Business Visa Application & Disclosure
| Variable Rate for Purchases | 13.990% This interest rate will vary with the index. |
| Variable Rate for Balance Transfers | 13.990% This interest rate will vary with the index. |
| Variable Rate for Cash Advances | 13.990% This interest rate will vary with the index. |
Variable Rate
| Name of Index | Prime Rate as published in The Wall Street Journal “Money Rates” table. |
| Date the Index is Determined | The 10th day of each month, or on the last publishing date preceding the 10th if the 10th falls on a weekend or federal holiday. |
| Effective Date of Index | 1st day of the billing cycle monthly |
| Current Index Value | 7.750% |
Margins
(Amount of percentage points by which Index will be increased to determine the Interest Rate)
| Purchases | 6.240 percentage points |
| Balance Transfers | 6.240 percentage points |
| Cash Advances | 6.240 percentage points |
Your Interest Rate is variable and may change automatically from time to time according to the variable rate terms set forth in this Addendum. Your variable interest rate is subject to change monthly to reflect any change in the Index and will be determined by the Prime Rate as published in the Wall Street Journal “Money Rates” on the 10th of each month, or the last publishing date preceding the 10th if the 10th falls on a weekend or federal holiday. The Prime Rate will be updated on the 1st day of the following billing cycle monthly, to which we add a margin. The rate change will be in effect the day after the account cycles in that month. Your Interest Rate will never be greater than 18.00%. Any increase in the Interest Rate will take the form of additional payments shown as Total Minimum Payments on the statement. If the Index is no longer available, the Credit Union will choose a new index which is based upon comparable information.
Fees
| Annual Fee | None |
| Transaction Fees | Foreign Transaction Fee 1.00% of each transaction in U.S. dollars |
| Penalty Fees | Penalty Fees Late Payment 20.00% of the minimum payment due (minimum $5.00, maximum $35.00) when minimum payment is not made within 7 days of payment due date. |
Method for Computing the Balance for Purchases: Average Daily Balance including New Purchases.
Balance Transfers: We may permit you to transfer the balance of an account that you owe to another creditor to your account with us. If we approve a balance transfer, finance charges will be calculated and will accrue according to the same method as purchases.
Minimum Payment: Your monthly payment will be 3.00% of your total new balance, or $25.00, whichever is greater plus outstanding unpaid fees and charges, all prior unpaid payments and any amount that exceeds your credit limit.