty Fees

Either $10    or   3%    of the amount 
of each cash advance, 
whichever is greater.

1% of each transaction in U.S. 
dollars.

Up to $25.
$25.

(See important information on other side.) 

How We Will Calculate Your Balance: We use a method 
called “average daily balance (including new purchases).” 
See your account agreement for more details.

Billing Rights: Information on your rights to dispute 
transactions and how to exercise those rights is provided 
in your account agreement.

HOW YOUR ANNUAL PERCENTAGE RATE IS DETERMINED
Your account is subject to a variable rate. Your ANNUAL 
PERCENTAGE RATE (APR) may increase or decrease if the 
Index used by the Credit Union increases or decreases. 
The Index is the highest rate of interest identiﬁed as the 
“Prime Rate” in the “Money Rates” section of The Wall 
Street Journal on the third business day preceding the 
end of the most recently concluded calendar quarter. To 
determine the ANNUAL PERCENTAGE RATE that will apply 
to your account, a Margin of 16.74% is added to the value 
of the Index. The ANNUAL PERCENTAGE RATE can change 
quarterly on the ﬁrst day of the billing cycles that begin in 
the months of January, April, July and October. There is no 
limit on the amount by which the ANNUAL PERCENTAGE 
RATE can change, except that the ANNUAL PERCENTAGE 
RATE will never be more than 25.00%. In no event will 
the rate ever exceed the maximum rate permitted by law. 
As determined April 2020, and in effect within the 
last 30 days, the ANNUAL PERCENTAGE RATE is 19.99%, 
which corresponds to a monthly periodic rate of 1.6658%.  

Any change in the ANNUAL PERCENTAGE RATE affects 
your entire balance and is effective at the beginning of the 
ﬁrst billing cycle that follows the change. The Credit Union 
reserves the right to substitute a similar index if the Index 
described above becomes unavailable.

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