Copyright Oak Tree Business Systems, Inc., 2020. All Rights Reserved. Page 3 of 4 OTBS 016CC_Platinum Promo_ICU GESA (2/20)
the introductory rate period are not eligible to receive the introductory discounted
rate applicable to balance transfers, and any such balances that You may elect
to transfer to Your Account will be subject to the non-introductory periodic rate
disclosed elsewhere in this Agreement, which rate may change as set forth in the
section Variable Rate.
Your balances for cash advance transactions will be subject to the applicable Daily
Periodic Rate disclosed elsewhere in this Agreement, which rate may change as
described in the section Variable Rate.
VARIABLE RATE. For purchase transactions, following the expiration of the
introductory rate period for purchase transactions, balances are subject to a
Variable Rate which is based on the highest Prime Rate as published in the
Money Rates Section of The Wall Street Journal in effect on the date the
introductory rate expires, and subsequently, on the 30th calendar day that
immediately precedes each Change Date ("Index") plus Our Margin. The Index
plus the Margin equals the Interest Rate. Changes in the Index will cause
changes in the Interest Rate on the date the introductory rate expires, and
subsequently, on the first day of each billing cycle that immediately follows a
change in the Index ("Change Date").
For balance transfer transactions, following the expiration of the introductory rate
period for balance transfer transactions, balances are subject to a Variable Rate
which is based on the highest Prime Rate as published in the Money Rates Section
of The Wall Street Journal in effect on the date the introductory rate expires, and
subsequently, on the 30th calendar day that immediately precedes each Change
Date ("Index") plus Our Margin. The Index plus the Margin equals the Interest Rate.
Changes in the Index will cause changes in the Interest Rate on the date the
introductory rate expires, and subsequently, on the first day of each billing cycle that
immediately follows a change in the Index ("Change Date").
For cash advance transactions, balances are subject to a Variable Rate which is
based on the highest Prime Rate as published in the Money Rates Section of The
Wall Street Journal in effect on the 30th calendar day that immediately precedes
each Change Date ("Index") plus Our Margin. The Index plus the Margin equals the
Interest Rate. Changes in the Index will cause changes in the Interest Rate on the
first day of each billing cycle that immediately follows a change in the Index
("Change Date").
For all balances, increases or decreases in the Interest Rate will result in like
increases or decreases in the Finance Charge and may affect the number of Your
scheduled payments.
PENALTY RATE. If You are more than 60 days past due, subject to applicable law,
the Daily Periodic Rate applicable to Your entire balance of transactions existing at
that time and in the future will increase to a fixed periodic rate of ______________%
(corresponding ANNUAL PERCENTAGE RATE __________%).
During the six-month period following the effective date of the increase that occurred
as a result of Your being more than 60 days past due, upon receipt of the first six
consecutive required minimum periodic payments when due, the rate applicable to
the balance of transactions that occurred prior to the initial increase will be returned
to the standard rate that would have otherwise been in effect.
LATE PAYMENT. Each billing or statement cycle is at least 28 days in duration and
You will be assessed a fee if Your payment is not received by the end of the billing
cycle in which such payment is due. The amount of the fee will equal the lesser of:
(a) $30.00; or (b) the amount of the minimum payment due.
FOREIGN TRANSACTIONS. For transactions initiated in foreign countries and
foreign currencies, the exchange rate between the transaction currency and
the billing currency (U.S. dollars) will be: (a) a rate selected by VISA from the
range of rates available in wholesale currency markets for the applicable
central processing date, which rate may vary from the rate VISA itself receives;
or (b) the government-mandated rate in effect for the applicable central
processing date. You will be charged 1.00% of the final settlement amount for
transactions that are initiated in a foreign currency, and 0.80% of the final
settlement amount for transactions occurring in foreign countries and initiated
in U.S. Dollars.
OTHER FEES AND CHARGES. You will be charged the following fees and charges
in connection with Your Card: (a) the lesser of $28.00 or the required minimum
payment amount for the returned payment for any check (or other negotiable
instrument used for payment) which is returned unpaid; and (b) a cash advance fee
equal to 2.50% of each cash advance, subject to a minimum of $5.00.
PERIODIC STATEMENTS. On a regular basis, You will receive a statement
showing all transactions on Your Account including amounts paid and borrowed
since Your last statement. We will mail You a statement each month in which there
is a debit or credit balance or when a Finance Charge is imposed. We need not
send You a statement if We feel Your Account is uncollectible or if We have started
collection proceedings against You because You defaulted. EACH STATEMENT IS
DEEMED TO BE A CORRECT STATEMENT OF ACCOUNT UNLESS YOU
ESTABLISH A BILLING ERROR PURSUANT TO THE FEDERAL TRUTH-IN-
LENDING ACT.
OUR RESPONSIBILITIES TO HONOR CONVENIENCE CHECKS. We are under
no obligation to honor Your Convenience Checks if: (1) by paying a Convenience
Check, You would exceed Your Credit Limit; (2) Your Cards or Convenience Checks
have been reported lost or stolen; (3) Your Account has been cancelled or has
expired. If a postdated Convenience Check is paid and, as a result, any other
Convenience Check is returned unpaid, We are not responsible for any resulting
loss or liability.
DEFAULT. You will be in default if: (a) You do not make any payment or perform
any obligation under this Agreement, or any other agreement that You may have
with Us; or (b) You should die, become involved in any insolvency, receivership or
custodial proceeding brought by or against You; or (c) You have made a false or
misleading statement in Your credit application and/or in Your representations to Us
while You owe money on Your Account; or (d) A judgment or tax lien should be filed
against You or any attachment or garnishment should be issued against any of Your
property or rights, specifically including anyone starting an action or proceeding to
seize any of Your funds on deposit with Us; and/or (e) We should, in good faith,
believe Your ability to repay Your indebtedness hereunder is or soon will be
impaired, time being of the very essence.
Upon any occurrence of default, We may, to the extent permitted by law, cancel
Your rights under this Agreement, require the return of all access devices and
declare the entire balance of Your Account immediately due and payable, without
prior notice or demand.
COLLECTION COSTS. In the event collection efforts are required to obtain
payment on this Account, to the extent permitted by law, You agree to pay all court
costs, private process server fees, investigation fees or other costs incurred in
collection and reasonable attorneys' fees incurred in the course of collecting any
amounts owed under this Agreement or in the recovery of any Collateral.
ENFORCEMENT. We do not lose Our rights under this or any related agreement
any other payments, even if they are marked "paid in full" without losing any of Our
rights under this Agreement. If any provision of this or any related agreement is
determined to be unenforceable or invalid, all other provisions remain in full force
and effect.
NOTIFICATION OF ADDRESS CHANGE. You will notify Us promptly if You move
or otherwise have a change of address.
CHANGE IN TERMS. We may change the terms of this Agreement by mailing or
delivering to You written notice of the changes as prescribed by the Federal Truth-
In-Lending Act. To the extent permitted by law, the right to change the terms of this
Agreement includes, but is not limited to, the right to change the periodic rate
applicable to Your unpaid balance and/or future advances.
INTEGRATED DOCUMENTS. Any separate sheet of paper labeled "Additional
Disclosure - Federal Truth-In-Lending Act," which is delivered together with this
Agreement or at a later date becomes an integrated part of this Agreement
and Disclosure.
CONSENT TO AGREEMENT. You acknowledge receipt of a copy of this
Agreement. By signing the application; or by using Your Account or any Account
access device; or by authorizing another to use Your Account, You agree to and
accept its terms.
UPDATING AND DISCLOSING FINANCIAL INFORMATION. You will provide
facts to update information contained in Your original Account application or
other financial information related to You, at Our request. You also agree that
We may, from time to time, as We deem necessary, make inquiries pertaining
to Your employment, credit standing and financial responsibility in accordance
with applicable laws and regulations. You further agree that We may give
information about the status and payment history of Your Account to consumer
credit reporting agencies, a prospective employer or insurer, or a state or
federal licensing agency having any apparent legitimate business need for
such information.
TERMINATION. Either You or We may cancel Your Account at any time, whether
or not You are in default. You will, in any case, remain liable to pay any unpaid
balances according to the terms of Your Account.
