OnPoint Community
Credit Union
Visa Credit Card
Agreement
®
OnPoint
COMMUNITY CREDIT UNION
ONPOINT COMMUNITY CREDIT UNION
VISA CREDIT CARD AGREEMENT
1.
INTRODUCTION.
This Agreement covers your Platinum VISA or Platinum VISA with
Rewards Credit Card account, issued by OnPoint Community
Credit Union ("OnPoint"). In this Agreement the words "you," "your,"
"yours," "applicant," and "Borrowers" mean any person who signs the
application for this Account, any joint obligor, guarantor, authorized
user, or the person whose name is embossed on the Card. The
words "we," "our," and "OnPoint" means OnPoint Community
Credit Union. The word "Card" means any one or more credit cards
issued under OnPoint's Platinum and Platinum VISA with Rewards
Card program. If you sign a written or online application for
this Account or sign or use any Card or PIN, or allow others
to use the Card or PIN, you and they will have accepted this
Agreement just as if you and they signed it, and you and they,
jointly and severally, will be bound by the following terms and
conditions which will govern this Account.
2.
ACCOUNT ACCESS.
A.
Purchases and Cash Advances. You must sign the Card
to use it. Once you have signed the Card, you can use it to make
purchase, cash advance and balance transfer transactions up to
the full amount of your credit line. You may use your Account to get
cash advances from OnPoint. You may also use your Card to get a
cash advance from participating financial institutions or automated
teller machines (ATMs). You may use your Card to purchase
goods and services any place your Card is honored by participating
merchants. No purchase amount may exceed the available funds
in your account. Only credit card balance transfers you make from
another institution will be permitted and treated as a cash advance.
OnPoint reserves the right to refuse any transaction that would draw
upon insufficient funds.
B.
VISA Convenience Checks. If we approve, you may
obtain advances under your Account by writing preprinted VISA
convenience loan checks that we supply to you. Your use of loan
checks will be shown as cash advances on your monthly statement.
We may not honor your loan check if: your check is post-dated;
payment of the check would exceed your Credit Limit; a check is
signed by a person without authorized access; the amount of the
check is less than the minimum required amount; your Account has
been terminated or suspended, or any drafts have been reported
lost or stolen. You may stop payment on a loan check if you provide
OnPoint with the exact information describing the check. If you
give OnPoint incorrect information, we will not be responsible for
failing to stop payment. You understand there may be a charge
for each stop payment order requested. Our liability for a wrongful
dishonor is limited to your actual charges, however, a dishonor
for the reasons stated above is not a wrongful dishonor. Only the
person whose name is printed on a convenience check may sign
it. All convenience checks must be written in U.S. dollars. We
will not certify a convenience check. You may write these checks
for any amount providing your total outstanding balance does not
exceed your available credit limit and your credit card remains in
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good standing. We are entitled to return it unpaid if there is not
enough available credit on your account to pay it, if you are in
default under this Agreement, if your card or convenience checks
have been reported lost or stolen, or if the convenience check
is
post-dated. Over-limit fees will be charged as applicable. A VISA
convenience check may not be used to make a payment on your
Account. OnPoint shall have no liability for any convenience check
returned in excess of your credit line.
C.
Overdraft Advances. In the event we have approved overdraft
protection for you, for any overdrafts on a savings or checking
account of yours, we will treat the overdraft as a request for a cash
advance on your credit line and we will transfer this amount to your
overdrawn account. For purposes of this Agreement, an overdraft
advance will be treated as a cash advance.
3.
YOU PROMISE TO PAY.
You promise to pay OnPoint all such amounts, plus any FINANCE
CHARGES, which arise from use of the Card or Account by you or
any other person, and to be jointly and severally liable with such a
person, unless such other person does not have actual, implied, or
apparent authority for such use, and you received no benefit from
the use. You promise to pay OnPoint either by direct payment or by
automatic transfers from savings or checking.
4.
CREDIT LINE.
This Agreement will constitute a revolving line of credit for an
amount, which will be the credit line under your Account. You may
access your credit line through Card purchases, cash advances at
participating merchants and loan checks. We will advise you of the
amount of your credit line on your statement. That amount will be the
maximum amount you may have outstanding at any one time. You
agree not to attempt to obtain more credit than the amount of your
credit line. However, if you temporarily exceed your credit line, you
agree to pay any over-limit fees and repay the excess immediately,
even if we have not yet billed you. Obtaining such credit does
not increase your credit line. We retain the right to increase or
decrease your credit line at any time for any reason. Any increase
or reduction on the limit of your credit line will be shown on your
monthly statement or by separate notice together with any changes
in the applicable minimum monthly payments. Your eligibility for this
credit line is determined by our loan policy and may be terminated at
our sole discretion, without demand or notice. You may close your
credit line at any time by notifying OnPoint in writing and returning all
Cards cut in half. If you terminate this Agreement or if we terminate
or suspend your credit privileges, the provisions of this Agreement
and your liability hereunder shall otherwise remain in full force and
effect until you have paid OnPoint all sums due OnPoint under this
Agreement and returned all Cards.
5.
MINIMUM MONTHLY PAYMENT.
You agree that you will pay each month not less than the minimum
monthly payment on or before the scheduled monthly due date.
The minimum regular payment will be 3 percent of your outstanding
balance ("New Balance") or $10.00, whichever is greater. If your
outstanding balance is $10.00 or less, you agree to pay the balance
in full. You may pay in full for all your purchases and cash advances
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each month, or you may repay in monthly installments. We can
accept late payments or partial payments, or checks, drafts, and
money orders marked "payment in full," without prejudice to our
rights under this Agreement, which are hereby explicitly reserved.
Generally, payments will be applied first to over-limit fees, late
fees, other fees and charges, accrued FINANCE CHARGES,
cash advances, purchases and any remaining amounts will be
applied to any other amount for which you are obligated under this
Agreement.
6.
SECURITY INTEREST.
You grant OnPoint a security interest under the Oregon Uniform
Commercial Code in any goods purchased with your Card. You
agree that all collateral you have given OnPoint to secure
other open-end consumer loan obligations (except dwelling-
secured loans), in the past and in the future, will secure
your obligations under this Agreement. In addition, by signing
the Card Application, you have given OnPoint a security interest
in all your deposits, present and future, and all accounts (except
Individual Retirement Accounts) with OnPoint. You agree, upon
default, OnPoint may apply all that is secured to pay any amounts
due under this Agreement, without further notice to you. You also
agree that cross-collateralization is a condition of receiving your
card.
7.
MONTHLY STATEMENTS.
Each month we will send you a statement showing purchases, cash
advances, payments, and credits made to your Account during
the billing cycle, as well as your "New Balance," any FINANCE
CHARGE and any late charge or other charges. Your statement
also will identify the Minimum monthly payment you must make for
that billing period and the date it is due. You agree to retain for
statement verification copies of transaction slips resulting from each
purchase, each advance, and other transaction on your Account.
Unless you notify OnPoint of a billing error as described below, you
accept your monthly statement as an accurate statement of your
Account with OnPoint.
8.
CIRCUMSTANCES UNDER WHICH A FINANCE CHARGE
WILL BE IMPOSED.
The total outstanding balance of purchases and cash advances in
the Account on the closing date of a billing cycle, including any fees
and FINANCE CHARGES will be shown on the Periodic Statement
for that billing cycle as the "New Balance."
A.
Cash Advances. A FINANCE CHARGE will be imposed
on cash advances (including balance transfers, convenience
check advances and overdraft advances) from the date each cash
advance is made or the first date of the billing cycle in which the
cash advance is posted, whichever is later, until such advances are
paid. There is no time period within which to pay to avoid a periodic
FINANCE CHARGE on cash advances, including balance transfers
and convenience check cash advances.
B. Purchases. A FINANCE CHARGE will begin to accrue
on the date each purchase transaction is posted to your Account
until paid. A FINANCE CHARGE will not be imposed on new Card
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purchases included in the New Balance on your statement, if the
entire previous balance is paid in full within 25 days after the closing
date or if you had no previous balance. This "grace period" allows
you to avoid a FINANCE CHARGE on new purchases for a billing
cycle. However, if you do not pay the entire previous Balance of
purchases within the grace period, your FINANCE CHARGE will
accrue from the date the transaction is posted.
9.
METHOD USED TO DETERMINE THE BALANCE ON
WHICH THE FINANCE CHARGE MAY BE COMPUTED AND
AMOUNT OF FINANCE CHARGE.
We figure the Periodic FINANCE CHARGE on your Account by
applying the Periodic Rate to the "Average Daily Balance" of the
account including current purchases and cash advances for your
Account. To get the "Average Daily Balance" we take the beginning
purchase and cash advance balances of your Account each day,
add any new purchases and cash advances and subtract any
payments or credits, unpaid FINANCE CHARGES and unpaid late
charges. The FINANCE CHARGE is determined by multiplying the
average daily balance by the number of days in the billing cycle and
applying the Periodic Rate to that amount. No FINANCE CHARGE
is imposed on purchases if payments and credits are made sufficient
to pay the "New Balance" shown on your periodic statement within
25 days of the closing date of the previous billing cycle.
10. PERIODIC RATE AND CORRESPONDING ANNUAL
PERCENTAGE RATE (FIXED).
The FINANCE CHARGE imposed during the billing cycle will be
determined by multiplying the Average Daily Balance by the Periodic
Rate for purchase, cash advance and balance transfer amounts.
The range of fixed Periodic Rates and ANNUAL PERCENTAGE
RATES offered by OnPoint are as follows:
Platinum VISA:
Purchases
3.99% Introductory ANNUAL PERCENTAGE RATE for
Purchases- during the 1st 6 months of account opening
(.333% Monthly Periodic Rate).
7.9% to 16.9% ANNUAL PERCENTAGE RATE for Purchases
and all purchase balances after introductory period of 6 months
from open date (.658% to 1.408% Monthly Periodic Rate ).
Balance Transfers
6.99% ANNUAL PERCENTAGE RATE for balance transfer
amounts made in 1st 12 months of account opening (.583% Monthly
Periodic Rate). After 12 months from card opening date, ANNUAL
PERCENTAGE RATE for balance transfer amounts and existing
balance transfers same as Cash Advances.
Cash Advances
9.9% to 17.9% ANNUAL PERCENTAGE RATE for Cash Advances
(.825% to 1.492% Monthly Periodic Rate).
Platinum VISA with Rewards:
Purchases
3.99% Introductory ANNUAL PERCENTAGE RATE for
Purchases- during 1st 6 months of account opening (.333%
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Monthly Periodic Rate).
8.9% to 17.9% ANNUAL PERCENTAGE RATE for Purchases
and all purchase balances after introductory period of 6 months
from open date (.742% to 1.492% Monthly Periodic Rate )
Balance Transfers
6.99% ANNUAL PERCENTAGE RATE for balance transfer
amounts made in 1st 12 months of account opening (.583% Monthly
Periodic Rate). After 12 months from card opening date, ANNUAL
PERCENTAGE RATE for balance transfer amounts and existing
balance transfers same as Cash Advances.
Cash Advances
10.9% to 17.9% ANNUAL PERCENTAGE RATE for Cash Advances
(.908% to 1.492% Monthly Periodic Rate).
The Periodic Rate and ANNUAL PERCENTAGE RATE for
purchases and balance transfers during the 6 and 12 month
introductory periods following account opening are set forth
above. The Periodic Rate and ANNUAL PERCENTAGE RATE for
purchases, cash advances and balance transfer amounts that will
apply to new activity and existing balances on your account after
the introductory periods will be based upon your credit qualification
and risk rating assigned by OnPoint to you at the time credit is
granted and whenever credit is reviewed. Your Periodic Rate and
ANNUAL PERCENTAGE RATE for purchases and cash advances
will be disclosed to you separately prior to use of your Card and will
be shown on each monthly statement.
The "Total FINANCE CHARGE" shown on your monthly statement
consists of the periodic FINANCE CHARGE on purchases and the
periodic FINANCE CHARGE on cash advances. In the event you
are in default of this Agreement or if you have more than one late
payment in twelve (12) months the ANNUAL PERCENTAGE RATE
on your entire outstanding balance will be increased to 17.9% on the
first day of the new billing cycle following the late payment or notice
of default and will continue until you have 12 months without any
late payments or you satisfy the default condition.
11.
CONDITIONS UNDER WHICH OTHER CHARGES MAY BE
IMPOSED.
We may impose the following fees and charges on your Account:
A.
Late Fee. If we do not receive your minimum payment within
3 days of the due date, we may impose a Late Fee of $30.00
(balances >$1000); $20 (balances $100-$1000); $10 (balance
$99 or less). If you have more than one late payment in twelve
(12) months your account may be subject to a default ANNUAL
PERCENTAGE RATE as set forth above.
B.
Over-Limit Fee. If the unpaid balance of your account
exceeds the Credit Line stated on your monthly billing statement,
we may impose an over-limit fee of $30.00. We reserve the right to
refuse any transaction that exceeds your credit limit.
C.
Returned Item Fee. If any check we receive from you as
payment on your Account is returned to OnPoint unpaid or for any
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convenience check drawn on your Account is returned unpaid, we
may impose a returned item fee of $30.00.
D.
Card Replacement Fee. We may impose a $5.00 card
replacement fee for each VISA card, which is lost, stolen, or
damaged.
E.
Annual Fee. There is no annual fee for use of your Card and
account.
F.
Miscellaneous Photocopying. If you request a copy of a
sales draft or other document, we may charge your Account $2.00
per copy and $25.00 per hour. These charges cover the costs of
locating, copying, and delivering the documents to you. If a request
is related to a billing error and an error is found, we will reverse any
photocopying charges.
G. ATM Fees. If you use an ATM to obtain a cash advance and
the ATM is not operated by OnPoint, you may be charged an ATM
surcharge by the ATM operator or an ATM network utilized for such
a transaction. The ATM surcharge may be charged to your account
if you complete the transaction.
H.
Attorney's Fees and Costs. If you default on any part of
this Agreement, you agree to pay OnPoint all costs to collect your
Account, including court costs and reasonable attorney fees and
collection agency costs whether or not there is a lawsuit, and fees
on any appeal and fees for bankruptcy proceedings, appeals, and
any post judgment collection services, if applicable.
12.
CONDITIONS OF CARD USE.
The use of your Card and Account are subject to the following
conditions:
A.
Ownership of Cards. Any Card or other credit instrument or
device which we supply to you is our property and must be returned
to OnPoint, or to any person whom we authorize to act as our agent,
or to any person who is authorized to honor the Card, immediately
according to instructions. The Card may be repossessed at any
time at our sole discretion without demand or notice. You cannot
transfer your Card or Account to another person. You may not use
the Card for any illegal or unlawful transactions and we may decline
to authorize any transaction that we believe poses an undue risk of
illegality or unlawfulness.
B.
Honoring the Card. Neither we nor merchants authorized to
honor the Card will be responsible for the failure or refusal to honor
the Card or any other credit instrument or device we supply to you.
If a merchant agrees to give you a refund or adjustment, you agree
to accept a credit to your Account in lieu of a cash refund.
C. Currency Conversion/Foreign Transaction Fee. Purchases
and cash advances made in foreign countries will be billed to you
in U.S. dollars. The currency conversion rate for international
transactions as established by VISA International, Inc. is a rate
selected by VISA from the range of rates available in wholesale
currency markets for the applicable central processing date, which
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rate may vary from the rate VISA itself receives, or the government-
mandated rate in effect for the applicable central processing date.
In addition, you will be charged a Foreign Transaction Fee of 1% of
the transaction amount for any card transaction made in a foreign
country.
D.
Notices and Payments. All notices will be sent to your
address as shown on your OnPoint account. You agree to advise
OnPoint promptly if you change your mailing address. All payments
should be mailed to OnPoint at the remittance address shown on
your monthly statements. Payments received at that address will
be credited to your Account as of the date received.
E.
Security of Access Code. The personal identification number
(PIN) or access code that you select is for your security purposes.
The access code is confidential and should not be disclosed to third
parties or recorded. You are responsible for safekeeping your access
code. You agree not to disclose or otherwise make your access code
available to anyone not authorized to sign on your accounts. If you
authorize anyone to have or use your access code, you understand
that person may review all of your account information and make
account transactions. Therefore, we are entitled to act on transaction
instructions received using your access code and you agree that the
use of your access code will have the same effect as your signature
authorizing transactions. If you authorize anyone to use your access
code in any manner that authority will be considered unlimited in
amount and manner until you specifically revoke such authority by
notifying OnPoint and changing your access code immediately. You
are responsible for any transactions made by such persons until
you notify OnPoint that transactions and access by that person are
no longer authorized and your access code is changed. If you fail to
maintain or change the security of these access codes and OnPoint
suffers a loss, we may terminate your electronic funds transfer and
account services immediately.
13. DEFAULT.
You will be in default under this Agreement if any of the following
occur: (a) Any minimum monthly payment is not made when due;
(b) You become insolvent, bankrupt, or you die; (c) You violate any
part of this Agreement, or any other agreement with OnPoint; or (d)
if we reasonably deem ourselves insecure on your credit line. We
will notify you in writing of any such action as soon as practical if it
occurs. Upon default, we may declare the entire unpaid balance
immediately due and payable, and you agree to pay that amount
plus any attorney's fees and costs including collection agency costs
incurred by OnPoint. We can delay enforcing any right under this
Agreement without losing that right or any other right. A negative
credit report reflecting on your credit record may be submitted
to a credit-reporting agency if you fail to fulfill the terms of this
Agreement.
14. CREDIT INFORMATION/FINANCIAL STATEMENTS.
You authorize OnPoint to release information to others (e.g., credit
bureaus, merchants, and other financial institutions) regarding the
status and history of your credit line. You agree to provide OnPoint,
at any time we deem necessary, with a current financial statement
and updated credit information upon request. We may investigate
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your credit directly or through a credit reporting agency.
15. LOSS OR THEFT OF VISA CREDIT CARD
You agree to notify OnPoint immediately of the loss, or the theft,
or the use without your permission, of any Card or other credit
instrument or device, which we supply to you. You may be liable for
the unauthorized use of your Card. You will need to notify: OnPoint
Community Credit Union, PO Box 31112, Tampa FL 33631-3112
or Telephone: 1-866-820-3101 orally or in writing of loss, theft, or
possible unauthorized use. If you notify OnPoint of your lost or
stolen Credit Card after discovery, you may not be liable for any
losses related to credit transactions. This zero liability will apply
provided you were not grossly negligent or fraudulent in handling
your Card; otherwise your liability for unauthorized VISA Credit Card
transactions shall not exceed $50.
16. BILLING ERRORS NOTICE RIGHTS FOR VISA CREDIT
CARD TRANSACTIONS.
A.
Notify OnPoint in Case of Errors or Questions About Your
Statement. This notice contains important information about your
rights and our responsibilities for VISA Credit Card transactions
under the Fair Credit Billing Act. If you think your statement is
wrong, or if you need more information about a transaction on your
statement, write to OnPoint at the address listed above. Write to
OnPoint as soon as possible. We must hear from you no later than
60 days after we sent you the first statement on which the error or
problem appeared. You can telephone OnPoint, but doing so will
not preserve your rights. In your letter, give OnPoint the following
information:
Your name and account number.
The dollar amount of the suspected VISA Credit Card
transaction error.
Describe the error and explain, if you can, why you believe
there is an error. If you need more information, describe the item
you are not sure about.
If you have authorized OnPoint to pay your Account Statement
automatically from your checking account, you can stop the payment
on any amount you think is wrong. To stop the payment your letter
must reach OnPoint three business days before the automatic
payment is scheduled to occur.
B.
Your Rights and Our Responsibilities After We Receive
Your Written Notice. We must acknowledge your letter within 30
days, unless we have corrected the error by then. Within 90 days, we
must either correct the error or explain why we believe the statement
was correct. After we receive your letter, we cannot try to collect any
amount you question, or report you as delinquent. We can continue
to statement you for the amount you question, including FINANCE
CHARGES, and we can apply any unpaid amount against your
credit limit. You do not have to pay any questioned amount while
we are investigating, but you are still obligated to pay the parts of
your statement that are not in question.
If we find that we made a mistake on your statement, you will not
have to pay any FINANCE CHARGE related to any questioned
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amount. If we didn't make a mistake, you may have to pay
FINANCE CHARGES, and you will have to make up any missed
payments on the questioned amount. In either case, we will send
you a statement of the amount you owe and the date that it is due.
If you fail to pay the amount that we think you owe, we may report
you as delinquent. However, if our explanation does not satisfy you
and you write to OnPoint within ten days telling OnPoint that you still
refuse to pay, we must tell anyone we report you to that you have a
question about your statement. And, we must tell you the name of
anyone to whom we reported you. We must tell anyone we report
you to that the matter has been settled between OnPoint when it
finally is. If we don't follow these rules, we can't collect the first $50
of the questioned amount, even if your statement was correct.
C.
Special Rule for Credit Card Purchases. If you have a
problem with the quality of property or services that you purchased
with a credit card, and you have tried in good faith to correct the
problem with the merchant, you may have the right not to pay the
remaining amount due on the property or services. There are two
limitations on this right:
i.
You must have made the purchase in your home state or if
not within your home state within 100 miles of your current mailing
address; and
ii.
The purchase price must have been more than $50.
These limitations do not apply if we own or operate the merchant, or
if we mailed you the advertisement for the property or services.
17. AMENDMENTS.
We have the right to change any terms and conditions, subject to
applicable laws, of this Agreement at any time. If we change the
periodic rate, and subsequent purchases or advances are made
under this Agreement, the entire balance will be subject to the new
rate.
18.
GOVERNING LAW.
This Agreement will not take effect until it is approved by OnPoint.
This Agreement shall be governed by the laws of the State of
Oregon.
19. NOTICE AND AGREEMENT.
You understand and agree to the terms and conditions in this VISA
Credit Card Agreement. You acknowledge that you have received
a copy of the Agreement. This Agreement is a final expression of
the agreement between you and OnPoint. This Agreement may
not be contradicted by evidence of any oral agreement or alleged
oral agreement and contains the terms applicable to the credit
transaction.
5/09
M-97084
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Rates and Fees
Platinum Visa® with Rewards
Annual Percentage Rate (APR) for purchases
3.99%
(introductory APR during first six months of account)
8.9% - 17.9%
(after first six months of account)
Other APRs
Introductory Balance Transfer APR: 6.99% (during first 12 months of the transfer)
Cash Advance: 10.9%-17.9%
Balance Transfer APR: 10.9%-17.9% (after 12 months)
Default APR: 17.9%**
Platinum Visa
Annual Percentage Rate (APR) for purchases
3.99%
(introductory APR during first six months of account)
7.9% - 16.9%
(after first six months of account)
Other APRs
Introductory Balance Transfer APR: 6.99% (during first 12 months of the transfer)
Cash Advance: 9.9%-17.9%
Balance Transfer APR: 9.9%-17.9% (after 12 months)
Default APR: 17.9%**
Other Card Terms
Variable rate information: Not applicable
Grace period for repayment of purchase balances: 25 days
Method of computing the balance for purchases: Average daily balance method
(including new purchases)
Annual Fees: None
Late payment fees:
$30 for balances > $1000
$20 for balances $100-$1000
$10 for balances < $100
Fee for exceeding credit limit: $30
Foreign transaction fee: Up to 1% of the US dollar amount of the foreign transaction
** Your APR may increase if you are in default of any provision of the Agreement or if
you have more than one late payment in any 12-month period. We reserve the right to
change the account terms, including APRs, at any time for any reason. The above rates
and fees are current as of June 15, 2009.