MICHIGAN FIRST CREDIT UNION 
CREDIT CARD AGREEMENT  
RATES AND FEES TABLE 

r i e n c e

E x p e

Interest Rates and Interest Charges 
Annual Percentage Rate 
(APR) for Purchases 

creditworthiness. 

8.24% to  20.24% when you open your account, based on your

       This APR will vary with the market based on the Prime Rate. 

APR for Balance Transfers 

8.24% to 20.24% when you open your account, based on your creditworthiness. 

       This APR will vary with the market based on the Prime Rate. 

APR for Cash Advances 

8.24% to 20.24% when you open your account, based on your creditworthiness. 

Paying Interest 

       This APR will vary with the market based on the Prime Rate. 

Your due date is at least 28 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. 

For Credit Card Tips from the 
Federal Reserve Board 

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 

Transaction Fees 

None 

● Cash Advance

Either $10 or 3% of the amount of each cash advance, whichever is 

● Foreign Transaction

greater. 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).”  See Section 12 of the agreement for more details. 

Billing Rights:  Information on your rights to dispute transactions and how to exercise those rights is provided in 
the agreement.  See the Billing Rights summary for more detail. 

Prime Rate:  APRs are based on the 3.50% Prime Rate as of December 2015 and we add a Margin of 4.74% - 
16.74% (based on your creditworthiness) to the value of the Index to determine the APR.  The monthly periodic rate 
is currently 0.6658% – 1.6658% (based on your creditworthiness). 

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 is added to the value of the Index. The ANNUAL PERCENTAGE RATE can change quarterly on the 
first day of the billing cycles which 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.  Any change 
in the ANNUAL PERCENTAGE RATE affects your entire balance and is effective at the beginning of the first billing 
cycle which follows the change. The Credit Union reserves the right to substitute a similar index if the Index 
described above becomes unavailable.