Municipal Credit Union  

MUNICIPAL CREDIT UNION VARIABLE RATE VISA – PRICING INFORMATION 

Annual Percentage Rate 
(APR) for Purchases and 
Balance Transfers 

11.15%. This APR will vary with the market based on the Prime Rate. 

APR for Cash Advances 

17.90%     

Paying Interest 

Minimum Interest Charge 

Your due date is at least 25 days after the close of each billing cycle.  We will not charge 
you any interest on purchases and balance transfers if you pay your entire balance by the 
due date each month.  We will begin charging interest on cash advances on the transaction 
date. 
If you are charged interest, the charge will be no less than $.50. 

For Credit Card Tips from 
the Consumer Financial 
Protection Bureau 

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/learnmore 

Annual Fee 

None 

Transaction Fees 

  Cash Advance 

  Foreign Transaction 

Either $1 or 3% of the amount of each cash advance, whichever is greater (maximum 
$30.00). 
1% of each transaction in U.S. dollars. 

Penalty Fees 

  Late Payment 
  Returned Payment 

Up to $25 
Up to $20 

How We Will Calculate Your Balance:  We use a method called “average daily balance (including new purchases).”  See 
How Do We Calculate the Interest Charge? below for more details. 

Other Things You Should Know 

Can We Increase Interest Charges And Fees? 
We may increase your interest charges for new transactions and your fees after the first year of the account.  We may change 
any other terms of your account at any time.  We will give you notice of any changes as required by law. 

How Do We Calculate Variable Rates: 
Variable rates may change quarterly based upon the movement in the highest prime rate as published in the Wall Street Journal 
(the “Prime Rate”) on March 15th, June 15th, September 15th and December 15th of each year (the “index dates”).  We add 
7.90% to the Prime Rate on each index date to determine the Purchases/Balance Transfers APR.  A change in the APR 
resulting from a change in the index on any of the above index dates will be effective as of the beginning of your billing period 
in the May, August, November or February next following that index date.  The Prime Rate as of  March 15, 2014 was 3.25%. 

What Are the Daily Periodic Rates Used To Calculate Your Interest? 
We determine your daily periodic rate by dividing the corresponding Annual Percentage Rate by 365 and round to the nearest 
1/100,000th of 1%.  If the daily periodic rates and corresponding Annual Percentage Rates increase, the interest charge will 
increase and our minimum payment may be greater.  See How Do We Calculate The Interest Charge? below for more details.  
Based on the rates set forth in the above table, the daily periodic rate for your Purchases/Balance Transfers APR would be 
.03055% and the daily periodic rate for your Cash Advances APR would be .04904%. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
How Can You Avoid Paying Interest Charges? 
Each month you pay your “New Balance” of Purchases in full by the due date, you will have a minimum grace period of 25 
days with no interest charge on all new purchases and balance transfers.  If you have been paying your Purchases Account in 
full with no interest charges applied and you do not pay your next bill in full, prorated interest charges will be assessed.  There 
is no grace period on cash advances or on any new transaction on your Purchases Account when there is an unpaid balance 
from a previous bill. 

How Do We Calculate The Interest Charge? 
The Interest Charge Calculation Methods applicable to your Purchases and Cash Advances Accounts are as follows: 

    Purchases Account – The Interest Charge for a billing cycle is computed by applying the applicable periodic rate to the 
“average daily balance” of your Purchases Account (which includes balance transfers).  To get the average daily balance, we 
take the beginning balance of your Purchases Account each day, add any new purchases, or balance transfers, and subtract any 
payments, credits, unpaid periodic interest charges and other unpaid fees and charges.  This gives us the daily balance.  Then 
we add up all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle.  This gives 
us the average daily balance.  Finally, we multiply the average daily balance by the daily periodic rate (the APR divided by 
365) and the number of days in the billing period. 

    Cash Advances Account – The Interest Charge for a billing cycle is computed by applying the applicable periodic rate to the 
“average daily balance” of your Cash Advances Account.  To get the average daily balance, we take the beginning balance of 
your Cash Advances Account each day, add any new cash advances, and subtract any payments, unpaid periodic interest 
charges and other unpaid fees and charges.  This gives us the daily balance.  Then we add up all the daily balances for the 
billing cycle and divide the total by the number of days in the billing cycle.  This gives us the average daily balance.  Finally, 
we multiply the average daily balance by the daily periodic rate (the APR divided by 365) and the number of days in the billing 
period. 

                        VPI-1 03/14