Emerald
Revised 12/2011
Group
Credit Union, Inc.
13201 Granger Road
Suite 1
Garfield Heights, OH 44125
Tel: 216-581-5581 or 800-867-8434
Fax: 216-581-5590
CONSUMER
CREDIT CARD AGREEMENT
In
this agreement, “Agreement” means this Consumer Credit Card Agreement. “Disclosure” means the Credit Card Account
Opening Disclosure. The Account Opening
Disclosure is incorporated into this Consumer Credit Card Agreement and is part
of the Agreement. In this agreement,
the words “you,” “your” and “yours” means each and all of those who agree to be
bound by this agreement; “card” means the Visa credit card and any duplicates,
renewals or substitutions the Credit Union issues to you; “account” means your
Visa credit card line-of-credit account with the Credit Union; and “Credit
Union” means the Credit Union whose name appears on this Agreement or anyone to
whom the Credit Union transfers this Agreement
1. USING
YOUR ACCOUNT – If
you are approved for an account, the Credit Union will establish a line of
credit for you. You agree that your
credit limit is the maximum amount (purchases, cash advances, finance charges
and/or other charges) which you will have outstanding on your account at any
time. Unless otherwise disclosed, the
Credit Union will not allow advances over the credit limit. You may request an increase in your credit
limit only by a method acceptable to the Credit Union. The Credit Union may increase or decrease
your credit limit, refuse to make an advance and/or terminate your account at
any time for any reason not prohibited by law.
2. USING
YOUR CARD – You
understand that the use of your credit card or credit card account will
constitute acknowledgement of receipt and agreement to the terms of the Credit
Card Agreement and Disclosure. You may
use your card to make purchases from merchants and others who accept your
card. The Credit Union is not
responsible for the refusal of any merchant or financial institution to honor
your card. If you wish to pay for goods
or services over the Internet, you may be required to provide card number
security information before you will be permitted to complete the
transaction. In addition, you may
obtain cash advances from the Credit Union, other financial institutions that
accept your card and from some automated teller machines (ATMs). If the Credit Union authorizes ATM
transactions with your card, it will issue you a personal identification number
(PIN). To obtain cash advances from an
ATM, you must use the PIN issued to you for use with your card. If you are permitted to obtain cash advances
on your account, you may also use your card to purchase instruments and engage
in transactions that the Credit Union considers the equivalent of cash. Such transactions will be posted to your
account as cash advances and include, but are not limited to wire transfers and
money orders. You agree that you will
not use your card for any transaction that is illegal under applicable federal,
state or local law. If you use your
card for an illegal transaction, you will be responsible for all amounts and
charges incurred in connection with the transaction. This paragraph shall not be interpreted as permitting or
authorizing any transaction that is illegal.
3. PROMISE
TO PAY – You
promise to pay all charges (purchases, cash advances, balance transfers and/or
any other charges) made to your account by you or anyone you authorize to use
your account. You also promise to pay
all finance charges and other charges added to your account under the terms of
this Agreement or another agreement made with the Credit Union. If this is a joint account, the paragraph on
JOINT ACCOUNTS also applies to you.
4. PERIODIC
RATES – The
periodic rates applicable to purchases, cash advances and balance transfers are
disclosed on the Disclosure that accompanies this Agreement. Any penalty rate that may be imposed for
failing to make a payment by the payment due date is also disclosed on the Disclosure. The initial rate on your account for certain
types of transactions may be an introductory discounted rate (Introductory
Rate) that is lower than the rate that would ordinarily apply for that type of
transaction. If an Introductory Rate
applies to your account, the rates and the period of time it will be effective
is shown on the Disclosure accompanying this Agreement. After the Introductory Rate period expires,
the periodic rate will automatically increase to the rates that would
ordinarily apply for that type of transaction based on the terms of this
Agreement.
5. FINANCE
CHARGES – New
purchases posted to your account during a billing cycle will not incur a
finance charge for that billing cycle if you had a zero or credit balance at
the beginning of that billing cycle, or you paid the entire new balance on the
previous cycle’s billing statement by the payment due date of that statement;
otherwise a finance charge will accrue from the date a purchase is posted to
your account. To avoid an additional
finance charge on the balance of purchases, you must pay the entire new balance
on the billing statement by the payment due date of that statement. A finance charge begins to accrue on cash
advances from the date you get the cash advance or from the first day of the
billing cycle in which the cash advance is posted to your account, whichever is
later.
The finance charge is calculated separately for
purchases and cash advances. For
purchases, the finance charge is computed by applying the monthly periodic rate
to the average daily balance of purchases.
To get the average daily balance of purchases we take the beginning
outstanding balance of purchases each day, add any new purchases and subtract
any payments and/or credits. This gives
the daily balance of purchases. Then we
add all the daily balances of purchases for the billing cycle together and
divide the total by the number of days in the billing cycle. This gives us the average daily balance of
purchases.
For cash advances, the finance charge is computed by
applying the monthly periodic rate to the average daily balance of cash
advances. To get the average daily
balance of cash advances we take the beginning outstanding balance of cash
advances each day, add any new cash advances and subtract any payments and/or
credits that we apply to the cash advance balance. This gives the daily balance of cash advances. Then we add all the daily balances of cash
advances for the billing cycle together and divide the total by the number of
days in the billing cycle. This gives
us the average daily balance of cash advances
6. FOREIGN
TRANSACTIONS – Purchases
and cash advances made in foreign currencies will be debited from your account
in U.S. dollars. The exchange rate
between the transaction currency and the billing currency used for processing
international transactions is a rate selected by Visa from a range of rates
available in wholesale currency markets for the applicable central processing
date, which may vary from the rate Visa itself receives or the
government-mandated rate in effect for the applicable central processing
date. The exchange rate used on the
processing date may differ from the rate that would have been used on the
purchase date or cardholder statement posting date.
A fee (finance charge), calculated in U.S. dollars,
will be imposed on all foreign transactions, including purchases, cash advances
and credits to your account. A foreign
transaction is any transaction that you complete or a merchant completes on
your card outside of the United States, with the exception of military bases,
U.S. territories, U.S. embassies or U.S. consulates. The foreign transaction fee is set forth on the Disclosure
accompanying this Agreement.
7. FEES – In addition to the periodic
rate, the following additional fees may be imposed on your account. If applicable to your account, the fee
amounts and explanations are disclosed on the Disclosure accompanying this
Agreement. Your account may also be
subject additional fees set forth on the Disclosure accompanying this
Agreement.
a.
Foreign Transaction Fee. If your account is subject to
a foreign transaction fee, a fee may be charged to your account for
transactions made outside of the United States or in a foreign country.
b.
Late Payment Fee. If your account is subject to
a late payment fee, the fee will be charged to your account when you do not
make the required minimum payment by or within the number of days of the
statement payment due date set forth on the Disclosure accompanying this
Agreement.
c.
Returned Payment Fee. If your
account is subject to a returned payment fee, the fee will be charged to your
account when a payment is returned for any reason.
d.
Statement Copy Fee. If your account is subject to
a statement copy fee, except as limited by applicable law and when the request
is made in connection with a billing error made by the Credit Union, a fee may
be charged to your account for each copy of a sales draft or statement that you
request.
8. PAYMENTS
– Each month you must pay at least the minimum payment shown on your
statement by the date specified on the statement. You may pay more frequently, pay more than the minimum payment or
pay the total new balance in full. If
you make extra or larger payments, you are still required to make at least the
minimum payment each month your account has a balance (other than a credit
balance). The minimum payment is
either 2.00% of your total new balance, or $15.00 whichever is greater for a
Platinum Visa or 3.00% of your total new balance, or $20.00 whichever is
greater for a Classic Visa, plus the amount of any prior minimum payments that
you have not made, all outstanding unpaid fees and charges, and any amount you
are over your credit limit by the date specified on the statement. The Credit Union also has the right to
demand immediate payment of any amount by which you are over your credit limit.
9. PAYMENT
ALLOCATION – Subject
to applicable law, your payments may be applied to what you owe the Credit
Union in any manner the Credit Union chooses.
However, in every case, in the event you make a payment in excess of the
required minimum payment, the Credit Union will allocate the excess amount
first to the balance with the highest annual percentage rate and any remaining
portion to the other balances in descending order based on applicable annual percentage
rate.
10. SECURITY
INTEREST – You
grant the Credit Union a security interest under the Uniform Commercial Code
and under any common law rights the Credit Union may have in any goods you
purchase. If you give the Credit Union
a specific pledge of shares (by signing a separate pledge of shares) your
pledged shares will secure your account.
You may not withdraw amounts that have been specifically pledged to
secure your account until the Credit Union agrees to release all or part of the
pledged amount.
Your
account is secured by all other shares you have in any individual or joint
account with the Credit Union, except for shares in an Individual Retirement
Account or in any other account that would lose special tax treatment under
state or federal law if given as security.
These other shares may be withdrawn unless you are in default under this
Agreement. You authorize the Credit
Union to apply the balance in your individual or joint share accounts to pay
any amounts due on your account if you should default.
Collateral
securing other loans you have with the Credit Union may also secure this loan,
except that a dwelling will never be considered as security for this account,
notwithstanding anything to the contrary in any other agreement.
11. DEFAULT – You will be in default if you fail to make any
minimum payment or other required payment by the date that it is due. You will be in default if you break any
promise you make under this Agreement.
You will be in default if you die, file for bankruptcy or become
insolvent, that is, unable to pay your obligations when they become due. You will be in default if you make any false
or misleading statements in any credit application or credit update. You will also be in default if something
happens that the Credit Union believes may substantially reduce your ability to
repay what you owe.
When you
are in default, the Credit Union has the right to demand immediate payment to
your full account balance without giving you notice. If immediate payment is demanded, you agree to continue paying
finance charges at the periodic rate charged before default, until what you owe
has been paid, and any shares that were given as security for your account may
be applied towards what you owe.
12. LIABILITY FOR UNAUTHORIZED USE-LOST/STOLEN CARD NOTIFICATION – You agree
to notify us immediately, orally, in writing at 13201 Granger Road Suite 1
Garfield Heights, OH 44125 or by telephone at 216-581-5581 or 800-867-8434
Monday thru Friday 9:00 A.M. – 4:30 P.M. or 800-808-7230, of the loss, theft or
unauthorized use of your card. You may
be liable for unauthorized use of your card.
You will not be liable for unauthorized use that occurs after you notify
us of the loss, theft or unauthorized use.
You will have no liability for unauthorized purchases made with your
card unless you are grossly negligent in the handling of your card. In any case, your liability will not exceed
$50.00.
13. CHANGING OR TERMINATING YOUR ACCOUNT – As
permitted by law, the Credit Union may change the terms of this Agreement and
any attached Disclosure from time to time.
Notice of any change will be given in accordance with applicable
law. If permitted by law and specified
in notice to you, the change will apply to your existing account balances as well
as to future transactions.
Either you
or the Credit Union may terminate this Agreement at any time, but termination
by you or the Credit Union will not affect your obligation to pay the account
balance plus any finance or other charges you owe under this Agreement. Your obligation to pay the account balance
plus any finance and other charges you owe under this Agreement are subject to
all applicable laws and regulations regarding repayment requirements. You are also responsible for all
transactions made to your account after termination, unless the transactions
were unauthorized.
The card
(or cards) you receive remain the property of the Credit Union and you must
recover and surrender to the Credit Union all cards upon request or upon
termination of this Agreement whether by you or the Credit Union. If this is a joint account, the paragraph on
JOINT ACCOUNTS of this Agreement also applies to termination of the account.
14. CREDIT REVIEW AND RELEASE OF INFORMATION – You
authorize the Credit Union to investigate your credit standing when opening or
reviewing your account. You authorize
the Credit Union to disclose information regarding your account to credit
bureaus and creditors who inquire about your credit standing. If your account is eligible for emergency
cash and/or emergency card replacement services, you agree that we may provide
personal information about you and your account that is necessary to provide
you with the requested service.
15. RETURNS AND ADJUSTMENTS – Merchants and others who honor
your card may give credit for returns or adjustments, and they will do so by
sending the Credit Union a credit slip which will be posted to your
account. If your credits and payments
exceed what you owe the Credit Union, the amount will be applies against future
purchases and cash advances. If the
credit balance amount is $1.00 or more, it will be refunded upon your written
request or automatically after six (6) months.
16. ADDITIONAL BENEFITS/CARD ENHANCEMENTS – The Credit
Union may from time to time offer additional services to your account, such as
travel accident insurance, at no additional cost to you. You understand that the Credit Union is not
obligated to offer such services and may withdraw or change them at any time.
17. MERCHANT DISPUTES – The Credit Union is not
responsible for the refusal of any merchant or financial institution to honor
your card. The Credit Union is subject
to claims and defenses (other than tort claims) arising out of goods or services
you purchase with the card if you have made a good faith attempt but have been
unable to obtain satisfaction from the merchant or service provider, and (a)
your purchase was made in response to an advertisement the Credit Union sent or
participated in sending you; or (b) your purchase cost more than $50.00 and was
made in your state or within 100 miles of your home.
18. JOINT ACCOUNTS – If this is a joint account, each person on the
account must sign the Agreement (by signing the application). Each joint owner will be individually and
jointly responsible for paying all amounts owed under this Agreement. This means that the Credit Union can require
one of you individually to repay the entire amount owed under this Agreement. Each of you authorizes the other(s) to make
purchases or cash advances individually.
Any one of you may terminate the account and the termination will be
effective to all of you.
19. EFFECT OF AGREEMENT – This Agreement is the contract,
which applies to all transactions on your account even though the sales, cash
advances, credit or other slips you sign or receive may contain different
terms.
20. NO WAIVER - The Credit Union can delay enforcing any of its
rights any number of times without losing them.
21. STATEMENTS AND NOTICES – Statements and notices will be mailed
to you at the appropriate address you have given the Credit Union. Notice sent to any one of you will be
considered notice to all.
22. SEVERABILITY AND FINAL EXPRESSION – This
Agreement and the Disclosure are the final expression of the terms and conditions
of your account. This written Agreement
and Disclosure may not be contradicted by evidence of any alleged oral
agreement. Should any part of this
Agreement or the Disclosure be found to be invalid or unenforceable, all other
parts of this Agreement and Disclosure shall remain in effect and fully
enforceable to the fullest extent possible under this Agreement.
23. PENALTY RATE DISCLOSURES – If applicable to your account,
all rates for your account, including the rates for purchases, cash advances
and balance transfers, will increase to the Penalty Rate when you meet one or
more of the conditions as set forth in the Disclosure accompanying this
Agreement. Any rate increases applied
to your account are subject to applicable notice requirements. Please refer to the Disclosure for
additional information regarding the Penalty Rate.
24. COPY RECEIVED – You acknowledge that you have received a copy of
this Agreement and Disclosure.
25. SIGNATURES – By signing the Signature area of the credit card that
goes along with this Agreement when you receive it, you agree to the terms of
this Agreement. You should retain this
Agreement for your records.