Connect Credit Union
|Interest Rates and Interest Charges|
|Annual Percentage Rate
(APR) for Purchases
|8.49% - 17.99% based on your creditworthiness.|
|APR for Balance Transfers||8.49%-17.99% based on your creditworthiness.|
|APR for Cash Advances||17.99%|
|How to Avoid Paying Interest On Purchases||Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases if you pay your entire balance by the due date each month. We will begin charging interest for cash advances and balance transfers on the transaction date.|
|Minimum Interest Charge||If you are charged interest, the charge will be no less than $1.00.|
|For Credit Card Tips from the Consumer Financial Protection Bureau||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:
||1%of each transaction in U.S. dollars.|
||Up to $25.00|
This agreement contains the terms and conditions of your Connect CU Platinum credit card and associated credit card account. In this agreement the words "you", "your", and "cardholder", means the applicant and co-applicant (if any). "Primary Cardholder" refers to the first name on the account. "Agent" refers to any person authorized by you to use your card. The words "we", "our", "us", "issuer", "Connect CU" or "Credit Union" mean Connect Credit Union.
Acceptance Of This Agreement:
You agree to the terms and conditions of this Agreement when you or an authorized agent uses the credit card account or you do not return the credit card (cut in half) to us within 30 days from the date of issue.
You can use your credit card and account for personal, family or household purposes only. You may not use your credit card for any unlawful transaction or purposes not permitted by state or federal law, including gambling.
Credit Limit / Line Of Credit:
You have been issued a credit card with a specific credit limit or line of credit. You shall be notified of that credit limit when the card is issued and the credit limit will appear on your monthly credit card statement. You may request credit be extended with your credit card account by:
- Using the credit card to purchase goods and services.
- Requesting a cash advance or balance transfer ($100 minimum).
- Using the card, with your PIN (Personal Identification Number) to make cash withdrawals at an ATM (Automated Teller Machine).
We need not make any advance or extend credit if:
- You are in default of this Agreement or any other Connect CU account agreement. Your financial condition has adversely changed.
- The advance or extension of credit would exceed your credit limit.
We may at our option, honor an advance that is over your credit limit, without obligating us to do so in the future. You agree to immediately repay such excess amount. If you exceed your credit limit, you must pay the amount you are over the limit plus any fees and unpaid finance charges before payments will begin to restore your credit limit . You give us permission to verify your credit record, employment, income and agree to supply us any information we feel is necessary to determine whether to continue your line of credit. We may change your credit limit at any time. We will notify you of your new line of credit in writing.
PROMISE TO PAY:
You promise to pay us in U.S. dollars for (a) all purchases, cash advances, and balance transfers made by you or anyone whom you authorize to use the Card or Account; (b) FINANCE CHARGES and other charges or fees; (c) collection costs and attorney’s fees as permitted by applicable law, and any costs incurred in the recovery of the Card; and (d) credit in excess of your credit limit that we may extend to you. At the end of each monthly billing cycle for which you have a balance on your Account, you will be furnished with a periodic statement showing (i) the “Previous Balance” (the outstanding balance in the Account at the beginning of the billing cycle), (ii) the amount of all cash advances, purchases, balance transfers, Over-the-Limit Fees, Late Charges, Annual Fees, FINANCE CHARGES, and other charges or fees posted to your Account during the billing cycle, (iii) the amount of all payments and credits posted to your Account during the billing cycle, and (iv) the “New Balance” which is the sum of (i) and (ii) minus (iii).
You agree to pay on or before the “Payment Due Date” shown on the monthly periodic statement the entire New Balance or a Minimum Payment equal to an amount which is at least 3% of the New Balance or $25.00, whichever is greater, plus any amount in excess of the credit limit established by us and any past due minimum payments. If the New Balance is $25.00 or less, you agree to pay it in full. You may make extra payments in advance of the due date without a penalty, and you may repay any funds advanced, credit extended, or amount outstanding at any time without a penalty for early payment. Regardless of the amount of any extra payment during a given month, a monthly payment will be required the following month if a balance remains in your Account.
Payments are applied to unpaid balances in the order prescribed by state and federal law, which generally mandates that payments are applied to balances with highest rates.
Payments should be addressed to MC/VISA, PO BOX 67205, Dallas, TX 75267-2021
To cancel your credit card account, or to cancel permission for an authorized user to continue to use your credit card, you must notify us in writing and return any card(s) issued (cut in half). You will be liable for all purchases, cash advances, and account fees created by an authorized agent, until we receive the required written notification and card. If this is a joint account, either owner may request the account be closed. We will honor the request without liability to either joint cardholder. You agree that we may terminate your line of credit, cancel your account, and terminate this Agreement at any time.
Pre-Authorized Card Payment Service:
There are no transfer fees or charges for Connect CU pre-authorized payment service. The Credit Union does reserve the right to charge for dishonored withdrawal(s) due to insufficient or uncollected funds in accordance with the Connect CU Fee Schedule.
We will send you a monthly statement (if your account is active) which will indicate your credit limit, statement closing date, previous statement balance, payments, purchases, cash advances, finance charges, new balance, minimum monthly payment and payment due date on a 25 day cycle as prescribed by state and federal law. Statements will be deemed correct and accepted by Cardholder(s) unless Connect CU is notified to the contrary in writing within 60 days of statement date.
Finance Charge Calculation:
Cash Advances / Balance Transfers:
The finance charge on cash advances, (including automated teller machine (ATM) and convenience check transactions), and balance transfers is calculated according to the following “F” method: A finance charge will be charged on Cash Advances and Balance Transfers from the date of the transaction or from the first day of the billing cycle in which the transaction is posted to the account (whichever is later). If not paid in full during the same billing cycle as made, the finance charge will accrue on the unpaid balance until the billing cycle Closing Date prior to the date the entire New Balance is paid in full. If the New Balance indicated on your statement is paid in full by the Payment Due Date, no finance charge will be imposed during the current billing cycle for Cash Advances or Balance Transfers made during the previous billing cycles.
The Finance Charge, for a billing cycle, is computed by multiplying the Monthly Periodic Rate times the average dailyCash Advances or Balance Transfers balance. The average daily outstanding balance is calculated by dividing the sum of the daily balances during the billing cycle by the number of days in the cycle. The daily balance is determined by adding new Cash Advances or Balance Transfers and subtracting payments or credits to the previous day’s balance. Unpaid finance charges are excluded in determining the daily balance.
The finance charge on Purchases is calculated according to the following “G” method:
A finance charge will be imposed on Purchases, that you obtain through the use of your Card, only if you elect not to pay the entire New Balance by the Payment Due Date shown on your monthly statement. The finance charge will be calculated on the unpaid balance of previous Purchases from the statement closing date and on Purchases made during the current billing cycle from the date of posting to the account. The finance charge 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. The Finance Charge, for a billing cycle, is computed by multiplying the Monthly Periodic Rate times the average daily Purchases balance. The average daily outstanding balance is calculated by dividing the sum of the daily balances during the billing cycle by the number of days in the cycle. The daily balance is determined by adding new Purchases and subtracting payments and credits to the previous day’s balance. Unpaid finance charges are excluded in determining the daily balance.
You will be in default on this agreement if one or more of the following occur:
- You fail to make a Minimum Payment by the scheduled Payment Due Date.
- You fail to abide by the terms of this agreement or any other agreement you may have with Connect CU.
- Your financial or credit status has changed so that your credit worthiness has been negatively impacted.
In addition, you will be considered in default of this agreement if:
- Cardholder dies
- You declare bankruptcy or insolvency
- You have an attachment or garnishment proceeding initiated against you or your property.
If you are in default, Connect CU may take one or more of the following actions:
- Cancel cards
- Accelerate all amounts owed without notice or demand
- Require past due payment(s) and fees to be paid immediately.
- Take the past due payment(s) and fees from any deposit account in your name.
- Require you to immediately pay all amounts you owe under this agreement
- Take the amount owed under this agreement from any deposit account in your name.
You agree to pay all costs of collecting the amount you owe under this Agreement, including court costs and reasonable attorney’s fee, as permitted by applicable state law. You understand that any remedy applicable under this agreement is extended equally to co- applicant or Guarantor. If you are in default, you agree to pay all our costs, including attorney’s fees, which we incur in any collection efforts or litigation at the trial, bankruptcy or appellate level to enforce this agreement and collect the amount owed.
Skip Payment Option:
From time to time, the Credit Union, at its option and terms, may announce an optional feature, which will allow you to skip one or more payments. You understand that periodic finance charges will continue to accrue on your unpaid balance at the applicable Monthly Periodic Rate. At the end of the period, the payment terms of this agreement will be reinstated automatically without notice.
Terms/Change In Terms:
Card account and agreement terms are not guaranteed for any period of time. You agree that we, at our sole discretion, may change all terms, including annual percentage rates (APRs), line of credit amount, features and fees, any time in accordance with our agreement and applicable law. We may make changes based on information in your credit report, market conditions, business strategies, or for any other reason we may choose. We will provide advanced written notice of a change in terms, as required by law. The address of record, at the time of a change, will be used for such notice. The applicable APRs for your card account will be determined based on the primary cardholder’s credit score. A credit score is a number based on a statistical analysis of a person's credit files that represents the creditworthiness of that person which is the likelihood that the person will pay their bills. A credit score, known as FICO, is primarily based on credit report information typically from one of the major credit bureaus. FICO is a credit score developed by Fair Isaac Corporation. We reserve the right to use the FICO score issued by any major credit bureau of our choosing in determining an APR.
A review of the card account and the primary cardholder’s credit history will be conducted annually. You agree the APRs may be adjusted accordingly based on the credit score acquired. This process could result in an increase or decrease to the total interest paid on the card account. The new APRs will become effective within the third quarterfollowing the credit review. You agree that the new terms, including any increase or decrease to an APR, will apply to both your existing outstanding balance on the date the change(s) becomes effective and to new cash advances (including ATM and convenience check transactions), balance transfers, and purchases.
If we decide to make changes to your card account after our annual review, you will receive advance notice, as required by law, and a right to opt out. If you opt out, we will close your card account. You can then pay the remaining balance under the existing rate. Of course, this paragraph does not apply to changes required by law, our regulators, or our network providers.
You acknowledge and agree that your MasterCard Credit Card is the property of Connect CU, is not transferable, and must be surrendered upon demand. We can repossess the card and revoke all privileges at any time without notice including but not limited to the following conditions:
- A negative impact to your credit worthiness.
- Your Connect CU loan account(s) is delinquent.
- Your failure to maintain the minimum required balance on your Credit Union Share Account.
- Your failure to satisfy or adhere to the terms and conditions of this Agreement.
- You make false or misleading statements in any credit application or update of credit information.
- If something happens which the Credit Union believes may reduce your ability to repay what you owe.
No annual fee is charged on the MasterCard Credit Card.
A late fee will be charged when a payment is not received by the Payment Due Date or the payment was less than the Minimum Payment amount due. The late fee is based on your account balance. The late fee is: $10.00 on balances of $100.00 or less, $15.00 on balances of $100.01- $1,000.00 and $25.00 on balances greater than $1,000.00. The fee will be reflected on the next periodic statement.
Foreign Currency 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 MasterCard from a range of rates available in wholesale currency markets for the applicable central processing date, which may vary from the rate MasterCard 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.
Foreign Transaction Fee:
A fee of 1% of the amount of the transaction, 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 U.S., Puerto Rico or the U.S. Virgin Islands. The fee amount will appear on your statement directly below the transaction details.
Returned Check Fee:
A returned check fee of $25.00 will be charged if the drawee financial institution, for any reason, returns the check you used as a credit card account payment.
Lost Or Stolen Card:
You may be liable for the unauthorized use of your credit card if you fail to notify us in a timely manner or refuse to cooperate with a fraud investigation.
If your credit card is lost or stolen or if you have reason to believe another person may use your card without your permission, you must notify us immediately at 800-442-4757. If a telephone is not available, write to us at CARD SERVICES, PO Box 815909, Dallas, TX 75381-4810.
If there is unauthorized use of your card, you agree to cooperate with us during the investigation and prosecution of fraudulent use. We may return a convenience check unpaid if your card or checks have been reported lost or stolen.
Consensual Security Agreement:
However, unless you expressly agree otherwise, your dwelling will not secure your obligations under this Agreement even if we acquire a mortgage on the dwelling based on use of your card. Balances in an Individual Retirement Account and any other accounts, which are tax exempt under State or Federal Law are not subject to the security interest you have given in your authorization to apply shares.
You understand and agree that the Credit Union may, at its option, require an updated credit application at any time. The Credit Union will not be responsible for merchandise or services purchased by you with the card unless required by law.
The Credit Union will not be responsible for the refusals of any person to honor the card or if you are not able to use the card at an ATM machine.
If any part of this Agreement shall be invalid or unenforceable, the remainder of the Agreement will remain in full force and effect.
The Credit Union may delay enforcing any of its rights under this Agreement any number of times without losing the ability to exercise its rights later.
The Credit Union can enforce this Agreement against your heirs or legal representatives.
This Agreement shall be construed according to the laws of the State of Florida. You agree that venue for any action brought pursuant to this Agreement shall be in Broward County, Florida.
Your Billing Rights:
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:
Connect CU, Attention: Member Services, 3400 W Commercial Blvd, Fort Lauderdale, Fl 33309
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 [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:
- Within 30 days of receiving your letter, we must tell you that we received your letter. We will also tellyou if we have already corrected the error.
- 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
- 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:
- 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.)
- 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.
- 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:
- Connect CU, Attention: Member Services, 3400 W Commercial Blvd, Fort Lauderdale, Fl 33309
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.