SUMMARY OF VISA ACCOUNT TERMS:

Interest Rates and Interest Charges
Introductory Period Annual 
Percentage Rate (APR) for 
purchases, balance transfers 
and cash advances

A fixed 0% APR for six months from the date account is open (1)

Annual Percentage Rate 
(APR) for purchases and 
balance transfers after the 
introductory period

Cash Advance Rate
Method of Computing 
Balance for Purchases
How to avoid paying interest 
on purchases
Minimum Finance Charge
For Credit Card Tips from 
the Consumer Financial 
Protection Bureau

Fees
Annual Membership Fee

Transaction Fees

•  Balance Transfer
•  Cash Advance
•  Foreign Transfer

Penalty Fees

•  Late Payment
•  Over-the-Credit Limit
•  Returned Payment

Other Fees

VISA Classic ScoreCard  9.99% fixed rate (2,3)
VISA Platinum ScoreCard-Merchandise  9.99% fixed rate (2,3) 
VISA Platinum ScoreCard-Cash Back  9.99% fixed rate (2,3)
14.99% (3)

Average daily balance including new purchases

The account balance is paid in full within 25 days after the statement closing date (4)

None

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

VISA ScoreCard-Merchandise: None
VISA ScoreCard-Cash Back: $30

None
$3
None

$7.80
None
None
Replacement Card Fee: $10 if card is replaced more than once in any 12 month period 
Foreign Transaction Fee: 1% of the converted transaction amount 
Expedited Card Delivery Fee: $20

These Account Terms are true as of 1/1/2016 Terms are subject to change after the date of printing. Should you have any questions regarding changes after printing date, please contact us.

(1)  INTRODUCTORY INTEREST RATE (for new purchases, balance transfers and cash advances) — From the account-opening date, the introductory interest rate will be 0% APR FIXED FOR SIX MONTHS. Thereafter 

the rate will be the APR disclosed in the above “ACCOUNT TERMS” for the type of Visa credit card you obtain, based on the terms and conditions in the application. See full details of Account conditions and terms in 
the Bank Credit Card Agreement (“Agreement”) provided separately from the application and/or credit card at account opening. Account terms may change in accordance with the agreement and applicable laws.

(2)  Visa Classic ScoreCard, Visa Platinum ScoreCard-Merchandise and Visa Platinum ScoreCard-Cash Back are subject to a F/C of .83%, which is equal to an APR of 9.99%.

(3)  WHEN INTEREST RATES BEGIN TO ACCRUE. All cash advances are subject to a FINANCE CHARGE from the date of the cash advance. A “fixed” Annual Percentage Rate (APR) means that the APR will not vary in accor-

dance with changes in a formula, such as the U.S. Prime Rate. Merchants Bank reserves the right to change the APRs in accordance with the Bank Credit Card Agreement and the laws of the State of Minnesota and 
the Federal Truth in Lending Act.

(4)  Purchases are subject to a finance charge from the date they are posted to the account; however, no interest is imposed on purchases if the account balance is paid in full within 25 days after the statement clos-
ing date. If you elect not to pay the entire new balance shown on your previous monthly statement within that 25-day period, a finance charge will be imposed on the unpaid average daily balance of such Credit 
Purchases from the previous statement closing date and on new Credit Purchases from the date of posting to your account during the current billing cycle, and will continue to accrue until the closing date of the 
billing cycle preceding the date on which the entire new balance is paid in full or until the date of payment if more than 25 days from the closing date. The finance charge for a billing cycle is computed by applying 
the monthly periodic rate to the average daily balance of Credit Purchases, which is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the cycle. Each daily bal-
ance of Credit Purchases is determined by adding to the outstanding unpaid balance of Credit Purchases at the beginning of the billing cycle any new Credit Purchases posted to your account, and subtracting any 
payments as received or credits as posted to your account, but excluding any unpaid finance charges. 

ScoreCardSM Bonus Point Program
Complete ScoreCard Bonus Point Program rules will be sent with your first statement. Rewards begin to accumulate after you have received and activated your new card. Points accrued will expire five years after the expi-
ration date. March 31 is the expiration date for points not redeemed within the previous five year period. For example, if a purchase is made March 1, 2016, the points will not expire until March 31, 2021.

Important Information About Opening A New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an 
account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may ask to see your driver’s license or other identifying documents.

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BANK CREDIT CARD AGREEMENT
MERCHANTS BANK, NATIONAL ASSOCIATION

BANK CREDIT CARD ACCOUNT:
This Agreement governs the Borrower’s Bank Credit Card Account 
(“Account”) with the Lender.  PLEASE READ CAREFULLY.  The Account 
establishes a line of credit for Borrower with Lender.  The Account is 
secured by the security identified below.  Borrower may request loan 
advances up to the amount of the credit limit indicated above.  Lender 
agrees to make such advances unless Borrower fails to comply with the 
terms of this Agreement or any accompanying document executed in 
connection with this Agreement. Borrower may be asked to sign other 
documents in order to grant Lender a security interest in the collateral 
that is pledged.

ACCESS TO THE ACCOUNT:
Borrower may access this account in the following manner:

- request in person that you be advanced directly an amount up to the 
availability on the account at any given time.
- use the credit card we supply to make purchases or receive cash loan 
advances.

HOW THE LOAN IS ADVANCED:
When you request a loan, we will, subject to any limitations contained in 
this Agreement, give you the exact amount you request or the minimum 
advance amount whichever is greater.  Depending on how we agree to 
make the advance, we will either deposit the money into your transac-
tion account, give the money directly to you, or pay any third person or 
account you tell us to pay.  We will record the advance as a loan in your 
loan account.

HOW TO REPAY YOUR LOANS:
On or before each payment date, you must make a minimum payment to 
reduce your debt.  The minimum payment equals the total New Balance 
as shown on your monthly billing statement if the amount is less than 
or equal to $15.00  If the New Balance exceeds $15.00, the minimum 
payment is 3% of that portion of the New Balance which does not exceed 
your credit limit, plus the entire portion of the New Balance in excess 
of your credit limit, plus any amount past due, or $15.00, whichever is 
greater. You may prepay this debt in whole or in part at any time.

SECURITY:
To secure the payment and performance of obligations incurred under 
this Agreement, Borrower grants Lender a security interest in, and pledges 
and assigns to Lender, all of Borrower’s rights, title, and interest, in all 
monies, instruments, savings, checking and other deposit accounts of 
Borrower’s, (excluding IRA, Keogh and trust accounts and deposits subject 
to tax penalties if so assigned) that are now or in the future in Lender’s 
custody or control.  Upon default, and to the extent permitted by appli-
cable law, Lender may exercise any or all of its rights or remedies as a 
secured party with respect to such property, which rights and remedies 
shall be in addition to all other rights and remedies granted to Lender 
including, without limitation, Lender’s common law right of set off.  [  ] 
If checked, the obligations under this Agreement are also secured by a 
lien and/or security interest in the property described in the documents 
executed in connection with this Agreement as well as any other property 
designated as security now or in the future.

CHANGE OF TERMS:  LENDER HAS THE RIGHT TO CHANGE THE TERMS 
AND CONDITIONS OF THIS AGREEMENT AT ANY TIME IN ACCORDANCE 
WITH STATE AND FEDERAL LAW.  THESE CHANGES MAY AFFECT BOTH 
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EXISTING BALANCES AND FUTURE TRANSACTIONS, THE ANNUAL 
PERCENTAGE RATE, THE  MANNER IN WHICH THE FINANCE CHARGE IS 
CALCULATED AND BILLED, THE TIMING AND METHOD OF PAYMENTS, 
THE TYPE OR AMOUNT OF MINIMUM CHARGES, THE AMOUNT OF A 
MINIMUM PAYMENT, THE PAYMENT SCHEDULE, AND OTHER TERMS 
OF THIS AGREEMENT.  LENDER WILL GIVE BORROWER PRIOR WRITTEN 
NOTICE OF ANY CHANGE AS REQUIRED BY LAW.

  Either of us can cancel this Agreement at any time, by giving written 
notice. Cancellation of this Agreement does not end your obligation to 
repay all sums due under this Agreement.

LATE FEES:
A LATE FEE OF $7.80 OR 5%, WHICHEVER IS GREATER, OR THE MAXIMUM 
ALLOWED BY LAW, ON THE AMOUNT PAST DUE. THE FEE WILL BE 
ASSESSED 10 DAYS AFTER THE STATEMENT DATE.

CREDIT INFORMATION:
Borrower authorizes us to make or have made any credit inquiries we 
feel are necessary. Borrower also authorizes the persons or agencies to 
supply Lender with the information requested.

TERMS AND CONDITIONS:
  1.  PROMISE TO PAY: Borrower promises to pay to Lender the full 

amount of all advances under this Account plus finance charges and 
all other fees, collection costs, attorneys’ fees as allowed by law and 
all other charges imposed by Lender.

  2.  CREDIT LIMIT: Lender may review Borrower’s Account and may 
increase or decrease the Credit Limit upon written notice to the 
Borrower. Borrower agrees not to request loan advances on the 
Account that would cause the unpaid principal balance to exceed 
the Credit Limit. Although Lender may honor a loan advance 
request that exceeds the Credit Limit from time to time, Lender 
shall have no obligation to make such advances. But if we do: (1) 
the amount we advance will be covered by this Agreement; (2) it 
does not mean we have to do so again; and (3) it does not mean we 
have permanently increased your Line of Credit. If Borrower exceeds 
the Credit Limit under this Agreement, Borrower will be in default 
and will be subject to all of the default remedies describe in this 
Agreement, and any accompanying document executed in connec-
tion with this Agreement.

  3.  SECURITY AGREEMENT: If so designated under Security above, 

Borrower grants to Lender a security interest in the personal prop-
erty identified in the documents executed in connection with this 
Agreement. The obligations under this Agreement shall additionally 
be secured by the collateral  securing any other present or future 
obligation of Borrower to Lender, its subsidiaries or affiliates.  
However, this cross-collateral  language shall have no effect if the 
operation of the language would violate any applicable state or 
federal laws, or would result in Lender obtaining a non-purchase 
money security interest in Borrower’s household goods or dwelling.
  4.  PROPERTY INSURANCE: Borrower is required as a condition of this 
Agreement to maintain insurance on the property securing the 
Account, if any. The requirements for the insurance are detailed in 
the security agreement or other documents executed in connection 
with this Agreement. This insurance may be obtained through a 
responsible insurer of Borrower’s choice.

  5.  FEES: All fees required to establish this Account have been dis-

closed above. Any annual fee indicated above will be charged to 
the Account as a loan advance on the first anniversary date of the 
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account opening and at the same time during each succeeding year 
until the Account is closed. The amount of the annual fee may be 
adjusted in the future. Lender’s current fee for processing returned 
or insufficient funds items will be charged to the Account as a loan 
advance if Borrower’s payment instrument is not honored or cannot 
be processed.

  6.  INFORMATION ABOUT THE BORROWER: Borrower agrees to provide 

to Lender, upon request, the financial and credit related information 
necessary to establish this Account. Borrower understands that Lender 
will open the Account and make loan advances under this Account in 
reliance on that information. Borrower promises that all information 
provided to Lender either now or in the future will be true and com-
plete. Borrower agrees to notify Lender immediately of any adverse 
change in Borrower’s financial or credit condition.  Information con-
cerning the Account may be reported to credit reporting agencies and 
will be made available when requested by proper legal process.
  7.  PERIODIC STATEMENTS: Each billing cycle Lender will forward to 

Borrower, at the address indicated on the Application, a statement of 
the Account. The statement will include a summary of all transactions 
on the Account during the billing cycle, the previous balance, advanc-
es, payments and credits, finance charges, the ending balance, and 
will specify the minimum payment amount and date that payment is 
due.

  8.  DEFAULT: Borrower will be in default if Borrower or any guarantor 

or any other third party (a) fails to make any payment when due; 
(b) violates the terms in this Agreement, the accompanying security 
agreement or any other agreement with Lender; (c) exceeds the stated 
credit limit; (d) provides false or misleading information to Lender 
with respect to this Account; (e) becomes the subject of any voluntary 
or involuntary proceeding under the  Bankruptcy Code or under any 
other statutory or judicial proceeding for the rehabilitation of debt-
ors; (f) dies or becomes legally incompetent; (g) permits the entry or 
service of any garnishment, judgment, tax levy, attachment or lien 
against Borrower or any of Borrower’s property; or (h) causes or per-
mits any act or event which Lender in good faith believes will impair 
the collateral or adversely affect Borrower’s ability to repay any of the 
obligations under this Agreement.

  9.  LENDER’S RIGHTS UPON DEFAULT: Upon the occurrence of default, 

Lender may terminate Borrower’s rights under this Agreement and (a) 
declare the unpaid balance of the Account, including finance charges, 
unpaid principal and fees, immediately due and payable; (b) refuse to 
honor additional loan advance requests; (c) take possession as permit-
ted by law of any property or collateral securing this or any other obli-
gation, and sell or apply the property to reduce or satisfy the obliga-
tions; and (d) exercise any and all remedies which may be available to 
Lender as a secured creditor under applicable law.  Lender shall also 
have the right to hold or apply funds in Borrower’s deposit accounts 
against all funds due and owing to Lender. Lender’s remedies are in 
addition to those available at common law, such as setoff.

  10.  DEMAND FEATURE: If this Agreement contains a demand feature, 
Lender’s right to demand payment, at any time, and from time to 
time, shall be in Lender’s sole and absolute discretion, whether or 
not any default has occurred.

  11.  RESTRICTIVE ENDORSEMENT: If Borrower marks any check payable 

to Lender as “Paid in Full” or words to that effect, Borrower will 
still be responsible for repaying any balance that remains due on 
the Account and Lender shall not lose any of its rights under this 
Agreement.

  12.  TERMINATION: Lender, in its sole discretion, may terminate the 

Account by notifying Borrower or upon borrower’s default. Upon an 
event of default or termination of the Account, Lender’s obligation, 

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if any, to honor loan advance requests against the Account shall 
cease.  Borrower shall continue to be obligated to pay all amounts 
due to Lender pursuant to the terms of this Agreement at the time 
of default or termination. Lender shall notify Borrower of termina-
tion in writing at the address indicated on the Agreement. Borrower 
may terminate this Agreement by notifying Lender in writing at the 
address indicated on the Agreement. Borrower’s obligation to pay 
all amounts due to Lender shall continue until all amounts due and 
owing have been paid.

  13.  COLLECTION EXPENSE: If Lender hires an attorney to assist in col-

lecting any amount due or enforcing any right or remedy under this 
Agreement, Borrower agrees to pay Lender’s reasonable attorneys’ 
fees and collection costs to the extent permitted by law.

  14.  JOINT ACCOUNT: If this Account is a joint Account, each Borrower 

shall be individually and jointly liable for payment of the debt. This 
liability exists regardless of which Borrower creates the debt, and in 
spite of any divorce, legal proceedings or agreement that may affect 
liability between the Borrowers. This joint and several liability shall 
continue until all obligations are paid in full. A release of one joint 
Borrower or a release of any collateral securing this Agreement shall 
not operate as a release of any other joint Borrower.

  15.  MODIFICATION AND WAIVER: The modification or waiver of any of 

Borrower’s obligations or Lender’s rights under this Agreement must 
be contained in writing signed by Lender.  Lender may perform any 
of Borrower’s obligations or delay or fail to exercise any of its rights 
without causing a waiver of those obligations or rights. A waiver on 
one occasion shall not constitute a waiver on any other occasion. 
Borrower’s obligations under this Agreement shall not be affected if 
Lender amends, compromises, exchanges, fails to exercise, impairs 
or releases any of the obligations belonging to any co-borrower or 
guarantor or any of its rights against any co-borrower, guarantor or 
collateral.

  16.  ASSIGNMENT:  Borrower may not assign this Agreement. Any such 
assignment of its rights under this Agreement and any attempted 
assignment will be null and void. Lender has the right to sell or 
transfer the Account at any time.

  17.  SUCCESSORS AND ASSIGNS:  This Agreement shall be binding upon 
and insure to the benefit of Borrower and Lender and their respec-
tive successors, assigns, trustees, receivers, administrators, personal 
representatives, legatees, and devisees. The term “Lender” shall mean 
the Lender specified in this Agreement, its successors and assigns, 
and subsequent holders of this Agreement.

  18.  NOTICE:  Any notice or other communication to be provided under 

this Agreement shall be in writing and sent to the parties at the 
addresses described in this Agreement or such other address as the 
parties may be designate in writing from time to time.

  19.  SEVERABILITY:  If any provision of this Agreement violates the law or 
is unenforceable, the rest of the Agreement shall remain in full force 
and effect.

interest will accrue on the judgment at the judgment rate of inter-
est permitted by law. All references to Borrower in this Agreement 
shall include all of the parties on the Application.  If there is more 
than one Borrower, their obligations will be joint and several.  This 
Agreement and any related documents represents the complete and 
integrated understanding between Borrower and Lender.

Borrower agrees that the Credit Card covered by this Agreement will not 
be used for any illegal transaction as defined by local, state, federal or any 
other law.

If you have authorized us to pay your bill automatically from your savings, 
checking or other account, you can stop the payment on any amount you 
think is wrong. To stop the payment, your letter must reach us three days 
before the automatic payment is scheduled to occur.

YOUR BILLING RIGHTS
This notice tells you about your rights and 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 the address 
shown on your monthly billing statement.

In your letter, give us the following information:

• Account Information: 
• Dollar Amount: 
• Description of Problem: 

Your name and account number
The dollar amount of the suspected error
 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 (or electronically). 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 after receiving your letter, we must tell you that we 
received your letter. We will also tell you if we have already cor-
rected 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 

  20.  APPLICABLE LAW:  This Agreement shall be governed by the laws of 

delinquent on that amount.

the state of Minnesota.  Borrower consents to the jurisdiction and 
venue of any court located in the state of Minnesota in the event of 
any legal proceeding under this Agreement.

  21.  SIGNATURES:  The signature of the Borrower on the Application shall 
indicate that the Borrower agrees to the terms and conditions of the 
Agreement.

•  The charge in question may remain on your statement and we may 

continue to charge your 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.

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 re-
ported 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 in 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 prob-
lem 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 ac-
cesses 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 (or electronically) at the address shown on 
your monthly billing statement.

While we investigate, the same rules apply to the disputed amount as dis-
cussed 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.

LIABILITY FOR UNAUTHORIZED
USE OF A CREDIT CARD
  You may be liable for the unauthorized use of your credit card.  You will 
not be liable for unauthorized use that occurs after you notify us at the 
address listed below, orally or in writing, of the loss, theft, or possible unau-
thorized use.  In any case, your liability will not exceed $50.

INQUIRIES OR QUESTIONS

  You may address any inquiries or questions which you have about 
your Account to:  Merchants Bank Credit Card Department, P.O. Box 248, 
Winona, MN 55987, or you may call us at 1-800-944-6285.

  22.  MISCELLANEOUS:  Borrower will provide Lender with current finan-

After we finish our Investigation, one of two things will happen:

cial statements and other information upon request.  Borrower and 
Lender agree that time is of the essence.  Borrower waives present-
ment, demand for payment, notice of dishonor and protest. If Lender 
obtains a judgment for any amount due under this Agreement, 
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•  If we made a mistake: You will not have to pay the amount in ques-

tion 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 

Member FDIC

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