Visa Credit Card

 Three types of credit cards to fit your life style and budget!

 

VISA Classic

The VISA CLASSIC card is our basic credit card. It can be used in thousands of locations around the world. It has no cash advance fee, no balance transfer fee and, at this time we are not charging an annual membership fee. When you use your card to purchase tickets for travel by air, train or bus, you automatically get a $250,000.00 Travel Accident Insurance policy at no charge. If you use your card to rent a car, you are automatically enrolled in rental car insurance at no charge to you.

 

VISA Gold

This card now has more options and benefits for you to choose! CPM will now offer a VISA GOLD card with the option of earning bonus points or earning cash back.

The Rewards2U Bonus Point Program allows you to earn points that you can redeem for gift and travel awards! Simply use your CPM Federal Credit Union Visa Gold Card and start earning points. Bonus Points are reported on your card statements and at www.rewardsnow.com/rewards2upoints.

The Annual Percentage Rate is the Prime Rate plus 7%. The rate is variable and can change quarterly. There is no annual fee, no cash advance fee and no balance transfer fee. When you use your card to purchase tickets for travel by air, train or bus, you automatically get a $500,000.00 Travel Accident Insurance policy at no charge. If you use your card to rent a car, you are automatically enrolled in rental car insurance at no charge to you. Minimum credit line is $3000.00.

Effective December 21, 2009 please be advised the cash rebate program will be discontinued. As of December 22, 2009 your account will be enrolled in the Rewards Bonus Point Program. All rebates earned through December 21, 2009 will be paid in January 2010.

 

VISA Platinum

CPM Federal introduces its newest Visa card. This card comes with the Rewards2U Bonus Point Program that allows you to earn Bonus Points that can be redeemed for gift and travel awards. It also includes the Concierge Service. This service includes global dining referral and reservations, performance and special events information and reservations, limousine reservations, golf course information and reservations, flower and gift delivery service, 24-hour medical information and more.

The Annual Percentage Rate is Prime Rate plus 5%. The rate is variable and can change quarterly. There is no annual fee, no cash advance fee and, no balance transfer fee. When you use your card to purchase tickets for travel by air, train or bus, you automatically get a $1,000,000.00 Travel Accident Insurance policy at no charge. If you use your card to rent a car, you are automatically enrolled in rental car insurance at no charge to you. The minimum credit line is $5,000.00.

 

 

 Visa Credit Card Agreement

In this Agreement the words “you” and “your” mean each and all of those who agree to be bound by this agreement; “Card” means the Visa Gold, Visa Classic, or Visa Platinum credit card(s) and any duplicates, renewals, or substitutions the Credit Union issues to you; “Account” means your credit card line of credit account with the Credit Union, and “Credit Union” means CPM Federal 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 revolving line of credit for you and notify you of your credit limit. You agree that your credit limit is the maximum amount (purchases, cash advances, finance charges, plus, “other charges”) that you will have outstanding on your Account at any time. Each payment you make to your Account will restore your credit limit by the amount of the payment, unless you are over your credit limit. If you are over your credit limit, you must pay the amount you are over before payments will begin to restore your credit limit. You may request an increase in your credit limit only by a method acceptable to the Credit Union. The Credit Union has the right to reduce your credit limit, refuse to make an advance and/or to terminate your Account at any time for any reason not prohibited by law.
2. Using your Card You may use your Card to make purchases from merchants and others who accept Visa Cards. In addition, you may obtain cash advances from the Credit Union and from other financial institutions that accept Visa Cards, and from some automated teller machines (ATMs), (not all ATMs accept Visa Cards). To obtain cash advances from an ATM, you must use the Personal Identification Number (PIN) that is issued to you for use with your Card. Any use of your card or account number which constitutes an electronic funds transfer shall be governed by the terms and conditions of the electronic funds transfer agreement between you and the Credit Union. You agree that all purchases and cash advances are subject to Credit Union’s authorization and/or approval and that, for security reasons, Credit Union may limit the number of such transactions authorized daily.

Gambling or Illegal Action and Indemnification: You agree that you will not use your Card to engage in any gambling or gaming activities, nor will you use your Card for any illegal purposes. If you should attempt to use your Card for such activities, and if the Credit Union should be the subject of any claim on your behalf or by others, or should the Credit Union become involved in any litigation arising out of such use of your Card, then you agree to indemnify the Credit Union and hold it harmless from any and all expenses or damages, including court costs and legal fees, which may result because of such claim or litigation. Such transaction include, but are not limited to, any quasi-cash or online gambling transaction, electronic commerce transaction conducted over an open network, and any betting transaction including the purchase of lottery tickets or casino gaming chips or off-track betting or wagering.
3. Responsibility You agree to pay all charges (purchases and cash advances) to your Account that are made by you or anyone whom you authorize to use your Account. You also agree to pay all finance charges added to your Account under the terms of this Agreement or another agreement you made with the Credit Union. If this is a Joint Account, Section 19 below also applies to your Account.
4. Finance Charge You have a grace period of 21 days on your purchase balance and for new purchases if you pay the Total New Balance for purchases on your last statement by the end of the grace period. You also have a 21-day grace period for new purchases if you did not have a purchase balance on your last statement. The grace period starts on the statement closing date. If you do not pay the Total New Balance for purchases by the end of the grace period, a finance charge will be imposed on the unpaid purchase balance from the first day of the next billing cycle and on new purchases from the date they are posted to your Account. A finance charge is imposed on cash advances from the date they are posted to your Account.
a.) Finance charge for Visa Classic account. The Annual Percentage Rate is fixed at 16.00%, corresponding to a
monthly periodic rate of 1.333%.
b.) Finance charge for Visa Gold account. The Annual Percentage Rate that is used to compute the finance charge is variable and the periodic rate used to compute the FINANCE CHARGE is based on an index plus a margin of seven (7) percent points not to exceed 18%. The Index is the highest Prime Rate as published in the Money Rates section of The Wall Street Journal on the 15th day of the month for the preceding three months and is subject to change monthly. If the 15th falls on a weekend or a holiday in any given month, then we will use the Prime Rate published on the next business day for that month. Any change in the Index will be effective on the first day of the billing cycle following the date of the change. An increase in the Index will result in an increase in the periodic rate, which in turn, may result in higher payments. The periodic rate will be determined by dividing the Annual Percentage Rate (APR) by 12.
c.) Finance charge for Visa Platinum account. The Annual Percentage Rate that is used to compute the finance charge is variable and the periodic rate used to compute the FINANCE CHARGE is based on an index plus a margin of seven (5) percent points not to exceed 18%. The Index is the highest Prime Rate as published in the Money Rates section of The Wall Street Journal on the 15th day of the month for the preceding three months and is subject to change monthly. If the 15th falls on a weekend or a holiday in any given month, then we will use the Prime Rate published on the next business day for that month. Any change in the Index will be effective on the first day of the billing cycle following the date of the change. An increase in the Index will result in an increase in the periodic rate, which in turn, may result in higher payments. The periodic rate will be determined by dividing the Annual Percentage Rate (APR) by 12.

d.) The periodic rates and APRs are variable rates which may increase or decrease each calendar quarter. If the rates increase, your finance charge will increase and your minimum payment due may be greater.
5. Circumstances under which a finance charge will be imposed. A finance charge will be imposed on purchases which are not paid within the grace period. A finance charge will be imposed on cash advances from the date each cash advance is made. The total outstanding balance of purchases and cash advances on the closing date of a billing cycle, excluding any unpaid finance charges and fees, will be shown as the “new balance” on your periodic statement for that billing cycle.
6. Method used to determine balance on which finance charge will be computed. The finance charge on your account will be determined by applying the periodic rate charged on this account to the average daily balance of purchases and cash advances. Separate average daily balances are calculated for purchases and cash advances. To get each average daily balance, the daily balances for purchases and cash advances for the billing cycle are added and the totals are divided by the number of days in the cycle. To get the daily balance of cash advances, new cash advances are added to the day’s beginning balance, and payments and credits are subtracted. To get the daily balance for purchases, new purchases are added to the day’s beginning balance, and payments and credits are subtracted; however, new purchases are not added if you paid the Total New Balance for purchases on your last statement by the end of the grace period or if you do not have a purchase balance on your last statement. Fees are not included in the calculation of the average daily balance. Finance charges will continue to accrue on your account until what you owe under this agreement is paid in full.
7. Other Charges The following other charges (fees) will be added to your Account, as applicable:
a.) Annual Fee for Visa Classic. There will be no annual fee.
Annual Fee for Visa Gold. There will be no annual fee.
Annual Fee for Visa Platinum. There will be no annual fee.
b.) Late Payment Fee: $25.00 will be added to your account balance if you are 10 or more days late in making a payment.
c.) Return Check Fee: If a check or share draft used to make a payment on your account is returned unpaid, you will be charged a fee of $29.00 for each item returned.
d.) Card Replacement Fee: You will be charged $5.00 for each replacement card that is issued to you for any reason.
e.) Document Copy Fee: You will be charged $2.00 for each copy of a sales draft or statement that you request (except when the request is made in connection with a billing error made by the credit union).
f.) Collection Costs: You promise to pay all costs of collecting the amount you owe under this agreement. This cost will include an attorney’s fee of 33.3% of the unpaid debt.
g.) Card Recovery Fee: If at your request a card is blocked, picked up, and recovered by a merchant, you will be charged a fee of $50.00.
8. Minimum Payments Each month you must pay at least the minimum payment shown on your statement by the date specified on the statement or no later than 21 days from the statement closing date, whichever is later. If your statement says the payment is “Now Due,” your payment is due no later than 21 days from the statement closing date. 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 2% of your Total New Balance, or $10.00, whichever is greater, plus the amount of any prior minimum payments that you have not made, and any amount you are over your credit limit. The Credit Union also has the right to demand immediate payment of any amount by which you are over your credit limit. You agree that Credit Union may accept checks or other types of payment which are marked “Payment in Full” or use other language to indicate full satisfaction of any indebtedness, without being bound by such language or waiving any rights under this Agreement. Full satisfaction of indebtedness shall be deemed accepted by the Credit Union only in a written agreement, signed by an authorized Credit Union representative.
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.
10. Security Interest If you give the Credit Union a specific pledge of shares by signing a separate pledge of shares, your Account will be secured by your pledged shares. Collateral securing other loans you have with the Credit Union will also secure this loan, except that your home 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. Upon default, Credit Union may demand payment in full of all balances on this account.
12. Liability for Unauthorized Use-Lost/Stolen Card Notification You may be liable for the unauthorized use of your card. You will not be liable for unauthorized use that occurs after you notify the Credit Union, orally or in writing, of the loss, theft, or possible unauthorized use. In any case, your liability will not exceed $50. You can notify the Credit Union by calling (800) 442-4757 24 hours/day. Please see your billing rights, attachment A
13. Changing or Terminating Your Account The Credit Union may change the terms of this Agreement from time to time. Notice of any changes will be given in accordance with applicable law. If permitted by law and specified in the notice to you, the change will apply to your existing Account balance 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 and other charges you owe under this Agreement. You are responsible for all transactions made to your Account balance as well as to future transactions.
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. The Credit Union has the right to require you to pay your full Account balance at any time after your Account is terminated, whether it is terminated by you or by the Credit Union. If this is a Joint Account, Section 19 of this Agreement also applies to termination of the Account.
14. Credit 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
15. Returns and Adjustment 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 is $1 or more; it will be refunded upon your written request or automatically after six 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. Foreign Transactions Purchases and cash advances made in foreign countries and foreign currencies to you in U.S. dollars. The conversion rate to dollars will be determined in accordance with the operating regulations established by Visa International. Currently the currency conversion rate used to determine the transaction amount in U.S. dollars is generally either a government-mandated rate or the wholesale rate in effect the day before the transaction processing date, increased by 1%. The currency conversion 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.
18. 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 to you; or (b) your purchase cost more than $50 and was made in your state or within 100 miles of your home.
19. Joint Accounts If this is a joint Account, each person on the Account must sign the Agreement.
Each of you will be individually and jointly responsible for paying all amounts owed under this Agreement. This means that the Credit Union can require any 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 termination will be effective as to all of you.
20. 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.
21. Governing Law This Agreement, including, without limitation, the interest to be charged, is governed by applicable laws of the United States and by the laws of the State of South Carolina, without regard to its conflict of laws principles.
22. Fraud Prevention Your Credit Union takes fraud prevention very seriously and has implemented certain fraud detection systems to help protect your account from fraudulent activity. Our detection system will monitor your card transactions and will seek to detect any usage which may differ from your ordinary spending patterns. If the Credit Union should detect suspicious activity, you may receive an inquiry from us. If the situation should appear suspicious, then the Credit Union may block the account until it is able to confirm that the usage of the account is not fraudulent. The Credit Union will not be liable to you for any damages suffered by you because of such blockage. The Credit Union will notify you in the event of such blockage. The Credit Union does not guarantee that fraud will not occur or will be detected. You agree to promptly review your periodic statements and report to us any suspicious activity.
23. Arbitration You agree that any claim or dispute (including any counterclaim) by either you or CPM FCU against the other, arising from or relating in any way to this Agreement, including disputes regarding the applicability of this Arbitration Agreement, where the amount of the claim or dispute exceeds $25,000, or is for punitive damages, or is brought as a class action, shall be resolved solely in your own name by binding arbitration. Any arbitration shall be conducted by the National Arbitration Forum (“NAF”) in accordance with its rules. A copy of such rules may be obtained and claims may be filed at any National Arbitration Forum office by mail at P.O. Box 50191, Minneapolis, MN 55405, telephone 1-800-474-2371. Or, you may call us, and we will give you information on how to obtain a copy of the Rules without charge. If this organization is unable to act as arbitrator, Credit Union may substitute another nationally recognized arbitration organization. An arbitration proceeding does not involve a jury. A trial by jury is waived, and the decision by the arbitrator is final.
24. No Waiver The Credit Union can delay enforcing any of its rights any number of times without losing them.
25. Statements and Notices Statements and Notices will be sent to you at the most recent physical address or e-mail address you have given the Credit Union. Notice sent to any one of you will be considered notice to all.
26. Copy Received You acknowledge that you have received a copy of this Agreement.
27. Signatures By signing the Signature area of the application form that was attached to this Agreement when you received it, you agree to the terms of this Agreement. You should detach this Agreement from the application and retain it for your records.

 

Attachment A

YOUR BILLING RIGHTS
KEEP THIS NOTICE FOR FUTURE USE

This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act.

Notify us in case of Errors or Questions About Your Bill

If you think your bill is wrong, or if you need more information about a transaction on your bill, write us on a separate sheet at the address listed on your bill. Write to us as soon possible. We must hear from you no later than 60 days after we sent you the first bill on which the error or problem appeared. You can telephone us, but doing so will not preserve your rights.

In your letter, give us the following information:
• Your name and account number
• The dollar amount of the suspected error
• Describe the error and explain, if you can, why you believe there is an error. If you need more information, describe the item you are not sure about.
If you have authorized us to pay your credit card bill automatically from your savings or share draft account, you can stop the payment on any amount you think wrong. To stop the payment your letter must reach us three business days before the automatic payment is scheduled to occur.

Your Rights and Our Responsibilities After We Receive Your Written Notice

We must acknowledge your letter within 30 days, unless we have corrected the error by then, Within 90 days, we must either correct the error or explain why we believe the bill was correct.

After we receive your letter, we cannot try to collect any amount you question, or report you as delinquent. We can continue to bill you for the amount you question, including finance charges, and we can apply an unpaid amount against your credit limit. You do not have to pay any questioned amount while we are investigating, but you are still obligated to pay parts of your bill that are not in question.

If we find that we made a mistake on your bill, you will not have to pay any finance charges related to any questioned amount. If we didn’t make a mistake, you may have to pay finance charges, and you will have to make up any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date that it is due.

If you fail to pay the amount that we think you owe, we may report you as delinquent. However, if our explanation does not satisfy you and you write to us within ten days telling us that you still refuse to pay, we must tell you the name of anyone we report you to. We must tell anyone we report you to that the matter has been settled between us when it finally is.

If we don’t follow these rules, we can’t collect the first $50 of the questioned amount, even if your bill was correct.

Special Rule for Credit Card Purchases

If you have a problem with the quality of property or services that you purchased with a credit card, and you have tried in good faith to correct the problem with the merchant, you have the right not to pay the remaining amount due on the property or services. There are two limitations on this right:
(a) You must have made the purchases in your home state, or, if not within your home state, within 100 miles of your current mailing address, and
(b) The purchase price must have been more than $50.
These limitations do not apply if we own or operate that merchant, or if we mailed you the advertisement for the property or services.