1. Introduction:
This Visa Credit Card Agreement (Agreement) and the Account 
Disclosures accompanying this Agreement will govern your Visa 
Credit Card and account issued by OSU Federal Credit Union. 
In this agreement the words “you,” “yours,” and “cardholder” 
mean any joint obligor, guarantor, authorized user or the person 
whose name is embossed on the Card. The words “we,” “us,” 
“our,” and “Credit Union” mean OSU Federal.

The following abbreviations will be used in this disclosure: 
ATM-Automated Teller Machine; PAT-Phone Access Teller (our 
computerized voice response teller); PIN-Personal Identification 
Number; and EFT-Electronic Fund Transfer.

If you sign an application for any Account under this Agreement 
or sign or use any Card(s) issued, or use or allow others to use 
your Account, you and they will have accepted this Agreement 
just as if you and they signed it and you and they, jointly and 
severally, will be bound by the following terms and conditions:

2.  Credit line:
We have established and advised you of the “Credit Line” which 
is the limit on the total balance which may be outstanding on 
your account at any one time. You agree not to let the account 
balance exceed this approved Credit Line. You agree not to at-
tempt to obtain more credit than your applicable Credit Line. 

3. You promise to pay:
You promise to pay us in U.S. Dollars, by cash, check, or money 
order as provided by this Agreement, all such amounts, plus Inter-
est Charges, which arise from such use of the Card 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 
for the use.

You may pay in full for all your purchases and cash advances each 
month, or you may repay in monthly installments.

4. Purchases, cash advances:
You may use your account for purchases of services and mer-
chandise from participating sellers or lessors of goods, labor, in-
surance, and / or services that honor your card. You may also use 
your accounts and card to get a cash advance from participating 
financial institutions and at ATMs on participating networks. You 
may withdraw up to $500 per day. For purposes of determining 
whether you have reached your $500 limit, a day ends at 12:00 
midnight, and Saturday and Sunday together will be deemed one 
day. You may not use the Card for any illegal or unlawful transac-
tion, and we may decline to authorize any transaction that we 
believe poses an undue risk of illegality or unlawfulness.

5. Payments:
You agree that you will pay each month not less than the 
minimum monthly payment on or before the scheduled monthly 
due date.  The minimum payment will be 3% of your outstand-
ing balance (“New Balance”) or $25.00, whichever is greater.  If 
your outstanding balance is $25.00 or less, you agree to pay the 
balance in full.  You may pay in full for all your purchases and cash 
advances each month, or you may repay in monthly installments.  
We can accept late payments or partial payments, or checks, 

drafts, or money orders marked “payment in full” without preju-
dice to our rights under this Agreement, which are hereby explic-
itly reserved. A credit posting from a merchant or reversal of fees 
do not constitute a minimum payment.  The minimum payment 
may be allocated at the Credit Union’s discretion to pay off lower 
rate balances, such as promotional offers, before higher rate 
balances, such as cash advances or purchases.  Payments in excess 
of the minimum payment will be allocated first to higher rate bal-
ances, as applicable. From time to time, we may allow you to skip 
your minimum monthly payment due.  If you choose to skip that 
payment, Interest Charges will continue to accrue in accordance 
with this Agreement.  Payments received at: PO Box 306, Corval-
lis, OR 97339-0306 at or before 5:00 PM Pacific Time on the date 
the payment is due will be credited to your Account as of that 
date; payments received by mail at that address after 5:00 PM 
Pacific Time, 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 days if your payment is 
received by mail at any other address or not accompanied by the 
remittance portion of your Account statement.  

6.  Interest Charges:
a.  Circumstances Under Which An Interest 

Charge Will Be Imposed:  The total outstanding 
balance of purchases and cash advances, including unpaid 
Interest Charges and unpaid late charges in your account 
on the closing date of any billing cycle will be shown on 
your statement for that month as the “New Balance.” An 
Interest Charge will be imposed on your account under the 
following conditions:
(i) 

Purchases.  An Interest Charge will be imposed on 
the portion of purchases  included in the New Bal-
ance that remains unpaid by the closing date of the 
next billing cycle (approximately 30 days).  If you pay 
the “New Balance” shown on the previous monthly 
statement in full by the closing date of the next billing 
cycle, this “grace period” allows you to avoid an Inter-
est Charge on purchases for a billing cycle.  However, 
if you do not pay the New Balance for purchases 
within the grace period, your Interest Charge will 
accrue on any unpaid purchase transactions from the 
date of purchase.

 (ii)   Cash Advances: Interest Charges will be imposed 

on cash advances from the date the cash advance is 
posted to your account until paid. There is no grace 
period in which you may avoid Interest Charges on 
cash advances. For this purpose, balance transfers are 
treated as cash advances.

b.  Method used to determine the balance on 

which the Interest Charge may be computed: 
We figure the Interest Charge on your account by applying 
the Periodic Rate to the “Average Daily Balance” of your 
account (including current purchases). To get the “Average 
Daily Balance” we take the beginning balance of your 
account each day, add any purchases and cash advances and 
subtract any payments or credits (and any unpaid Interest 
Charges). This gives us the daily balance. Then we add all 
the daily balances together and divide by the total number 
of days in the billing cycle. This gives us the “Average Daily 
Balance.” If you elect not to pay the entire new balance 

shown on your previous monthly statement within the 
grace period, credit purchases will be subject to the 
periodic Interest Charge.

c.  Method of determining the amount of Interest 

Charge:
Any Interest Charge shown on your monthly statement is 
determined as follows: We figure the Interest Charge on 
your account by applying the Periodic Rate to the “Average 
Daily Balance” of your account and adding the periodic 
Interest Charges for each day in the billing cycle to arrive at 
the “Total Interest Charges” shown on your statement for 
the billing cycle.

d.  Periodic rate and corresponding Annual Per-

centage Rate:
(i)  Visa Rewards periodic rate is a variable rate, and the 
Annual Percentage Rate may change as a result.  The 
Annual Percentage Rate is based on the value of an 
index.  The index is the month end prime rate for the 
previous calendar month as published by the Federal 
Reserve.  To the index the Credit Union will add a 
graduated margin ranging from 6.0% to 11.0% based 
on the creditworthiness of the member.  The total of 
the index plus the margin amount the Credit Union 
adds is the Annual Percentage Rate.  The margin and 
Annual Percentage Rate applicable to your loan will 
be disclosed on a separate disclosure provided to you 
with your card, or prior to the first use of your card. 
The interest rate will be rounded up to the nearest 
one-quarter of one percentage point.  The adjustment 
to the Annual Percentage Rate will take effect on 
the first day of the billing cycle.  The Annual Percent-
age Rate can change monthly.  The maximum Annual 
Percentage Rate is 18%, or as set by applicable law.  If 
you request an increase to your existing Visa Rewards 
credit limit, the Annual Percentage Rate on the entire 
line of credit limit will be based on your creditworthi-
ness at the time of your request.

(ii)  Visa Classic’s periodic rate is a variable rate, and the 
Annual Percentage Rate may change as a result.  The 
Annual Percentage Rate is based on the value of an 
index.  The index is the month end prime rate for 
the previous calendar month as published by the 
Federal Reserve.  To the index the Credit Union will 
add a margin of 6.50% and round up to the nearest 
one-quarter of one percentage point to determine 
the Annual Percentage Rate. The margin and Annual 
Percentage Rate applicable to your loan will be dis-
closed on a separate disclosure provided to you with 
your card, or prior to the first use of your card. The 
Annual Percentage Rate can change each month.  The 
maximum Annual Percentage Rate is 18%, or as set by 
applicable law.  The adjustment to the Annual Percent-
age Rate will take effect on the first day of the billing 
cycle.  If you request an increase to your existing Visa 
Classic credit limit, we will treat the request as a re-
quest for the Visa Rewards or Visa Value card program, 
which provides the level of credit limit you desire.
(iii)  Visa Value’s periodic rate is a variable rate, and the 
Annual Percentage Rate may change as a result. The 
Annual Percentage Rate is based on the value of an 
index.  The index is the month end prime rate for the 
previous calendar month as published by the Federal 
Reserve.  To the index the Credit Union will add 

a graduated margin ranging from 3.50% to 13.50% 
based on the creditworthiness of the member.  The 
total of the index plus the margin amount the Credit 
Union adds is the Annual Percentage Rate. The margin 
and Annual Percentage Rate applicable to your loan 
will be disclosed on a separate disclosure provided to 
you with your card, or prior to the first use of your 
card. The interest rate will be rounded up to the near-
est one-quarter of one percentage point.  The Annual 
Percentage Rate can change monthly. The adjustment 
to the Annual Percentage Rate will take effect on the 
first day of the billing cycle.  The maximum Annual 
Percentage Rate is 18%, or as set by applicable law.  If 
you request an increase to your existing Visa Value 
credit limit, the Annual Percentage Rate on the entire 
line of credit limit will be based on your creditworthi-
ness at the time of your request.

Any increase or decrease in the Annual Percentage Rate will 
affect the number of payments needed to repay your balance.  
If the amount of the monthly payment is not enough to pay at 
least the accrued Interest Charge for that billing cycle, the Credit 
Union will increase your monthly payment.

7.  Conditions under which any other    
     charges may be imposed:
a. 

b. 

c.  

d. 

e. 

f. 

g. 

h. 

Annual Fee:  (Assessed on Visa Rewards accounts only.)  
$25.00.  The Annual Fee may be reduced or waived depend-
ing on your Member Merits category (Due on the account 
anniversary date.). See Service Fees for criteria for each 
category.
Late Payment Charge: If you fail to make the minimum pay-
ment by the Payment Due date shown on your statement, 
you agree to pay a late charge of $25 or an amount equal to 
Payment Due, whichever is less.
Fees and Costs: If you default on any part of this Agree-
ment, you agree to pay us all costs to collect your account, 
including court costs and reasonable attorney fees 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.
Research and Copying: If you ask us to examine your ac-
count or provide copies of documents, except in resolu-
tion of a billing error, we may charge you $5.00 for each 
copy of your statement,  $5.00 for each copy of any other 
document you may request and $25.00 per hour for the 
research.
Replacement Card Fee: A $5.00 charge per card will be 
imposed on each replacement card you request, regardless 
of the reason.
ATM Withdrawal Fee: There is a $1.50 fee for withdrawals 
at ATMs not owned by the Credit Union.
Transfer Fee: A $4.00 fee will be charged if the Credit 
Union is required to transfer funds from another account 
to complete your transaction. All transactions are subject 
to current and future government regulations.
ATM Fees:  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 ATM Network 
utilized for such transaction.  The ATM surcharge may be 
charged to your account if you elect to complete the trans-
action.

The Credit Union reserves the right to impose additional service 
charges in the future after giving you notice of such service 
charges.

8. Security interest:
You grant the Credit Union a security interest under the Oregon 
Uniform Commercial Code in any goods purchased through your 
Credit Card Account. In addition, you agree that all collateral 
you give (or have given) the Credit Union to secure other loan 
obligations (except real estate or a dwelling), in the past and in 
the future, also secures your obligations under this Agreement. 
By signing the Loan Application, you grant us a security interest in 
all your shares and deposits, present and future, and all accounts 
(except Individual Retirement Accounts) with the Credit Union. 
You agree, upon default, the Credit Union may apply any or all 
collateral to pay any amounts due under this Agreement, without 
further notice to you.

9.  Pledge of shares and statutory lien:
By use of the Card you pledge all of your present and future 
shares and any earnings thereon. You understand that if you 
default on your Visa account we may apply without further notice 
to you all that is pledged to your Visa account (IRA and KEOGH 
accounts are excluded from this Pledge of Shares). Upon closure 
of your account your pledged shares may be held for 30 days.

10. Refunds:
If a seller agrees to give you a refund or adjustment, you agree to 
accept a credit to your account in lieu of a cash refund.

11. Overdraft protection:
An overdraft occurs when there are not sufficient funds in 
your Checking Account to pay a check. You promise to pay us 
for overdrafts and overdraft fees and authorize us to make a 
sufficient draw on your Visa line of credit or a transfer from 
one or more of your savings accounts to do so. The Account 
signature card allows you to specify in which order the Visa and 
savings account(s) you wish to use to pay overdrafts. Overdraft 
protection will cover overdrafts to a combined maximum of 
your approved Visa line of credit plus other accounts you specify. 
Each overdraft transfer will be made in an amount equal to the 
overdraft amount plus the fee charged for the transfers. To the 
extent any advances exceed your credit limit or your savings ac-
count balance, you promise to pay us these amounts immediately 
upon request.

12. Personal Identification Number (PIN):
ATM-PIN, PAT-PIN, or online account access PIN numbers 
are issued to you for security purposes. These numbers are 
confidential and should not be disclosed to third parties. You are 
responsible for safekeeping your PINs. You agree not to disclose 
or otherwise make available your ATM-PIN, PAT-PIN or online 
account access PIN numbers 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 with 
your card.

  
Visa Credit Card 
Agreement and 
Disclosure

13. Periodic statements:
Each month we will send you a statement showing any purchases, 
cash advances, payments and credits made to your account 
during that billing cycle. Your statement will identify the merchant 
or financial institution at which transactions were made, the 
“New Balance,” the “Minimum Payment Due” you must make 
for that billing period, and the date it is due. Sales, cash advances, 
credits or other slips cannot be returned with your statement. 
You will retain the copy of such slips furnished at the time of the 
transaction in order to verify the monthly statement. You will 
receive a receipt at the time you conduct any transaction using 
an ATM.

14. Loss or theft of card:
You agree to notify us immediately, orally or in writing, at OSU 
Federal, PO Box 306, Corvallis, Oregon 97339-0306, or tele-
phone (541-714-4000) of the loss, theft or unauthorized use of 
your Credit Card. If you notify us of your lost or stolen Credit 
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 credit card, otherwise your liability for unauthor-
ized Visa Credit Card transactions may be up to $50.

15. Termination:
You agree that we may terminate this Agreement and your use of 
the Visa card, PAT service, or online account access if:
a. 

You, or any authorized user of your ATM-PIN, PAT-PIN or 
online account access PIN numbers, breach this or any 
other agreement with us, or

b.  We have reason to believe there has been an unauthorized 
use of your ATM-PIN, PAT-PIN or online account access 
PIN numbers.

We may terminate or suspend use of your card and credit 
privileges under this Agreement at any time, at our sole 
discretion, without demand or notice. If we are required by law 
to give you a reason for adverse action for credit denied we will 
do so.

You or any other party to your account can terminate this 
Agreement by giving written notice and returning to the Credit 
Union all cards issued in connection with this Agreement. 
Termination of service will be effective the first business day 
following receipt of your written notice.

Termination will not affect the provisions of this Agreement and 
your  liability hereunder shall otherwise remain in full force and 
effect until all cards or credit instruments or devices issued to 
you have been canceled and / or returned to us and you have 
paid all sums due us.

16. Amendments and notices:
All notices from us will be effective when we have mailed them 
or delivered them to your last-known address in the Credit 
Union records. Notices from you will be effective when received 
by the Credit Union at the address specified in this Agreement.

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.

By continuing to use your Card and account after notice of these 
changes, you agree to the contract changes. If you do not agree 
to the changes, you may discontinue use of your Card and payoff 
your account balance under the existing payment terms. 

17. Transfer of account:
You cannot transfer your account to any other person.

18. Honoring the card:
Neither we nor merchants authorized to honor the Card will 
be responsible for the failure or refusal of anyone to honor the 
Card or any other credit instrument or device we supply to you.

19. Address:
You agree to advise us promptly if you change your mailing ad-
dress.  All written notices and statements from us to you will be 
sent to your address as it appears on our records.

Written notices and inquiries from you to us must be sent to:
OSU Federal, PO Box 306, Corvallis, OR  97339-0306.

20. Credit information:
You authorize us to make or have made any credit, employment 
and /or investigative inquiry we deem appropriate to qualify you 
for a Visa Card or to collect amounts owing on the account. We 
will maintain the confidentiality and  privacy of your account 
information in accordance with our privacy policy. However, we 
will disclose information to third parties about your account or 
the transfers you make in limited circumstances. We can furnish 
information concerning your account to consumer reporting 
agencies and others as permitted by law.  You agree to provide us, 
at any time we deem necessary, with a current financial statement 
and/or updated credit information upon request.

21. Irregular payments:
We can accept late payments or partial payments, or checks and 
money orders marked “payment in full” without prejudice to our 
rights under this agreement, which are hereby explicitly reserved.

22. Default:
You will be in default if you fail to comply with any provision of 
this   Agreement, if you provide us with any false information or 
signature, or if you default on any account or other obligation 
that you have with us.

23. Acceleration:
If you are in default as provided above, or if we in good faith 
reasonably believe that the prospect of payment or performance 
is impaired, amounts you owe us shall, at our option and without 
notice, become immediately due and payable.

24. Delay in enforcement:
We can delay enforcing any right under this agreement without 
losing that right or any other right.

25. Currency conversion:
Purchases and cash advances made in foreign currencies will be 
billed to you in U.S. dollars. The currency conversion rate for 
international transactions as established by Visa, 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.

26. Severability:
If any provision of this Agreement is held invalid, all provisions 
that are severable from the invalid provision remain in effect.

27. 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 any 
person whom we authorize to act as our agent, or any person 
who is authorized to honor the Card, immediately according to 
instruction. The Card may be repossessed at any time at our sole 
discretion without any demand or notice.

28. Governing law:
This agreement will not take effect until it is approved by the 
Credit Union in the State of Oregon. All payments shall be made 
at the Credit Union’s offices within the State of Oregon. This 
agreement shall be governed by the laws of the State of Oregon.

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: OSU 
Federal, PO Box 306, Corvallis, OR 97339-0306. 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 a 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.

LD584 (2/12)

 
 
OSU Federal Credit Union 
VISA Credit Card Application & Solicitation Disclosure 

VISA Rewards and Visa Value Card – Rates & Fees 

INTEREST RATES AND INTEREST CHARGES 

Annual Percentage Rate (APR) 
for Purchases 

APR for Balance Transfers 

APR for Cash Advances   

How to Avoid Paying Interest on 
Purchases 

For Credit Card Tips from the 
Federal Reserve Board 

9.25% –14.25% VISA Rewards 
6.75% –16.75% VISA Value 
When you open your account, the applicable APR will be based on 
your  creditworthiness.  After  that,  your  APR  will  vary  with  the 
market based on the Prime Rate. 

9.25% – 14.25% VISA Rewards 
6.75% – 16.75% VISA Value  
When you open your account, the applicable APR will be based on 
your  creditworthiness.  After  that,  your  APR  will  vary  with  the 
market based on the Prime Rate. 

9.25% –14.25% VISA Rewards 
6.75% – 16.75% VISA Value  
When you open your account, the applicable APR will be based on 
your  creditworthiness.  After  that,  your  APR  will  vary  with  the 
market based on the Prime Rate. 
Your  due  date  is  approximately  30  days  after  the  close  of  each 
billing  cycle.  We  will  not  charge  any  interest  on  the  portion  of  the 
purchases balance that you pay by the due date each month.  We 
will  begin  charging  interest  on  cash  advances  and  balance 
transfers on the transaction date. 

To learn more about factors to consider when applying for or using 
a  credit  card,  visit  the  website  of  the  Federal  Reserve  Board  at 
http://www.federalreserve.gov/creditcard. 

Annual Fee 

$25 VISA Rewards only 

FEES 

Card Replacement Fee 

$5 

Transaction Fees 

•  Foreign Transaction Fee 

Up to 1% of the US dollar amount of the foreign transaction 

Penalty Fees 

•  Late Payment Fee 
•  Transfer Fee 

$25 (or an amount equal to Payment Due, whichever is less) 
$4 

How We Will Calculate Your Balance: We use a method called “average daily balance” (including new 
purchases).  

The above rates and fees are current as of January 16, 2012