Visa® Credit Card - People Driven Credit Union

In this agreement “you” and “your” mean or refer to all persons who sign the application for this VISA credit card loan plan. “We” or “us” means or refers to People Driven Credit Union. This agreement is a Truth-In-Lending disclosure statement as well as a contract.

1. Issuance of Cards: We will issue VISA credit cards(“Card”) embossed as you direct in your application for this loan plan. No name will be embossed on a Card unless that person has signed the application. As soon as received, the person whose name is embossed on the Card must sign it on the back. All Cards we issue to you will bear the VISA account number assigned to you.

2. Use of Cards: You promise 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 try to prevent further Card use by that person. You understand and agree that your VISA Credit Card may not be used for any illegal transaction. We may deny authorization for any internet gambling transaction.

3. Credit Limit: You will be advised of your credit limit under this loan plan in the card carrier in which your Card is mailed to you. You promise not to use your Card so as to exceed this limit.

4. Promise to Repay: You promise to repay us for all Credit Purchases and Cash Advances made pursuant to authorized use of the Card, plus Finance Charge and fees as provided in this agreement. If the application for this loan is signed by two persons, each of you is liable, separately and jointly with the other, to repay all such credit, Finance Charges and fees.

5. Monthly Payment: We will mail you monthly statements of your VISA loan account as required by law. You promise to pay at least the Minimum Payment Due shown on each statement by the Payment Due Date stated therein. The amount of the Minimum Payment Due will be the greater of $20.00 or 3% of that part of the total New Balance shown on the statement not exceeding your credit limit, plus the part of the total New Balance in excess of your credit limit, plus the unpaid portion of any Minimum Payments Due shown on earlier statements. The 3% of the total New Balance will be rounded to the next highest whole dollar. If the total New Balance shown on a statement is less than $20.00, you promise to pay that total New Balance in full by the Payment Due Date shown on that statement. The Payment Due Date is the 10th of each month or the next business day, if the date falls on a holiday or a weekend.  If a payment is 5 or more days late, we will charge a late payment fee of $25.00 or the amount of your Minimum Payment Due, whichever is less; the amount of the fee will be added to your balance.

6. Finance Charge: The amount you owe us, from time to time, is subject to a Finance Charge.

For Visa Classic/Premier: For the first six months that your account is open, the Finance Charge will be calculated at a Monthly Periodic Rate of .4992%, which corresponds to an ANNUAL PERCENTAGE RATE OF 5.99%; after that the Finance Charge will be calculated at a Monthly Periodic Rate of 1.15%, which corresponds to an ANNUAL PERCENTAGE RATE OF 13.8%.

For Visa Platinum/Rewards: For the first six months that your account is open, the Finance Charge will be calculated at a Monthly Periodic Rate of .3325%, which corresponds to an ANNUAL PERCENTAGE RATE OF 3.99%; after that the Finance Charge will be calculated at a Monthly Periodic Rate of .792%, which corresponds to an ANNUAL PERCENTAGE RATE OF 9.5%.

For both Visa Premium and Visa Rewards Credit Cards: You can avoid Finance Charges on purchases by paying the full amount of the New Balance of Purchases each month on or before the payment due date shown on your monthly statement. Otherwise, the New Balance of Purchases, and subsequent purchases from the date they are posted to your account, will be subject to Finance Charges, except that if during the previous billing cycle you paid all amounts owing in full by the Payment Due Date, then in the current billing cycle you will have a free interest period on the amount of the New Balance of Purchases remaining from the previous billing cycle that is paid by the Payment Due Date based on our payment allocation method. In order to avoid incurring an additional Finance Charge on the beginning balance of cash advances and balance transfers, you must pay at least the amount shown as the Previous Balance on your monthly statement (or the amount shown as the New Balance if that is less). No free interest period is provided for current cycle cash advance transactions or balance transfer transactions; they are always subject to a Finance Charge from the date they are posted to your account. We calculate the monthly periodic Finance Charge portion of your account by multiplying the monthly periodic rate by the average of all daily balances that are subject to the rate. To get the average daily balance, we first determine the daily balances as of the end of each day during the billing period. To get each daily balance, we start with the beginning balance that day. Then we add any new transactions that day (except for new purchases) and subtract any payments and credits posted that day. The balance is treated as zero for each day on which there is a credit balance. After we calculate each daily balance, we add all of them together and divide by the total number of days in the billing period. This gives us the average daily balance. We multiply the average daily balance by the periodic (monthly) rate to determine your Finance Charge.

7. Default: You will be in default if you fail to make at least the Minimum Payment, Due as shown on a monthly statement by the Payment Due Date shown on that statement. You will also be in default if (a) you breach any other conditions of this agreement, (b) you die, or (c) you become insolvent, make an assignment for the benefit of creditors, or file for relief under the United States Bankruptcy Code. In the event of your default, we may terminate your right to use the Cards or otherwise incur credit under this agreement and we may accelerate all amounts owing under this agreement, thus making the entire amount owing under this agreement immediately due and payable in full.

8. Loss or Theft of Card: You promise to notify us immediately upon discovering that your Card has been lost or stolen.

Phone 1-800-325-3678
or
Write: Credit Card Security Department
P.O. Box 30035 Tampa, Florida 33630

You will be charged $10.00 for re-issuance of a new Card if your Card is lost or stolen more than twice.

9. Liability For Unauthorized Use: You will be liable for the unauthorized use of your credit card. You will not be liable for unauthorized use that occurs after you have notified us orally or in writing, of the loss, theft, or possible unauthorized use. In any case, your liability will not exceed $50.00.

10. Copies of Documentation: You will be given copies of sales drafts or cash advance drafts you sign when you use your Card. Be sure to keep them. Also, be sure to keep the monthly statements we send you. You will be charged $2.00 for each copy of a draft or monthly statements that you request from us.

11. Refusal to Honor Card: We are not responsible if a particular VISA-plan merchant or financial institution refuses to honor your Card.

12. Returns and Adjustments: If merchants who honor your Card give you a credit for returns or adjustments, they will do so by processing a credit which we will post to your VISA loan account, and you agree to accept returns or adjustments in this manner. 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.

13. Foreign Transactions: Transactions that you make in foreign countries or foreign currencies will be billed to 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 the 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. We charge a 1% transaction fee for all transactions that you make in foreign countries or foreign currencies. A foreign transaction is any transaction that you complete or a merchant completes on your card outside of the U.S., Puerto Rico, or the U.S. Virgin Islands.

14. Cash Advance by Machine: If automated 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, we may furnish you with a secret personal identification number. Your use of that number together with your Card, in getting a Cash Advance from such a machine is agreed to constitute your signature for purposes of such Cash Advance.

15. 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 its send, and will state the date upon which the amendment will become effective.

16. Cancellation and Suspension: You can cancel this agreement at any time. We may cancel this agreement if you default or we determine in good faith that your creditworthiness has become unsatisfactory to us because of a change in your employment status, an increase in your other obligations, or any other reason that affects your ability to repay your obligations under this agreement. Under circumstances where we may cancel this agreement, we may instead reduce your credit limit or suspend your right to incur credit under this agreement. If this agreement is cancelled or suspended for any reason, you agree to return all of the unexpired Cards issued under this agreement unless you report them as lost or stolen. If this agreement is cancelled, or your right to incur credit is suspended, but you are not in default, you are still obligated to pay us all amounts then owing under this agreement. However, in the absence of a default, you may pay off your existing balance under the payment provisions set forth in Section 5 of this agreement.

17. Credit Information: You authorize us to investigate your credit standing when opening, renewing or reviewing this loan plan, and you authorize us to disclose information regarding our credit experience with you under this loan plan to credit bureaus and other creditors.

18. 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 slip may contain different terms.

19. Security: I f you have signed a separate pledge of savings for this credit card loan plan, your obligations under this plan will be secured by those savings in accordance with the terms and conditions of that separate pledge. Otherwise, this credit card loan plan is unsecured.

20. Returned Payment Fee: If a check or an electronic funds transfer used to make a payment on your account is returned unpaid for any reason, a returned payment fee of $25.00 or the amount of your Minimum Payment Due, whichever is less, for each such item returned will be added to your balance.

Your 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:

People Driven Credit Union
P. O. Box 984
Southfield, MI 48037-0984

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:

People Driven Credit Union
P. O. Box 984
Southfield, MI  48037-0984

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.