Please read this information carefully.  This is your copy of the Professional Platinum VISA Credit Card Agreement  

1. Introduction.  This Agreement covers this Professional Platinum VISA Credit Card 
issued by iQ Credit Union (“Lender”).  In this Agreement the words “you,” “your,” “yours,” 
“applicant,” and “Borrowers” mean the organization or member to or for whom the Cards 
are issued under this Agreement.  The words “we,” “us,” “our,” and “Lender” means  
iQ Credit Union.  The word “Card” means any one or more credit cards issued 
under this Account.  The following terms and conditions govern this Account.

2. You Promise to Pay.   You promise to pay us in United States dollars, by cash, check, 
or money order as provided in this Agreement, all such amounts, plus 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.  
This includes any loan requests for credit card purchases, payments to a third party, or 
for deposit to a deposit, share, or share draft account of yours, or any co-applicant at 
the Credit Union.  You agree to pay advances requested by any co-applicant the same 
as if you asked for the loan and it was paid to you.

3. Purchases and Cash Advances.  You must sign the Card to use it.  Once you have 
signed the Card, you can use it to buy or lease goods or services, wherever the Card 
is honored, up to the full amount of your credit line.  You also may use your Account 
and Card to get cash advances from us or participating financial institutions.  You may 
use  your  Card  and  personal  identification  number  (“PIN”)  to  obtain  cash  advances 
at  automated  teller  machines  (“ATMs”)  designated  with  the VISA  or  Plus  System 
networks.  The periodic statement will identify the merchant or financial institution, at 
which transactions were made, but sales, cash advances, credit, or other slips cannot 
be returned with the statement.  We may impose a reasonable charge for photocopies 
of slips you may request.

4. Convenience Checks.  If we approve, you may obtain advances under your Account 
by writing preprinted loan drafts (“convenience checks”) that we supply to you.  Your use 
of convenience checks will be shown as credit advances on your periodic statement.  We 
may not honor the convenience check if it is postdated, payment of the check will exceed 
your credit limit, a convenience 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 convenience checks have been reported lost or 
stolen.  You may stop payment on a convenience check if you provide us with the exact 
information describing the convenience check.  If you give us incorrect information, 
we will not be responsible for failing to stop payment.  You understand there may be a 
charge for convenience check printing and charges for stop payment requests, returned 
items, check copies, and other fees or costs we incur in handling your convenience 
checks.  Our liability for a wrongful dishonor is limited to your actual losses; however, 
a dishonor for the reasons stated above is not a wrongful dishonor.

5. Rebate Program.  You may earn a 1.00% cash rebate on your Account if you meet 
the following requirements:

a.  Cash  Rebate  on  Net  Purchases.   You  may  earn  a  .50%  cash  rebate  on  net 
purchases (purchases less returns for credit) made during a rebate period in 
which the net purchases posted to your Account total $2,500 or more.  Cash 
advance transactions, including convenience checks and balance transfers, do 
not qualify for the cash rebate.  The cash rebate will be calculated on cumulative 
net purchases posted to your Account for the prior rebate period.  To illustrate, let 
us assume that during the first rebate period of the year (January - March) your 
total net purchases equal $3,500.  In this example, we would multiply $3,500 
by .50%, which would equal a cash rebate of $17.50.

b.  Cash Rebate on Average Daily Balance.  You may earn a .50% cash rebate on the 
average daily balance in your Account if you maintain an average daily balance of 
$4,000 during a rebate period.  The cash rebate will be calculated each quarter 
based on the average daily balance in your Account for the prior rebate period.  
For example, if the average daily balance in your Account during the first rebate 

period of the year (January – March) were $5,800, we would multiply $5,800 by 
.50%; which would equal a cash rebate of $29.

There are four rebate periods in each calendar year:  January 1 through March 31, April 1 
through June 30, July 1 through September 30, and October 1 through December 31.  The 
cash rebate for the prior rebate period will be credited to your checking or savings account 
by the 15th day of the month following the end of the prior rebate period.  The maximum 
cash rebate you can earn on your Account is $300 per quarter, inclusive of cash rebates for 
net purchases and average daily balances.  Your Account must remain open and in good 
standing in order to receive the cash rebate.  If at any time your Account is assessed a late 
fee, is closed or is in default, you will forfeit all accrued and unpaid cash rebates as of the 
time in which your Account was closed, or the delinquency or default occurred.  The terms 
and conditions of the rebate program may be changed or cancelled at any time and for any 
reason without notice.

6.  Minimum Periodic Payment.  Payments received at the mailing address shown on your 
statement on any business day by 5:00 P.M. Pacific Time will be credited to your Account 
as of that date; payments received by mail at that address after 5:00 P.M. Pacific Time, or 
on a weekend or federal holiday will be posted to your Account as of the next business 
day.  Payment crediting to your Account may be delayed up to five (5) days if your payment 
is received by mail at any other address or not accompanied by the remittance portion of 
your Account statement.

7.  Periodic  Statements.    If,  at  the  end  of  any  monthly  periodic  interval  which  we  may 
determine the “Billing Cycle,” you have an outstanding undisputed debit or credit balance in 
your Account, or if there is any FINANCE CHARGE imposed with respect to your Account, we will 
send you a periodic statement regarding the Account for that Billing Cycle.  The statement will 
show any purchases, cash advances, payments, and credits made to your Account during the 
Billing Cycle, as well as your “New Balance,” any FINANCE CHARGE, any late charge, or other 
charges.  You may elect to receive your statement information electronically.  Your statement 
also will identify the “Required Payment Due” you must make for that Billing Cycle and the 
date it is due.  You may pay in full for all your purchases and cash advances each month or 
you may repay in monthly installments.  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 us of a billing error as described below, you accept your 
monthly statement as an accurate statement of your Account with us.

8. Credit Line.  This Agreement will constitute a revolving line of credit, and we will advise 
you of the amount of your credit line.  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 overlimit 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.  The minimum 
credit limit is $2,500.

9. 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 FINANCE CHARGE will be shown on the Periodic Statement for that 
billing cycle as the “New Balance.”

a.  Purchases. A FINANCE CHARGE will be imposed on the unpaid portion of purchases 
included in the New Balance when your New Balance is not paid in full by the due 
date shown on your periodic statement.  This “grace period” allows you to avoid a 
FINANCE CHARGE on purchases for a billing cycle.  However, if you do not pay the New 
Balance for purchases within the grace period, your FINANCE CHARGE will accrue on 
any unpaid purchase transactions from the first day of the billing cycle.

b.  Cash Advances.  A FINANCE CHARGE will be imposed on cash advances from the date 

each cash advance is made.  There is no time period within which to pay to 
avoid a periodic FINANCE CHARGE on cash advances.  In addition, a Cash 
Advance Fee (FINANCE CHARGE) equal to two percent (2%) of the advance 
(or $5.00, whichever is greater), will be applied to each cash advance. 

10.  Method Used to Determine the Balance on Which the FINANCE CHARGE 
May Be Computed. We figure the FINANCE CHARGE on your Account by applying 
the Periodic Rate to the “Average Daily Balance” of purchases and cash advances 
for  your Account  (not  including  current  transactions). To  get  the “Average  Daily 
Balance” we take the beginning balance of your Account each day, add any new 
purchases or cash advances, and subtract any payments or credits, unpaid FINANCE 
CHARGES and unpaid late 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.

11.  Method of Determining the Amount of the FINANCE CHARGE. We figure 
the FINANCE CHARGE for purchases and cash advances by multiplying the Average 
Daily Balance of purchases and cash advances by the number of days in the Billing 
cycle and then by the applicable periodic rate.  The FINANCE CHARGE for any Billing 
Cycle will be the sum of the FINANCE CHARGE for purchases and the FINANCE 
CHARGE for cash advances.  However, the portion of your balance that is the result 
of purchases has a different treatment.  If you paid the entire New Balance shown on 
the previous monthly statement by the payment due date shown on that statement, 
the portion of the New Balance shown on the current statement that is attributable 
to purchases that is paid by the payment due date shown on that statement will be 
excluded from the calculation of the balance each day.  For this purpose, payment 
will be applied first to unpaid FINANCE CHARGE, then to unpaid purchases and cash 
advances from prior billing statements, then to unpaid purchases and cash advances 
from the current billing statement.  At our option, the minimum payment may be 
applied first to the portion of the balance that is subject to the lowest interest rate.  
Payments in excess of the minimum payment will be applied first to the portion of 
the balance that is subject to the highest rate.. 

12.  Periodic Rate and Corresponding ANNUAL PERCENTAGE RATE. The Periodic 
Rate that is used to compute the FINANCE CHARGE and the corresponding ANNUAL  
PERCENTAGE RATE is variable, and will change based on changes in an index, which 
is the Prime Rate quoted on the 15th day of the last month of the prior quarter as 
published in The Wall Street Journal (Western Edition). We add a margin of 4.99 
percentage  points  to  the  index  to  obtain  the ANNUAL  PERCENTAGE  RATE. The 
ANNUAL PERCENTAGE RATE includes only interest and not other costs. The ANNUAL 
PERCENTAGE RATE is divided by 365 to produce the daily Periodic Rate. The Periodic 
Rate and ANNUAL PERCENTAGE RATE that will apply to your Account will be disclosed 
on the notice that accompanies (and is a part of) this Agreement when you open 
your Account. The ANNUAL PERCENTAGE RATE will in no event be higher than 18%,  
over the life of the credit line. The rate will be adjusted on the twenty fifth day of 
each calendar quarter (January 25, April 25, July 25, and October 25).

13. Conditions Under Which Other Charges May Be Imposed.  We may impose 
the following fees and charges on your Account:

a.  Annual Fee.  An annual fee of $25 (per loan) will be charged to your Account 

each year.

b.  Cash Advance Fee.  The fee (FINANCE CHARGE) for a cash advance is the 

greater of 2.00% of the cash advance amount or $5.00.

c.  Late Fee.  A late fee of $25 will be imposed when any payment is 15 days 

past due.

d.  Miscellaneous Photocopying.  If you request a copy of a sales draft or other 
document, we may charge your Account $5 per copy and $25 per hour for 

research.  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.

e.  Replacement Card Charge.  A $5 charge per card will be imposed for each 

replacement card you request, regardless of the reason.

f.  Return Check Charge.  A $28.00 charge will be imposed for each check 

returned to us regardless of the reason.

g.  Convenience Check Stop Payment.  A $25.00 charge will be imposed for 
each convenience check stop payment request (includes verbal requests).

h.  ATM Surcharges.  If you use an ATM that is not operated by us, you may be 
charged an ATM surcharge by the ATM operator or an ATM network utilized 
for such a transaction.  The ATM surcharge will be charged to your account 
if you elect to complete the transaction.

i.  Fees and Costs.  We may pay someone else to help collect your Account if you 
do not pay.  You agree to pay us all costs to collect your Account, including 
court costs, reasonable attorney fees and costs, and collection agency costs, 
if applicable, 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.  These fees and costs may be added to your loan 
balance and bear interest at the ANNUAL PERCENTAGE RATE applicable at 
that time.

14. Foreign Transaction Fee: Purchases 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 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 up to 1% of the transaction amount 
for any card transaction made in a foreign country.

15. Security Interest.  To secure your Account, you grant us a purchase money 
security interest under the Uniform Commercial Code in any goods you purchase 
through your Account.  If you default, we will have the right to recover any of these 
goods, which have not been paid for through application of your payments in the 
manner described in Section 7.  Except for real estate loans or loans secured by a 
dwelling, collateral securing other loans with us also may be used to secure this 
Account.  You also pledge all of your present and future Credit Union accounts and 
any earnings thereon as security for obligations under your Account.

16. 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 us, 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 in 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.  Notices and Payments.  All notices will be sent to your address as shown in 
the application. You agree to advise us promptly if you change your mailing 
address. All payments should be mailed to us 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. Payments mailed 

must reach our office by the due date. Where the due date falls on a weekend or 
holiday, payments are due the last working day prior to the due date. 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.

d.  Personal Identification Number.  We may issue you a Personal identification Number 
(“PIN”) for using your Card to obtain cash advances at automatic teller machines 
(“ATMs”).   These  numbers  are  issued  to  you  for  your  security  purposes.   These 
numbers  are  confidential  and  should  not  be  disclosed  to  third  parties.   You  are 
responsible for safekeeping your PIN.  You agree not to disclose or otherwise make 
available your PIN to anyone not authorized to sign on your Accounts.  To keep your 
Account secure, please do not write your PIN on your Card or keep it in the same 
place as your Card.

17. Default.  You will be in default under this Agreement if any of the following occur:  (a) 
Any minimum 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 us; 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  incurred  by  us.   We  can  delay  enforcing  any  right  under  this 
Agreement without losing that right or any other right.

18. Credit Information/Financial Statements.  You authorize us 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 us, at any time we deem necessary, with 
a current financial statement and/or a new credit application upon request.  You authorize 
us to make or have made any credit, employment, and/or investigative inquiry we deem 
appropriate for the extension of credit, account maintenance, or collection of amounts owing 
on the Account directly or through a credit reporting agency.

19. Loss or Theft of VISA Platinum Credit Card - Liability for Unauthorized Transactions. 
You agree to notify us immediately, orally, or in writing, at iQ Credit Union, P.O. Box 1846, 
Vancouver, Washington 98668-1846, or telephone (360) 695-3441, or (800) 247-4364 of the 
loss, of the theft, or the use without your permission of any Card or other credit instrument 
or device which we supply to you. After normal Credit Union hours and on weekends and 
holidays, phone (360) 694-5463 or (800) 999-3441 and then notify the Credit Union at the 
first opportunity during business hours. If you notify us of your lost or stolen Card, you will 
not be liable for any losses. This liability exclusion will apply provided you were not grossly 
negligent  or  fraudulent  in  handling  your  Card,  otherwise  your  liability  for  unauthorized 
Professional Platinum Visa Credit Card transactions may be up to $50.00.

20. Termination.  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 us 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 us all sums due us under this Agreement and returned all Cards.

21. Severability.  If any provision of this Agreement is held invalid, all provisions that are 
severable from the invalid provision remain in effect.

22. Acknowledgment and Amendments.  You understand and agree to the terms and conditions 
in this Agreement and the Fair Credit Billing Notice.  You acknowledge that you have received a copy 
of this Agreement and Disclosure and the Fair Credit Billing Notice.  We reserve the right to amend 
the terms of this Agreement at anytime as permitted by and subject to any limitations and notice 
requirements of applicable law.

23. Governing Law.  This Agreement will not take effect until it is approved by us.  This 
Agreement shall be governed by the laws of the State of Washington.

Call the Credit Union: 360-695-3441
Outside the area: 800-247-4364
TDD: 360-695-9626
Visit us at : www.iQcu.com

04/10

Professional
Platinum
Visa   
Credit Card
Agreement  

®