SPIRE
Metro Offices: 651.215.3500
Toll-Free: 888.34.SPIRE
www.spire-banking.com
FEDERAL CREDIT UNION
VISA PLATINUM REVOLVING CARD
AGREEMENT & DISCLOSURE STATEMENT
Interest Rates and Interest Charges
Annual Percentage Rate (APR) For
8.90% - Platinum
Purchases, Balance Transfers and
Your rate is based on your creditworthiness. After that, your APR will
Cash Advances
vary with the market based on the Prime Rate.
Penalty APR and When It Applies
None.
Paying Interest
Your due date is at least 25 days after the close of each billing
cycle. We will not charge you interest on purchases if you pay
the balance by the due date each month.
Minimum Interest Charge
None.
For Credit Tips from the Federal Reserve Board
To learn more about factors to consider when applying for or
using a credit card, visit the website of the Federal Reserve Board at:
http://www.federalreserve.gov/creditcard
Fees
Annual Fee
None.
Transaction Fees
Balance Transfer
None.
Cash Advance
1% of the amount of each transfer not to exceed $25.
Foreign Transaction
1% of each transaction in U.S. Dollars.
Penalty Fees
Late Payment
Up to $25
Returned Payment
Up to $25
How We Will Calculate Your Balance: We use a method called "average daily balance (including new purchases)."
Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your account agreement.
The purpose of this Visa Credit Card Agreement and Disclosure Statement ("Visa
Purchase and your account number.
Agreement") is to establish the terms and conditions for use of the Visa Credit
Card revolving line of credit and to provide you with certain disclosures required by
The words "Visa Cash Advance" means loans which may be obtained through the
law.
use of the card upon execution by you, written request on a form furnished by
Issuer, or an authorized Visa representative.
In this Visa Agreement the words "we," "our," "us" or "Credit Union" mean SPIRE
Federal Credit Union or its successors and assigns.
You and we understand and agree as follows:
The words "you" or "your" mean each person who has applied for a Visa Credit
1. Application. You have previously applied for a line of credit that you can use
Card on who uses the card or duplicate credit card.
from time to time and which may be accessed through means of a Visa Credit
Card and may be replenished by payment of amounts previously drawn on such
The word "card" means your Visa Credit Card and duplicates of said card. The
line of credit.
word "account" means your Visa Credit Card revolving credit account with SPIRE
Federal Credit Union.
2. Approval and Use. You understand that use of your credit card will constitute
acknowledgement of receipt and agreement to terms and conditions of this
The words "Credit Purchase" mean goods and services which may be purchased
Visa Agreement. You may use your card to make purchases from merchants
on leased by means of the card from any retail business establishment which
and others who accept your card. The Credit Union is not responsible for refusal
honors the card upon the execution of a sales slip evidencing such Credit
of any merchant or financial institution to dishonor your card.
3. Prepayment. You may pay the balance of your account in full or in part at any
9. Late/Cash Advance/Replacement Card Fee/Returned Check
time without penalty except that you must pay the minimum periodic payments
Charges/International Currency Conversions.
that are required under paragraph 7.
You agree to pay up to a $25 fee when payments of any amounts due
4. Credit Limit and Repayment. Your credit limit will be determined by the
thereunder is more than 5 days late.
Credit Union and this credit limit will be drawn upon as you utilize your Visa
Account. You must repay all credit that you access from your account in
You agree to pay a Cash Advance Fee of 1% of transaction amount with a
accordance with the terms and conditions of this Visa Agreement. The card
maximum of $25.
is not transferable and will at all times remain the property of the Credit Union
and must be surrendered immediately upon demand by any authorized
You agree to pay a $10 fee for replacement card(s) if card(s) is/are lost, stolen,
representative of the Credit Union.
or damaged.
5. Finance Charge. A Finance Charge will be imposed on Visa Cash
You agree to pay up to a $25 fee if your check for payment is not honored or is
Advances that you obtain through the use of your card during the current billing
returned to you because it cannot be processed.
cycle from the date of each such Cash Advance. The balance of Cash Advances
subject to a Finance Charge is the average daily outstanding unpaid balance,
You agree to pay a Foreign Transaction Fee of 1% of the total transaction amount
which is determined by dividing the sum of the daily balances during the billing
for international currency conversions.
cycle by the number of days in the cycle. Each daily balance of Cash Advances
is determined by adding any new Cash Advances as of the transaction date
10. Direct Payment Authorization. Unless you have instructed the Credit
or the first day of the billing cycle in which posted, whichever is later, to previous
Union to the contrary at the time you submitted your application or SO instruct
balance, excluding any unpaid Finance Charges, and subtracting each
the Credit Union before using your new Visa Credit Card, you authorize the
payment and credit on the date of receipt. The Finance Charge for a billing
Credit Union in the event the minimum payment on your account is 10 days late
cycle is computed by multiplying the average daily balance by the daily rate and
or your account exceeds its assigned credit limit by 10% or more to pay the
the number of days in the cycle.
minimum amount required on your account or the amount exceeding your credit
limit by advancing funds from any savings account, checking account, or
A Finance Charge will be imposed on Credit Purchase of goods and service
revolving credit loan plan that you have with the Credit Union.
that you obtain through the use of your card only if you elect not to pay the
entire New Balance shown on your previous monthly statement within 25
11. Collection Costs. You agree to pay all costs, including reasonable attorney's
days from the closing date of the statement. If you elect not to pay the entire
fees and court costs, incurred by the Credit Union in trying to collect any
New Balance shown on your previous monthly statement, a Finance Charge
amounts which are owed on your account or in enforcing the terms and
will be imposed on the unpaid balance of Credit Purchases from the statement
conditions of this Visa Agreement.
closing date and Credit Purchases made during the current billing cycle from
the date of posting each such Credit Purchase to the account, and will continue
12. Obligations For All Persons Under This Agreement. You agree to pay
to accrue until the closing date of the billing cycle preceding the date on which
any and all charges incurred by you or by any person whom you authorize to
the entire New Balance is paid in full. If the New Balance indicated on your
use the Visa Credit Card issued to you, and any fees or charges incurred in the
statement for the prior monthly period is paid in full within 25 days after the
recovery of your card and in the retrieval of transaction data.
closing date, no Finance Charge will be imposed during the current billing
cycle for Credit Purchases made during previous billing cycles.
13. Security Interest. If you give us a specific pledge of shares by signing a
separate Pledge of Shares, your pledged shares will secure your account.
The balance of Credit Purchases subject to a Finance Charge is the average
You may not withdraw amounts that have been specifically pledged to secure
daily outstanding unpaid balance, which is determined by dividing the sum of
your account until we agree to release all or part of the pledged amount. YOUR
the daily balances during the billing cycle by number of days in the cycle. Each
ACCOUNT IS SECURED BY ALL OTHER SHARES YOU HAVE IN ANY
daily balance of Credit Purchases is determined by adding to the previous
INDIVIDUAL OR JOINT ACCOUNT WITH US, EXCEPT FOR SHARES
balance new Credit Purchases posted through the date if the previous balance
IN AN IRA OR ANY OTHER ACCOUNT THAT WOULD LOSE
was not paid in full within 25 days of the statement closing date, and subtracting
SPECIAL TAX TREATMENT UNDER STATE OR FEDERAL LAW IF
each payment and credit on the date of receipt, but excluding any unpaid
GIVEN AS SECURITY. THESE OTHER SHARES MAY BE
Finance Charges. The Finance Charge for a billing cycle is computed by
WITHDRAWN UNLESS YOU ARE IN DEFAULT UNDER THIS
multiplying the average daily balance by the daily rate and the number of days in
AGREEMENT. YOU AUTHORIZE US TO APPLY THE BALANCE
the cycle, using Average Daily Balance (including new purchases) Method.
IN YOUR INDIVIDUAL OR JOINT SHARE ACCOUNT TO PAY ANY
AMOUNTS DUE ON YOUR LINE OF CREDIT IF YOU SHOULD
6. Periodic Rate. The Daily Periodic Rate applicable to purchases and cash
DEFAULT. Collateral securing other loans you have with us may also secure this
advances for the billing cycle is 1/365th of the Annual Percentage Rate effective
loan, except that a dwelling will never be considered as security for this account,
for the billing period as disclosed below. The ANNUAL PERCENTAGE RATE is
notwithstanding anything to the contrary in any other Agreement."
a Variable Rate and may be changed quarterly. Your APR is determined by
adding a margin of 5.65% for Visa Platinum cards to the prevailing U. S. Prime
14. Termination By Credit Union. The Credit Union may terminate your account
Rate. The U.S Prime Rate used to determine your APR for each billing cycle is
and declare any and all amounts thereunder immediately due and payable under
the highest rate appearing in The Wall Street Journal on the last day of the
any of the following conditions:
calendar months of March, June, September and December. If the Prime Rate
has changed, the new rates will take effect with your billing period ending the
(a) upon the adverse re-evaluation of your creditworthiness; or
following month. As of the effective date of this disclosure, the ANNUAL
PERCENTAGE RATE is 8.9% for Visa Platinum which corresponds to a daily
(b) upon your failure to make any minimum payment or other required payment
periodic rate of 0.024% for Visa Platinum. The Annual Percentage Rate will
by the date that it is due or otherwise fail to satisfy the terms of this Visa
never be greater than 18.00%.
Agreement; or
7. Minimum Payments. The minimum periodic payment required on your
(c) upon your default under any other security agreement executed in
account will be the total New Balance as shown on your monthly billing
connection with a transaction with the Credit Union; or
statement if such amount is $25 or less. If the New Balance amount exceeds
$25, the minimum periodic payment will be 3% of that portion of the New
(d) if you die; or
Balance amount which does not exceed your credit limit, plus the entire portion
of the New Balance amount in excess of your credit limit, plus any amount past
(e) at the Credit Union's option, if it has other good cause.
due, any late payment charge, and/or other charges. Any payments received for
payment of amounts due on your account will be applied and allocated to your
15. Termination by Cardholder. You may terminate your account at any time at
account at the sole discretion of the Credit Union. If you pay more than the
your option.
minimum payment, your payment will be applied to the highest APR first.
8. Annual Fee. None.
16. Notification of Amendment or Termination. The Credit Union reserves
YOUR BILLING RIGHTS: KEEP THIS NOTICE FOR FUTURE USE
the right to amend this Visa Agreement to comply with federal and/or state
This notice tells you about your rights and our responsibilities under the Fair Credit Billing
laws or to refuse any request for a Visa Cash Advance or Credit Purchase
Act.
at any time for any reason not prohibited by law or to terminate your account as
What To Do If You Find A Mistake On Your Statement
provided in paragraph 15. If the Credit Union changes the terms of this
If you think there is an error on your statement, write to us at:
Agreement, a 45 day notice of any change will be given in accordance
SPIRE Federal Credit Union
applicable law. The change in terms will apply to any future transactions and all
2025 Larpenteur Ave. W.
existing balances. You have the right to opt-out of any changes to your
Falcon Heights, MN 55113
account. If you elect to opt-out of any changes after notification, you will be
or via email: info@spire-banking.com
required to submit your request in writing on contact us at: 651.215.3500 by the
In your letter, give us the following information:
stated due date as stated in the notification. If you choose to opt-out, your
Account information: Your name and account number.
account will be closed. Your existing balance may be subject to a five (5) year
Dollar amount: The dollar amount of the suspected error.
amortization to repay the existing balance once your account is closed.
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.
17. Liability for Unauthorized Use. You may be liable for the unauthorized use
of your card. Notify us immediately, in writing or by telephoning us at
You must contact us:
(800)-654-7728, if your card is lost, stolen or you suspect there has been
Within 60 days after the error appeared on your statement.
unauthorized use of your card or account. You are not liable for any further
At least 3 business days before an automated payment is scheduled, if you
unauthorized charges after you notify us of a loss, theft or possible
want to stop payment on the amount you think is wrong.
unauthorized use. You will have no liability for unauthorized purchases made
You must notify us of any potential errors in writing or electronically. You may call
with your credit card, unless you are grossly negligent in handling your card. In
us, but if you do, we are not required to investigate any potential errors and you
any case your liability will not exceed $50.00.
may have to pay the amount in question.
What Will Happen After We Receive Your Letter.
18. Returns and Adjustments. Merchants and others who honor your card
When we receive your letter, we must do two things:
may give credit for returns on adjustments, and they will do so by sending the
1. Within 30 days of receiving your letter, we must tell you that we received
Credit Union a credit slip which will be posted to your account. If your credits
your letter. We will also tell you if we have already corrected the error.
and payments exceed what you owe the Credit Union, the amount will be
2. Within 90 days of receiving your letter, we must either correct the error on
applied against future purchases and cash advances. If the credit balance is
explain to you why we believe the bill is correct.
$1.00 or more, it will be refunded upon your written request or automatically
after six (6) months.
While we investigate whether or not there has been an error:
We cannot try to collect the amount in question, or report you as delinquent
19. Statements and Notices. Statements and Notices will be mailed to you at
on that amount.
the appropriate address you have given the Credit Union. Notice sent to any
The charge in question may remain on your statement, and we may continue
to charge you interest on that amount.
one of you will be considered notice to all.
While you do not have to pay the amount in question, you are responsible for
the remainder of your balance.
20. Review of Credit. You understand that the Credit Union reserves the right
We can apply any unpaid amount against your credit limit.
to review your loan file and you hereby give permission and authorize the
Credit Union to investigate and re-assess your creditworthiness including the
After we finish our investigation, one of two things will happen:
right to make inquiries as deemed necessary pertaining to your employment,
If we made a mistake: You will not have to pay the amount in question or any
interest or other fees related to that amount.
credit standing, and financial responsibility from time to time as the Credit
If we do not believe there was a mistake. You will have to pay the amount in
Union may determine.
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
21. Governing Law. You understand and agree that this Visa Agreement shall
report you as delinquent if you do not pay the amount we think you owe.
be governed in all respects, including validity, interpretation and enforcement,
by federal law and the laws of the State of Minnesota, without regard to its
If you receive our explanation but still believe your bill is wrong, you must write to
use within 10 days telling us that you still refuse to pay. If you do SO, we cannot re-
conflict of law principles. The invalidity or unenforceability of any provision of
port you as delinquent without also reporting that you are questioning your bill. We
this Visa Agreement under applicable law shall not affect, modify or impair the
must tell you the name of anyone to whom we reported you as delinquent, and we
validity and enforceability of all other provisions. In addition, you agree that we
must let those organizations know when the matter has been settled between us.
may sue you in the county in which our principal office is located.
If we do not follow all of the rules above, you do not have to pay the first $50 of the
amount you question even if your bill is correct.
22. Illegal or Unlawful Transaction. You may not use your card for gambling
or other illegal or unlawful transactions, and we may decline to authorize any
Your Rights If You Are Dissatisfied With Your Credit Card Purchases
transaction that we believe poses an undue risk of illegality or unlawfulness.
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
merchants, you may have the right not to pay the remaining amount due on the
purchase.
To use this right, all of the following must be true:
1. The purchase must have been made in your home state or within 100 miles
of your current mailing address, and the purchase price must have been
more than $50. (Note: Neither of these are necessary if your purchase was
based on an advertisement we mailed to you, or if we own the company that
sold you the goods or services.)
2. You must have used your credit card for the purchase. Purchases made with
cash advances from an ATM or with a check that accesses your credit card
account do not qualify.
3. You must not yet have fully paid for the purchase.
If all of the criteria above are met and you are still dissatisfied with the purchase,
contact us in writing or electronically at:
SPIRE Federal Credit Union
2025 Larpenteur Ave. W.
Falcon Heights, MN 55113
info@spire-banking.com
While we investigate, the same rules apply to the disputed amount as discussed
above. After we finish our investigation, we will tell you our decision. At that
point, if we think you owe an amount and you do not pay, we may report you as
delinquent.
NCUA
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