VISA Classic Credit Card Agreement 

In  this  agreement  “you”  and  “your”  mean  or  refer  to  all  persons  who sign the 
application  for  this  VISA  credit  card  plan.  “Card”  means  the  VISA  Classic 
Credit Card and any duplicates and renewals we issue. “Account” means your 
VISA  Classic  Credit  Card  line-of-credit  loan  account  with  us.  “We,”  “Us,”  or 
“Our”  means  or  refers  to  the  University  of  Michigan  Credit  Union.  This 
agreement is a Truth-In-Lending Disclosure statement as well as a contract. 
SECURITY  INTEREST:  THE  GRANTING  OF  A  SECURITY 
INTEREST  IN  YOUR  SHARES  AND  DEPOSITS  WITH  US  IS 
A  CONDITION  FOR  YOUR  CREDIT  CARD  ACCOUNT.  BY 
SIGNING  YOUR  CARD,  YOU  GRANT  US  A  CONSENSUAL 
SECURITY  INTEREST  IN  ALL  INDIVIDUAL  AND  JOINT 
ACCOUNTS  YOU  HAVE  WITH  US  NOW  AND  IN  THE 
FUTURE  TO  SECURE  ALL  ADVANCES  MADE  UNDER 
YOUR CREDIT CARD AGREEMENT. WE MAY, BUT DO NOT 
HAVE  TO,  ALLOW  YOU  TO  WITHDRAW  A  PORTION  OF 
YOUR SHARES OR DEPOSITS WITHOUT AFFECTING THE 
SECURITY 
INDIVIDUAL 
RETIREMENT  ACCOUNT  AND  ANY  OTHER  ACCOUNT 
THAT  WOULD  LOSE  SPECIAL  TAX  TREATMENT  UNDER 
STATE  AND  FEDERAL  LAW  IF  GIVEN  AS  SECURITY  ARE  
NOT  SUBJECT  TO  THE  SECURITY  INTEREST  YOU  HAVE 
GIVEN IN YOUR SHARES.  
  1. ISSUANCE OF CARDS: We will issue VISA credit cards embossed as you 
direct  in  your  application  for  this  plan.  As  soon  as  received,  the  person 
whose  name  is  embossed  on  the  card  must  sign  it  on  the  back.  That 
signature must be in the same form as the name embossed on the front of 
the card. 

INTEREST.  SHARES 

IN  AN 

  2. USE OF CARDS: You agree not to let someone else use your card. If you 
do, you are agreeing with us that you authorize all use that person makes 
of your card. Therefore, you will be liable for all such use. If you notify us to 
do so, we will take prompt steps to prevent further card use. If you do not 
wish to be bound by this agreement, as soon as you receive your card cut 
it  in  half  and  return  it  to  us.  You  agree  that  when  you  or  any  authorized 
user  of  your  card(s)  uses  the  card  to  make  a  purchase  or  obtain  a  cash 
advance that the terms of this agreement shall become effective. 

3a.USING  THE  CARD:  To  make  a  purchase  or  obtain  a  cash  advance, 
present this card to a participating VISA plan merchant, to us or to another 
financial institution, and sign the sales or cash advance draft which will be 
imprinted with your card number. You will receive a copy of the draft, which 
you should retain to verify your monthly statement. You may not receive a 
sales  draft  if  the  transaction  is  less  than  $15.00.  We  will,  upon  request, 
furnish you with a copy of any draft over $15.00 at a charge of $10.00 per 
copy, and a copy of any periodic statement at a charge of $2.00 per copy. 

3b.The VISA Card may not be used for any illegal transaction. This includes, 

but is not limited to, illegal Internet gambling. 

3c.  CASH  ADVANCES  FOR  CHECKS:  If  you  have  signed  a  Checking 
Account  Agreement  which  provides  for  cash  advances  from  your  VISA 
loan  plan,  and  we  have  approved  this  service,  we  will  process  these 
advances  while  this  agreement  remains  in  effect.  To  be  effective,  all 
parties on the Checking Account must complete the VISA application and 
be approved. 

3d.  FEES:  Under  this  agreement  you  agree  to  pay  the  fees  listed  below:  All 

fees will be posted to your VISA account. 
  FREE  
Initial Card Fee: 
  FREE  
Second Card: 
$  5.00 
Replacement Card Fee: 
Special Issue Card (authorized signer card): 
$15.00  
Expedited Card to Branch (Same day branch pick up):  $15.00 
$10.00  
Sales Draft Copy: 
$  2.00  
Statement Copy: 
     Up to $35.00  
Returned Payment Fee: 
$15.00 
Account Research/per hour: 
  FREE 
PIN Reissue: 
$  3.00  
Expedited Phone Payment Fee: 
Late Payment Fee: 
     Up to $35.00 
                                                 (payment received on or after 10th of  
                                                          month following payment due date) 

Cash Advance Fee: 

2% of advance 

                                                         (minimum $2.00, maximum $10.00) 

Expedited Card Delivery:          If expedited delivery is required, you agree  

                                                         to pay the cost of any shipping charges. 

4.    AUTOMATIC  TRANSFER  CANCELLATION:  To  cancel  your  automatic 
transfer  payment,  you  must  provide  notice  at  least  5  days  prior  to  the 
scheduled transfer.  

The  Credit  Union  may  cancel  your  automatic  transfer  if  funds  are  not 
available to make the automatic transfer on your payment due date for two 
(2)  consecutive  months:  however  you  may  initiate  reinstatement  at  any 
time  as  long  as  the  account  is  current  at  the  time  of  the  reinstatement 
request. 

5.  PROMISE  TO  REPAY:  You  promise  to  repay  us  for  all  credit  extended 
pursuant  to  authorized  use  of  the  card,  plus  interest  charges  and  other 

charges as provided in this agreement. If two persons sign the application 
for this loan plan, each of you is liable, separately and jointly with the other, 
to repay all such credit, interest charges and other charges. 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 responsible persons to pay the account. 

6.  CREDIT LIMIT: You will be advised of your credit limit under this plan in the 
notice  of  approval  for  participation  in  this  loan  plan.  Each  payment  you 
make  to  the  account  will  replenish  your  credit  limit  by  the  part  of  that 
payment which is applied to principal. You agree not to use your card(s) so 
as to exceed this credit limit. You must submit an application to us in order 
to increase your credit limit. 

7.  MONTHLY  PAYMENT:  We  will  provide  you  with  monthly  statements  of 
your  VISA  loan  account  as  required  by  law.  Every  month  you  promise  to 
pay at least the minimum payment upon receipt of your statement. You are 
required  to  make  a  payment  every  month  even  if  you  make  a  payment 
greater  than  the  minimum  amount  due.  By  separate  agreement  you  may 
authorize  us  to  charge  a  specified  payment  amount  automatically  to  your 
Share  Savings  or  Checking  Account  with  us.  You  may  pay  more 
frequently,  pay  more  than  the  minimum  payment,  or  pay  the  total  new 
balance  in  full,  and  you  will  reduce  the  interest  charge  by  doing  so.  The 
minimum  payment  will  be  either  (a)  2%  of  your  total  new  balance,  or 
$25.00, whichever is greater, or (b) your total new balance, if it is less than 
$25.00  plus  (c)  any  portion  of  the  minimum  payment(s)  shown  on  prior 
statements which remains unpaid. In addition, if at any time your total new 
balance  exceeds  your  credit  limit,  you  agree  to  immediately  pay  the 
excess. 

8.  ALLOCATION OF PAYMENTS: We will apply your payments as follows: 

(a) To all outstanding fees and costs, then 
(b) To total unpaid interest charges, then 
(c) To principal balance 

      If a payment is not sufficient to cover the interest charge already billed on 
your  statement(s),  the  remainder  of  that  interest  charge  will  be  collected 
from  later  payments  and  will  not  be  added  to  the  daily  balance  of 
purchases or cash advances. 

9.  CREDITING OF PAYMENTS: Payments made by 5:00 pm Eastern time at 
the  address  provided  on  the  billing  statement  or  during  regular  business 
hours at our office will be credited as of the date of receipt. 

10. RETURNED  PAYMENTS:  If  your  financial  institution  will  not  honor  your 
check  or  we  must  return  your  check  to  you  because  it  is  not  signed,  we 
may charge your account a fee of up to $35.00. 

11. IRREGULAR  PAYMENTS:  We  can  accept  late  payments  or  partial 
payments,  or  checks/drafts  and  money  orders  marked  “payment  in  full” 
without losing any of our rights under this agreement. Any communications 
concerning  a  disputed  balance,  including  an  instrument  tendered  as  full 
satisfaction of a debt, must be sent directly to University of Michigan Credit 
Union, 
PAYOFF 
DISPUTED 
DEPARTMENT, 340 E Huron, Suite 100, Ann Arbor, Michigan 48104. 

ATTENTION: 

CREDIT 

CARD 

12.  ANNUAL  PERCENTAGE  RATE:  The  VISA  Platinum  is  subject  to  a 
periodic 
to  an  ANNUAL 
PERCENTAGE RATE of 11.69%, which is equal to the Prime Rate plus 
5.99% [OR 11.69%, whichever is higher]. 

rate  of  0.974%,  which  corresponds 

The  Prime  Rate  is  defined  as  the Wall Street Journal Published Prime (if 
published  in  a  range,  the  highest  number  in  the  range  will  be  used)  in 
effect  on  the  4th  Tuesday  of  the  month  prior  to  the  beginning  of  each 
calendar  quarter  (“Index”).    Changes  in  the  Index  may  cause  changes  in 
the  ANNUAL  PERCENTAGE  RATE  as  of  the  first  day  of  each  calendar 
quarter  following  the  Index  Change.  Increases  and  decreases  in  the 
ANNUAL PERCENTAGE RATE will result in like increases or decreases in 
the  Interest  Charge  you  owe  on  your  Account  and  may  affect  your 
minimum payment. This ANNUAL PERCENTAGE RATE does not include 
costs other than interest. 

13.  PAYING  INTEREST:  Your  due  date  is  27  days  after  your  statement 
closing.  We  will  not  charge  you  any  interest  on  purchases  if  you  pay  the 
entire statement balance in full by the due date each month. We will begin 
charging  interest  on  cash  advances  and  balance  transfers  as  of  the 
transaction posting date. If you fail to pay the entire balance shown on any 
statement  within  27  days  of  the  closing  date  of  that  statement,  we  will 
begin  charging  interest  on  the  average  daily  balance  from  the  1st  day  of 
the current billing cycle.  

14.  HOW  WE  WILL  CALCULATE  YOUR  BALANCE  AND  INTEREST:  We 
calculate  your  balance  using  a  method  called  “average  daily  balance 
(including  new  purchases).”  This  balance  is  calculated  by  adding  the 
outstanding  balance  (including  new  purchases  and  deducting  payments 
and  credits)  for  each  day  of  the  billing  cycle,  and  then  dividing  by  the 
number  of  days  in  the  statement  period.  The  daily  balance  is  calculated 
separately for purchases and cash advances.  
The  interest  charge  is  calculated  using  the  ANNUAL  PERCENTAGE 
RATE  currently  in  effect.  The  periodic  daily  rate  is  calculated  by  dividing 
the ANNUAL PERCENTAGE RATE by 365 days. The periodic daily rate is 
then multiplied by the number of days in the statement period and applied 
to the calculated average daily balance.  

15.  RETURNS  AND  ADJUSTMENTS:  If  merchants  who  honor  your  card 
process  a  return  or  adjustment,  they  will  do  so  by  sending  us  a  credit, 
which  we  will  post  to  your  VISA  loan  account,  and  you  agree  to  accept 
returns  or  adjustments  in  this  manner.  You  should  keep  your  copy  of  the 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
   
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
credit slip to verify the transaction on your monthly statement. The credits 
posted to your VISA account do not count as monthly payments. You are 
required  to  make  at  least  your  minimum  monthly  payment  each  month, 
regardless  of  whether  a  credit  was  posted  to  your  account.  However,  if 
your  credits  and  payments  exceed  the  balance  you  owe  us,  we  will  hold 
and apply this credit balance against future purchases and cash advances, 
a minimum payment would not be due and, if the amount is $1.00 or more, 
we will refund it after six (6) months or upon your written request.  

16.  FOREIGN  TRANSACTIONS:  The  exchange  rate  between the transaction 
currency  and  the  billing  currency  used  for  processing  international 
transactions 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, plus 1%.  
Transactions  made  with the Card(s) in US dollars with merchants located 
in foreign countries will be assessed an International Service Assessment 
fee of .8% of the transaction amount. 

17. LOSS  OR  THEFT  OF  CARD:  You  agree  to  notify  us  immediately  upon 

discovering that your card has been lost or stolen. Phone us at:  
1-800-968-UMCU  (toll  free  number)  or  (734)  662-8200  during  regular 
business  hours  Monday  through  Friday.  If  you  can’t  get  an  answer  at  our 
phone numbers, you may call: 1-800-991-4965.  
To  have  a  replacement  card  issued,  write  us  at:  University  of  Michigan 
Credit Union, P.O. Box 7850, Ann Arbor, MI  48107  
You  will  be  charged  and  you  agree  to  pay  $5.00  for  each  replacement 
card.   

18. DEFAULT: Your account shall be in default if any of the following things 
occur: (a) you do not make any payment or perform any obligation under 
this agreement that you have with the Credit Union; or (b) you have made 
a false or misleading statement in your credit application and/or in your 
representations to the Credit Union while you owe money on this loan; or 
(c) you should die, or be involved in any bankruptcy, insolvency, 
receivership or custodial proceeding brought by or against you; or (d) a 
judgment or tax lien should be filed against you or any attachment or 
garnishment should be issued against any of your property or rights, 
specifically including anyone starting an action or proceeding to seize any 
of your funds on deposit with the Credit Union;  and/or (e) the Credit Union 
should, in good faith, believe your ability to repay your indebtedness 
hereunder is or soon will be impaired, time being of the very essence. 
Upon any occurrence of Default, and to the extent permitted by law, the 
entire balance of your account shall be immediately due and payable, 
without prior notice or demand, and you understand that interest will 
continue to accrue at the ANNUAL PERCENTAGE RATE shown on the 
reverse side. If the entire balance is not paid immediately upon Default, the 
Credit Union may take whatever actions are permitted by law. 

 19.  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  our  credit  experience  with 
you under this loan plan to credit bureaus and other creditors. As may be 
required  by  law  you  are  hereby  notified  that  a  negative  credit  report 
affecting your credit record may be submitted to a credit reporting agency if 
you fail to fulfill the terms of your credit obligation. 

20.  AMENDMENTS:  From  time  to  time,  we  may  amend  this  agreement  by 
giving you written notice of the amendment at least 45 days before it goes 
into  effect,  unless  a  shorter  notice  period  is  permitted  by  law.  The  notice 
will be sent to your last known address appearing in our records when it is 
sent,  and  will  state  the  date  upon  which  the  amendment  will  become 
effective.  Amendments  to  the  ANNUAL  PERCENTAGE  RATE  or  to  any 
other fees or terms to this agreement may be announced in our newsletter, 
MemberGuide. Your use of the card thereafter will indicate your agreement 
to the amendments. To the extent the law permits, and we indicate in our 
notice, amendments will apply to your existing account balance as well as 
to future transactions. 

21.  EFFECT  OF  AGREEMENT:  This  agreement  contains  our  complete 
contract relating to this loan plan and applies to every transaction relating 
to it even though a sales or cash advance draft you sign or a credit or other 
slip may contain different terms. 

If  automated 

22.  ELECTRONIC  ADVANCES  OR  PURCHASES: 

teller 
machines  or  other  electronic  devices  are  available  while  this  agreement 
remains in effect which make it possible for you to obtain a cash advance 
by  use  of  your  card  in  such  a  machine,  or  to  make  a  purchase  from  a 
merchant  that  uses  the  card  in  an  electronic  terminal  that  accesses  the 
VISA  system,  we  will 
furnish  you  with  a  secret  PERSONAL 
IDENTIFICATION NUMBER (PIN). You agree to keep the PIN secret. You 
also  agree  that  you  won’t  write the PIN on the card or anything you keep 
with  the  card.  Your  use  of  the  PIN,  together  with  your  card,  in  getting  a 
cash advance or making a purchase is agreed to constitute your signature 
for purposes of such transaction. 

23. PLAN MERCHANT DISPUTES: We are not responsible for the refusal of 
any merchant or financial institution to honor your card. Except as provided 
in  “Your  Billing  Rights”  at  the  end  of  this  agreement,  you  promise  to  pay 
what  you  owe  us  under  this  loan  plan  even  if  you  have  a  dispute  with  a 
merchant who honored your card. 

24. RENEWAL: Cards are issued with an expiration date and are renewed for 
a  pre-determined  period.  We  have  the  right,  on  written  notice,  not  to 
renew your card for any reason. 

25. CHANGE OF ADDRESS: If you move, you agree to notify us of your new 
address  in  writing.  Otherwise  we  may  send  monthly  periodic  statements 
and other notices to you at the address shown for you in our records. On a 
joint  account,  we  will  send  statements  and  notices  to  only  one  of  you. 
Unless  we  notify  you  otherwise,  you  agree  to  send  notices  to  us  at  P.O. 
Box 7850, Ann Arbor, Michigan 48107. 

26.  CANCELLATION:  The  cards  are  our  property.  You  may  cancel  this 
agreement at any time by giving us written notice and returning the card(s) 
cut in half to us. We can reduce your credit limit or cancel this agreement 
for  good  cause,  including  your  breach  of  this  agreement,  or  our  adverse 
redetermination  of  your  creditworthiness.  Cancellation  by  you  or  by  us 
does not change your obligation to pay us what you then owe us under this 
loan  plan.  If  we  cancel,  you  promise  to  return  the  card(s)  to  us.  We  will 
notify you in writing if we cancel this agreement or reduce your credit limit. 

27.  RESTRICTION  OF  CREDIT  UNION  SERVICES:  If  this  loan  plan  or  any 
other loans that you have with us are past due, credit union services may 
be restricted.  

28. DELAY IN ENFORCEMENT: We can delay enforcing our rights under this 

agreement without losing them. 

29. We reserve the right to block transactions from certain merchants due to a 

high incidence of fraud from that merchant. You can obtain a list of 
affected merchants by contacting us. 

The  laws  of  the  State  of  Michigan  govern  this  agreement,  except  to  the 
extent that federal law controls.     

YOUR BILLING RIGHTS:  Keep this Document for Future Use 
This notice informs 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:  
Credit Card Department , P.O. Box 7850, Ann Arbor, MI 48107 
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.  If you call us, we are not 
required to investigate any potential errors and you may be required 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 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 questions, 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 
$50.00 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 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: 
Credit Card Department , P.O. Box 7850, Ann Arbor, MI 48107 
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. 
                                                                  Form 820 (04/12)