TERMS USED IN THIS
AGREEMENT: "You" and "your" mean any person
who signs this Agreement or uses the card. "Credit Union" means BP
Federal Credit Union. "The card" means any credit card issued to
you or those designated by you and under the terms of this
Agreement. "Use of this card" means any procedure used by you, or
someone authorized by you, to make a purchase or obtain a cash
advance whether or not the purchase or advance is evidenced by a
signed written document. "Unauthorized use of the card" means use
of the card by someone other than you who does not have actual,
implied or apparent authority for such use, and from which you
received no benefit.
EXTENSIONS OF CREDIT: If your
application is approved, the Credit Union may, at its discretion,
establish a Credit Card account in your name and cause one or more
cards to be issued to you or those designated by you. You can use
your account to buy goods and services or to obtain cash advances
any place the card is honored. In addition, if available, we can
send you a supply of Convenience Checks and you can get an advance
from your account simply by writing a Check. Any Check written by
you must be in an amount not less than $100. You authorize the
Credit Union to pay for your account all items reflecting credit
purchases and cash advances obtained through the use of the card
or your Convenience Checks.
CONVENIENCE CHECKS: If available,
you may use the Convenience Checks to obtain a cash advance or
purchase goods or services up to your available credit limit. You
understand and agree that if you write a Convenience Check which
would cause the outstanding balance in your account to exceed your
credit limit, such Check will be dishonored and will be returned
unpaid by the Credit Union. Convenience Checks may be used like
any other checks; however, you agree that you will not make any
payment on your account with a Convenience Check. All Convenience
Checks will be treated as a cash advance for the purpose of
computing FINANCE CHARGES. You understand the Convenience Checks
paid by the Credit Union will not be returned to you.
CREDIT LIMITS: You promise that
payments made for your account resulting from use of the card
will, at no time, cause the outstanding balance in your account to
exceed your credit limit as set forth at the bottom of the
application or as adjusted from time to time at the discretion of
the Credit Union.
PROMISE TO PAY: You promise to
repay the Credit Union all payments made for your account
resulting from the use of the Card plus a FINANCE CHARGE on the
unpaid balance. At the end of each monthly billing cycle, 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 and FINANCE CHARGES 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) less (iii).
You
agree to pay on or before the "payment due date" shown on the
periodic statement either the entire "new balance", or a minimum
payment equal to 2% of the "new balance", or $20 whichever is
greater. If the "new balance" is $20 or less, you will pay it in
full.
COST OF CREDIT: You will pay a
FINANCE CHARGE for all advances made against your account at the
periodic rate of: MasterCard, .032876% per day, which is a
corresponding ANNUAL PERCENTAGE RATE of 12%; Visa, .032876% per
day, which is a corresponding ANNUAL PERCENTAGE RATE of 12%; Gold
MasterCard, .032876% per day, which is a corresponding ANNUAL
PERCENTAGE RATE of 12%; Visa Gold, .032876% per day, which is a
corresponding ANNUAL PERCENTAGE RATE of 12%; Cash advances incur a
FINANCE CHARGE from the date of the transaction. New purchases
will not incur a FINANCE CHARGE on the date they are posted to the
account if you have paid the account in full by the due date shown
on your previous monthly statement or if there was no previous
balance. No additional FINANCE CHARGE will be incurred whenever
you pay the account in full by the due date. The FINANCE CHARGE is
figured by applying the periodic rate to the "balance subject to
FINANCE CHARGE" which is the "average daily balance" of your
account, including certain current transactions. The "average
daily balance" is arrived at by taking the beginning balance of
your account each day and adding any new cash advances, and,
unless you pay your account in full by the due date shown on your
previous monthly statement or there is no previous balance, adding
in new purchases, and subtracting any payments or credit and
unpaid FINANCE CHARGES. The daily balances for the billing cycle
are then added together and divided by the number of days in the
billing cycle. The result is the "average daily balance". The
FINANCE CHARGE is determined by multiplying the "average daily
balance" by the number of days in the billing cycle and applying
the periodic rate to the product. You may pay any amounts
outstanding at any time without penalty for early payment. Rates
are effective 10/1/98.
LATE PAYMENT
FEE: If any payment is past due for a period
of more than fifteen (15) days, you will be charged a late charge
of $10.00.
OVER-THE-CREDIT-LIMIT FEE: If you
make a purchase or obtain a cash advance which causes the
outstanding balance in your account to exceed your credit limit,
you will be charged an over-the-credit-limit fee of $10.00 per
monthfor as long as you exceed your credit limit. Any charge made
under this paragraph will be added to the balance of your account
and treated as a credit purchase.
LIABILITY FOR UNAUTHORIZED USE: You may be liable for the unauthorized use of your card.
You will not be liable for the unauthorized use that occurs after
you notify the Credit Union (or the Credit Union's designee)
orally or in writing, of the loss, theft, or possible unauthorized
use. In any case, your liability will not exceed
$50.00.
CREDITING OF PAYMENTS: All
payments received by 2:00 p.m. Central Standard Time (during your
designee's business day at the address designated for payment on
the periodic statement) will be credited to your account as of the
date of the receipt. If payment is made at any location other than
said designated address on the periodic statements, credit for
such payment may be delayed up to five (5) days. Payment will
first be applied to insurance premiums, the FINANCE.CHARGE owing,
and then to pay off the unpaid balance. A $20 fee will be assessed
on all checks returned for insufficient funds.
SECURITY: As security for any
advances to you or on your behalf, you pledge to the Credit Union
all present and future shares or deposits you have in any account
in the Credit Union in which you have an interest. You authorize
the Credit Union to take that money and apply it to what you owe
if you are in default. The Credit Union may, but does not have to,
allow you to withdraw a portion of your shares or deposits without
affecting its security interest. Collateral securing other loans
with the Credit Union will also secure payments for your account
under this Agreement.
DEFAULT: You will be in default:
(1) if you fail to make any payment on time; (2) if you exceed
your authorized credit limit; (3) if you fail to keep any promises
you have made under this or any other agreement with the Credit
Union; (4) if you are the subject of an order for relief under
Title II of the U.S. Code (Bankruptcy); (5) if anyone tries, by
legal process, to take any of your money in the Credit Union; (6)
if you have given the Credit Union false or inaccurate information
in obtaining your card; or (7) if anything happens which the
Credit Union reasonably believes endangers your ability to repay
what you owe.
ACCELERATION: If you are in
default, the Credit Union may call any amounts you still owe
immediately due and payable plus FINANCE CHARGES which shall
continue to accrue until the entire amount is paid. You waive
presentment, demand, notice of intention to accelerate, and notice
of acceleration of the maturity of any amounts owing under this
Agreement. The card and the Convenience Checks remain the property
of the Credit Union at all times, and you agree to immediately
surrender the card and the Convenience Checks on the demand of the
Credit Union. You agree to pay all reasonable costs of collection,
including court costs and attorney fees, imposed, and any cost
incurred in the recovery of the card.
CONFORMING CHARGES TO APPLICABLE LAW: Notwithstanding any other provisions contained in this
Agreement, the Credit Union does not intend to charge, and you
shall not be required to pay any amount of FINANCE CHARGES or
other fee or charge that is in excess of the maximum permitted by
applicable law. Any payments in excess of the maximum shall be
refunded to you or credited against your principal balance at the
option of the Credit Union.
NON-WAIVER: The Credit Union can
accept late payment(s) or partial payment(s) or check(s) or money
order(s) marked "Payment in Full" without losing any of its rights
under this Agreement. The Credit Union can also delay enforcing
any of its rights under this Agreement without losing them.
ADDITIONAL PROVISION: Each provision of this
Agreement must be considered as part of the total Agreement and
cannot, in any way, be severed from it. However, you also agree
that should any part of this Agreement be found invalid, it will
in no way affect the remainder of this Agreement. You understand
that the validity, construction and enforcement of this Agreement
shall be governed by the laws of the State of Texas.
The
Credit Union does not warranty any merchandise or services
purchased by you with the Card. All purchases and cash advances
are extended at the option of the merchant or cash advancing
financial institution and the Credit Union is not responsible for
refusal of any merchant or financial institution to honor your
card.
TERMINATION OR CHANGES: The Credit Union can,
by written notice, terminate this Agreement at any time. You may
terminate this Agreement, by written notice, as to future advances
at any time. Termination by either party shall not affect your
obligation to repay any payments made for your account resulting
from the use of the Card as well as FINANCE CHARGES and other
related charges.
PLAN AGREEMENT CHANGE: The Credit Union may
change or modify the terms of this Agreement, including the
periodic rate, from time to time, upon written notice to you at
your last known address as shown on the Credit Union records and
all such changes or modifications shall become effective upon the
date and in the manner specified in the notice. Any change may
effect current and future balances and will be subject to the
special conditions contained in this notice.
By signing this
Agreement and any other related documents or using the card, each
person agrees to all the terms and conditions and promises to
perform all the obligations, requirements and duties contained in
this Agreement. The person signing as Borrower acknowledges
receipt of a copy of this Agreement.
effective
10/1/98
