Visa Cardholder
Agreement and
Disclosure
Platinum
Blue
Blue Secured
Gold
SOUND
CREDITUNION
This Visa Cardholder Agreement (Agreement) and the Account
Opening Disclosures accompanying this Agreement will govern
your Visa Gold, Blue, Blue Secured and Platinum Credit Card
and account issued by Sound Credit Union. By having signed
the Visa Credit Application or signing or using the card, you
agree to be bound by and perform the terms and conditions
of the Visa Cardholder Agreement and Disclosure Statement.
In this Agreement the words you or your mean each and all of
those who apply for the card or who sign this Agreement. Card
means the Visa Credit Card and any duplicates and renewals
we issue. Account means your Visa Credit Card Line of Credit
account with us. We, us, and ours mean this Credit Union.
RESPONSIBILITY
If we issue you a card, you agree to repay all debts and the
interest charges arising from the use of the card and the card
account. For example, you are responsible for charges made
by yourself, your spouse and minor children. You are also
responsible for charges made by anyone else to whom you
give the card, and this responsibility continues until the card is
recovered. You cannot disclaim responsibility by notifying us,
but we will close the account for new transactions if you so
request and return all cards. Your obligation to pay the account
balance continues even though an agreement, divorce decree
or other court judgment to which we are not a party may direct
you or one of the other persons responsible to pay the account.
Any person using the card is jointly and individually responsible
with you for charges he or she makes, but if that person
signs the card he or she becomes a party to this Agreement
and is also jointly and individually responsible for all charges
on the account, including yours. We are not responsible if a
merchant, bank, or ATM refuses to honor your card. Although
you may have credit available, we may not authorize credit for
a particular transaction due to operational difficulties or, in our
discretion, for any other appropriate reason.
LOSS OR THEFT OF CARD
You agree to notify us immediately, orally or in writing, at
Sound Credit Union, PO Box 1595, Tacoma, WA 98401 or
telephone 253.383.2016 or Visa at 800.VISA.911 and advise us
of the loss, theft or unauthorized use of your credit card(s).
If you notify us of your lost or stolen credit card(s), you will
not be liable for any losses, unless you were grossly negligent
or fraudulent in handling your credit card(s). Otherwise your
liability for unauthorized credit card transactions may be up
to $50.
CREDIT LINE
The approval of your application will establish a line of credit
for you. We will notify you of this amount when we issue you
the card(s). You agree not to let the account balance exceed
this approved credit line. Each payment you make on the
account will restore your credit line by the amount of the
payment which is applied to the principal. You may request an
increase in your credit line by submitting a new application,
which must be approved by Sound Credit Union. You agree that
we may change this limit at any time, and we will notify you of
any such change that is not temporary. You agree not to permit
your unpaid balance to exceed your total credit limit.
CANCELLATION OF YOUR ACCOUNT
Cancellation by You: You may cancel your Account at any time
by: (i) returning all Cards to us and (ii) sending us a letter that
you wish to cancel the account. Your Card(s) and letter should
be addressed to us at our address appearing on your monthly
statement.
Cancellation by Us: By giving you written notice we may reduce
your credit line from time to time, or with good cause revoke
your card and terminate the Agreement. Good cause includes
your failure to comply with the Agreement, or our adverse
reevaluation of your creditworthiness. If we cancel your
account you must return all cards immediately to us. Any use of
the Account or Card(s), after we have cancelled or suspended
your Account, may be considered fraudulent.
You Continue to Be Liable: If your Account is terminated,
cancelled or suspended, each of you will continue to be liable
for all sums owed on it until the Account is paid in full. You
will also remain liable for any use of any Card(s) not returned
to us. If your account is suspended, it will not be returned to
active status until we specifically inform you, regardless of your
receipt of any monthly statement.
CREDIT INFORMATION
You authorize us to investigate your credit standing when
opening, renewing or reviewing your account, and you
authorize us to disclose information regarding your account to
credit bureaus and other creditors who inquire of us about your
credit standing. You also understand that our Privacy Policy, as
may be amended from time to time, applies to you and your
account.
MONTHLY PAYMENT
We will provide you with a billing statement every month
showing your previous balances of purchases and cash advances,
the current transactions on your account, the remaining credit
available under your credit line, the New Balance of Purchases
and Cash Advances, the Total New Balance, the Interest Charge
due to date, any other billed fees, and the Minimum Payment
required. Every month you must pay at least the Minimum
Payment due. You may pay more frequently, pay more than
the Minimum Payment or pay the New Balance in full. The
Minimum Payment will be either (a) 2% of your Total New
Balance or $25 whichever is greater; or (b) your Total New
Balance if it is less than $25 plus, (c) any portion of the Minimum
Payment(s) shown on prior statement(s) which remains unpaid.
In addition, if at any time your Total New Balance exceeds
your credit line, you must immediately pay the excess upon
notification. Borrowing the full amount of your credit line may
result in an increased minimum payment to cover the interest
due. Payments are posted in the order as follows: The system
applies payments to the balances outstanding as of the last
statement in the following order:
Late Charges
Purchase new interest unpaid (includes insurance interest
unpaid)
Cash Advance new interest unpaid
Other Fees (both those that have appeared on a statement
and those posted in the current cycle that have not yet
appeared on a statement)
Purchase new balance (includes insurance premiums)
Cash Advance new balance
Promotional balances
Payments along with your remittance stub should be mailed
directly to us so we receive the payment on or before the
payment due date. Payment shall be made by a check or money
order made in U.S. funds or an electronic credit issued by a
U.S. financial institution naming us as payee. Payments will be
credited on the date received. Payments received at the address
shown on your statement on or before 5:00 PM on any business
day will be credited to your Account as of that date; payments
received by mail at that address after 5:00 PM or on a weekend
will be posted to your Account as of the next business day.
INTEREST CHARGES
You can avoid interest charges on purchases by paying the
purchase amounts in the New Balance of Purchases each month
within 25 days of your statement closing date. Otherwise, the
New Balance of Purchases, and subsequent purchases from the
date they are posted to your account, will be subject to interest
charges. Cash advances are always subject to interest charges
from the date they are posted to your account. Interest charge
(interest) is calculated by applying a periodic rate to the average
daily principal balances of purchases and cash advances on
the account. The principal balances of purchases and cash
advances are determined each day during the statement
period, beginning with the principal portion of your Previous
Balances, reduced by payments you make and credits we apply
and increased by purchases and cash advances you make and
debit adjustments. The daily principal balances for purchases
and cash advances are totaled, and divided by the number of
days in the statement period, to produce separate average daily
principal balances for purchases and cash advances to which
the periodic rate is then applied. The periodic rate that is used
to compute the interest charge is variable, and will change
based on changes in an index, which is the highest "Prime Rate"
as published in the Wall Street Journal as of the fifth day before
the end of the previous calendar month. We add a margin to
the index to obtain the annual percentage rate (APR). The APR
is divided by 12 to obtain the periodic rate. The rate will be
adjusted on the first day of each billing cycle. The amount of the
margin that will apply to your account is based on your credit
profile and will be provided to you on, or before, you receive
your card. In addition to the interest charge, a cash advance fee
(interest charge) equal to 4% of the advance or $10, whichever
is greater, will apply to each cash advance.
DEFAULT
You will be in default if you fail to make any minimum payment
within 25 days after your monthly statement closing date. You
will also be in default if your ability to repay us is materially
reduced by a change in your employment, an increase in your
obligations, bankruptcy or insolvency proceedings involving
you, your death or your failure to abide by this Agreement.
We have the right to demand immediate payment of your full
account balance if you default, subject to our giving you any
notice required by law. To the extent permitted by law, you
will also be required to pay our collection expenses, including
collection agency costs, court costs and reasonable attorneys' fees.
USING THE CARD
To make a purchase or cash advance, there are two alternative
procedures to be followed. One is for you to present the
card to participating Visa plan merchants, to us or to another
financial institution which honors Visa, and sign the sales or
cash advance draft which will identify your card. The other is to
complete the transaction by using your Personal Identification
Number (PIN) in conjunction with an Automated Teller Machine
(ATM) which provides access to the Visa system. Sound Credit
Union reserves the right to impose a dollar limit on ATM cash
advances made within a single day. Your monthly statement
will identify the merchant, electronic terminal or financial
institution at which the transactions were made, but sales,
cash advance, credit or other slips cannot be returned with
the statement. You will retain the copy of such slips furnished
at the time of the transaction in order to verify the monthly
statement. Sound Credit Union may make a reasonable charge
for photocopies of slips which you may request. You may not
use the card or account for any unlawful or illegal transaction,
and you agree to hold us harmless if you do. We may refuse
to honor any transaction that we believe is illegal or unlawful.
RETURNS AND ADJUSTMENTS
Merchants and others who honor the Card(s) may give credit
for returns or adjustments and they will do so by issuing this
credit to your account. You should retain a copy of this credit
slip until you verify the posting of the credit to your account
on a monthly billing statement. If your credits or any payments
exceed what you owe us, we will apply this credit balance against
future purchases and cash advances, or if it is $1 or more, we
will refund it upon your written request or automatically after
6 months.
FOREIGN TRANSACTIONS
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 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.
EFFECT OF AGREEMENT
We reserve the right to amend the terms of the Agreement at
any time as permitted by and subject to any limitations and
notice requirements of applicable law. If you do not accept the
new annual percentage rate, you may pay off your balance.
We may sell or transfer your account and any amounts owed
on your account to another person at any time. If we do, this
Agreement will still be in effect and any successor will have our
rights in this Agreement to the extent assigned. The Agreement
will be governed by the laws of the state of Washington.
LIMIT ON ADVANCES
For advances taken from an ATM, there is a limit for each
transaction and a $500 daily limit that you may obtain.
SECURITY INTEREST - COLLATERAL
You pledge to us and grant us a consensual security interest in
all joint and individual share and deposit accounts you have
with us now and in the future to secure your Visa account. You
authorize us to apply the balance in these account(s) to pay any
amount due to your Visa account if you should default, without
further notice to you. Additionally, any collateral (except your
principal dwelling) securing other loans with us in the past and
in the future will also secure your Visa account.
PLEDGE OF SHARE ACCOUNT
This paragraph applies only if you have a Visa Blue Secured
credit card, which requires a separate security agreement.
To secure your obligation, you grant us a security interest
in your deposit account under the Visa Blue Secured Pledge
Form that you have signed. The Visa Blue Secured Pledge
Form is incorporated into and made part of this Agreement
by this reference.
OTHER FEES
ANNUAL FEES
Gold: None
Blue: None
Blue Secured: None
Platinum: None
REPLACEMENT CARDS: We will charge your account $5 for
replacement of a card.
DRAFT COPY CHARGES: There is a minimum charge of $6 per
copy for each sales draft requested. If your request is related
to a billing error and an error is found, we will reverse any copy
charges made to your account.
LATE FEES: Up to $25 when payment is not received by the
due date.
CASH ADVANCE: 4% of advanced amount ($10 minimum).
CARD RECOVERY FEES: There is a $65 charge for card recovery
due to over limit or delinquent accounts.
COLLECTION FEES: If you fail to comply with this Agreement,
you will promise to pay our collection costs and reasonable
attorneys' fees to enforce any provision of this Agreement in
accordance with state and federal laws.
STATEMENT COPY CHARGES: There will be a charge of $2 for
each copy requested. The fee will be billed directly to your
Visa account.
ATM SURCHARGES: If you use an ATM to obtain a cash advance
and the ATM 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 may be charged to
your account if you complete the transaction. You will also be
charged the normal cash advance fee.
YOUR CREDIT CARD BILLING RIGHTS
Keep this document for future use. This notice tells you about
your rights and our responsibilities under the Fair Credit Billing
Act.
What to Do If You Find a Mistake on Your Statement. If you
think there is an error on your statement, write to us at: Sound
Credit Union, PO Box 1595, Tacoma WA 98401. In your letter,
give us the following information:
Account information: Your name and account number.
Dollar amount: The dollar amount of the suspected
error.
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.
You must contact us:
Within 60 days after the error appeared on your statement.
At least 3 business days before an automated payment is
scheduled, if you want to stop payment on the amount
you think is wrong.
You must notify us of any potential errors in writing. You may
call us, but if you do, we are not required to investigate any
potential errors and you may have to pay the amount in question.
What will happen after we receive your letter. When we receive
your letter, we must do two things:
1.
Within 30 days of receiving your letter, we must tell you
that we received your letter. We will also tell you if we
have already corrected the error.
2.
Within 90 days of receiving your letter, we must either
correct the error or explain to you why we believe the
bill is correct.
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 on that amount.
The charge in question may remain on your statement, and
we may continue to charge you interest on that amount.
While you do not have to pay the amount in question,
you are responsible for the remainder of your balance.
We can apply any unpaid amount against your credit limit.
After we finish our investigation, one of two things will happen:
If we made the mistake: You will not have to pay the
amount in question or any interest or other fees related
to that amount.
If we do not believe there was a mistake: You will have
to pay the amount in 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 report you as delinquent if you do not pay the
amount we think you owe.
If you receive our explanation but still believe your bill is wrong,
you must write to us within 10 days telling us that you still
refuse to pay. If you do so, we cannot report you as delinquent
without also reporting that you are questioning your bill. We
must tell you the name of anyone to whom we reported you
as delinquent, and we must let those organizations know when
the matter has been settled between us. 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.
Your Rights If You Are Dissatisfied With Your Credit Card
Purchases. 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 merchant, 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 at the above address.
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.
REWARDS PROGRAM TERMS AND CONDITIONS
Platinum cardholders earn one (1) rewards point for each net
purchase dollar on the card. Merchandise returns and other
non-payment credits will be deducted from accumulated
rewards points. Purchases do not include cash advances
(including balance transfers). Rewards points do not accumulate
for fees or finance charges. Sound Credit Union will determine
what constitutes a qualifying purchase.
Rewards points must be redeemed through the rewards
program redemption center by going to soundcu.com or calling
877.909.1450, or from outside the US or Canada 206.352.3478,
collect. Please refer to soundcu.com for complete program
rules and details.
Any itinerary modifications after ticketing are the sole financial
responsibility of the traveler. Travel is based on availability at
the time of ticketing. Sound Credit Union is not responsible for
over-sold or sold out flights, cancelled flights or changed flights
and assumes no responsibility. Tickets may be purchased for
any individual that the cardholder designates.
Rewards points cannot be used in conjunction with any other
type of rewards program, promotion, frequency reward
program, or coupons.
Rewards points will expire on the last day of the month, four (4)
years after the month they were earned, on a first-in, first-out
basis. For example, rewards points earned during January 2014
will expire on February 28, 2018.
For rewards points to be redeemed the Visa Platinum account
must not be past due or over limit at the time the rewards
points are redeemed. If the Visa Platinum account is closed by
the cardholder or Sound Credit Union, the cardholder cannot
redeem rewards points. The Credit Union will determine what
constitutes a closed account.
Rewards points are not the property of the cardholder and
cannot be bought, sold or transferred in any way. Rewards
points have no cash value and cannot be used to pay other
obligations to Sound Credit Union or any other party. No
cardholder or claimant is entitled to compensation from Sound
Credit Union if rewards points are revoked, terminated or lost.
Sound Credit Union reserves the right to amend the program
at any time.
OCS Item #15307A
REV 8.14