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Interest Rates and Interest Charges
for Purchases

VISA Platinum 8.95% to 16.95%

VISA Platinum Rewards 9.95% to 17.95%

Secured VISA 8.95% to 16.95%

for Balance Transfers

VISA Platinum 8.95% to 16.95%

VISA Platinum Rewards 9.95% to 17.95%

Secured VISA 8.95% to 16.95%

The Finance Charge on cash advances and balance transfers will begin to accrue on the date you obtain the advance or make a transfer.

for Cash Advances

VISA Platinum 8.95% to 16.95%

VISA Platinum Rewards 9.95% to 17.95%

Secured VISA 8.95% to 16.95%

The Finance Charge on cash advances and balance transfers will begin to accrue on the date you obtain the advance or make a transfer.

Minimum Interest Charge None
How to Avoid Paying Interest on Payments 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.
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: https://www.consumerfinance.gov/learnmore
Setup and Maintenance Fees
Annual Fee None
Document Copy Fee $3 each copy of statement or sales draft
Rush Card Fee $25 for expedited delivery
Transaction Fees
Cash Advance and Balance Transfers None
Foreign Transactions 1% of the transaction amount
Penalty Fees
Late Payment $30 if your payment is 10 or more days late.
Returned Payment $32 for each returned payment
How We Will Calculate Your Balance
We use a method called "Average Daily Balance (including new purchases)". See your account agreement for more details.
Billing Rights
Information on your rights to dispute transactions and how to exercise those rights is provided in your Account agreement.

This Agreement will establish the terms and conditions of your credit card agreement with the Credit Union. In this agreement, the words "you" and "your" mean any person receiving and using the card and that by using the card for the first time "you" agree to all terms and conditions in this agreement. "Card" means the Platinum VISA and Secured VISA or Platinum Rewards VISA credit card and any duplicates and renewals the Credit Union issues. "Account" means your Platinum VISA and Secured VISA or Platinum Rewards VISA credit card account with the Credit Union. "Credit Union," "we," "us," and "our" mean Summit Credit Union. You must be a member of the Credit Union to apply for a credit card.


: Upon your approval for an account, the Credit Union will establish a line of credit for you. Notification of your limit will be made when the card is sent to you. You agree not to let your account balance exceed your approved credit limit.


: You promise to pay any and all charges incurred by you or by any person whom you authorize to use the Credit Card issued to you and any fees or charges incurred in the recovery of a credit card, retrieval of transaction data, or collection of this account in accordance with the terms and conditions issued by VISA International, Inc. and in accordance with the policies established by the Credit Union.

Your obligation to pay the amount owed on your account continues until paid in full even though an agreement, divorce decree or other court judgment to which the Credit Union is not a party may direct someone else to pay the account balance.


: If more than one person applies for the card each is individually responsible for all amounts owed on the account and is jointly and severally responsible for all amounts owed. This means the Credit Union can enforce the Agreement against any of you individually or all of you together. Each may obtain credit advances without the knowledge of the other and both are obligated to repay all advances made to the account. You agree to notify the Credit Union of any address change.


: You may use the card issued to you to make purchases from anyone who accepts VISA Credit Cards. You may also obtain cash advances from the Credit Union, from other financial institutions participating in the VISA program and from automated teller machines (ATM's) that provide access to the VISA system. Your VISA Personal Identification Number (PIN) is needed to obtain cash advance from an ATM (not all ATMs accept VISA Cards). You agree not to use the card for any illegal transactions such as advances for gambling or wagering where these practices are in violation of the law.


: We will furnish you with a Personal Identification Number (PIN). You agree to keep the PIN secret. You also agree you won't write the PIN on the Card or anything you keep with the card. Your use of the PIN and Card in getting a cash advance or making a purchase is agreed to constitute your signature for purposes of such transaction.


: A Finance Charge will be imposed on Credit Purchases only if you elect not to pay the entire New Balance shown on your monthly statement for the previous billing cycle within 25 days from the date of that statement. If you elect not to pay the entire new balance shown on your previous monthly statement within that 25 day period, a Finance Charge will be imposed on the unpaid average daily balance of such Credit Purchases from the date of posting to your account during the current billing cycle, and will continue to accrue until the date of the billing cycle preceding the date on which the entire New Balance is paid in full or until the date of payment if more than 25 days from the closing date.


: The balances subject to finance charge are identified on your monthly statement as "Average Daily Balance" (including new purchases, new cash advances and new balance transfers). The "Average Daily Balance" is determined by adding, after subtracting all payments, credits, and cash advances for the billing period in which they were made, all the outstanding advance balances and billed but unpaid finance charges for each calendar day of the billing period and then dividing the total by the number of days in that billing period. Purchases posted to your Account during the billing period are included only if the "New Balance" on your previously assessed bill was not paid in full by the grace period.

The monthly periodic rate for purchases, cash advances and balance transfers for Platinum VISA and Secured VISA with a corresponding ANNUAL PERCENTAGE RATE is shown above.

The monthly periodic rate for purchases, cash advances and balance transfers for Platinum Rewards VISA with a corresponding ANNUAL PERCENTAGE RATE is shown above.


: The following other charges (fees) will be added to your Account, as applicable: a) Returned Payment 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 $32 for each item returned; b) Card Replacement Fee: You will be charged $10 each replacement card that is issued to you for any reason; c) Document Copy Fee: You will be charged $3 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); d) Collection Costs: You agree to pay all costs of collecting the amount you owe under this Agreement, including court costs and reasonable attorney's fees; and e) Expedited Document Delivery Fee: Our cost.


: If your payment is 10 or more days late you will be charged $30.


: Each payment you make on the account will restore your credit limit by the amount of the payment that is applied to the principal amount of purchases and cash advances. At any time your total new balance exceeds your credit limit, you must immediately pay the amount over your credit limit.


: You must pay at least the minimum payment shown on your statement by the date specified on your monthly statement. You can repay any outstanding balance prior to maturity in whole or in part at your option without penalty. Your monthly payment must be made directly to the address shown on your statement. If available, you may have your minimum payment automatically deducted from your checking or savings account.

The minimum periodic payment required for your Platinum VISA and Secured VISA and Platinum Rewards VISA will be 2.00% of your total new balance, minimum of $25 plus any portion of minimum payments shown on prior statements which remain unpaid and any other applicable charges. You will also be required to pay any amounts over your credit limit or past due amounts.

Subject to applicable law, Platinum VISA and Secured VISA and Platinum Rewards VISA payments will be applied in the following order or in any manner the credit union chooses. First to any previously billed and unpaid Finance Charges on purchases and cash advances, then to any billed fees, then to the principal balance of purchases in the order they were posted to your account and then to the principal balance of cash advances. However, in every case, in the event you make a payment in excess of the required minimum periodic payment, the Credit Union will allocate the excess amount first to the balance with the highest annual percentage rate and any remaining portion to the other balances in descending order based on applicable annual percentage rate. If two or more purchases were posted on the same day, your payment will be applied to the lowest amount first. You understand that any payment that delays the repayment of Your unpaid balance will increase Your Finance Charge and any payment that accelerates the reduction of Your unpaid balance will decrease Your Finance Charges.


: If there is a credit balance due you, you may request in writing a full refund of this credit balance at our address shown in this Agreement.


: You grant us a security interest under the Uniform Commercial Code and under any common law rights the Credit Union may have in any goods you purchase. If you give the Credit Union a specific pledge of shares by signing a separate pledge of shares, your pledged shares will secure your account. You may not withdraw amounts that have been specifically pledged to secure your account until the Credit Union agrees to release all or part of the pledged amount.

Your Account is secured by all other shares you have in any individual or joint account with the Credit Union, except for shares in an Individual Retirement Account or in any other account that would lose special tax treatment under state or federal law if given as security. These other shares may be withdrawn unless you are in default under this agreement. You authorize the Credit Union to apply the balance in your individual or joint share accounts to pay any amounts due on your Account if you should default.


: If you have other loans with us, or take out other loans with us in the future, collateral securing those loans will also secure your obligations under this Agreement. However, unless you expressly agree otherwise, no dwelling secures your obligation.


: You will be in default: (1) if you fail to make any minimum payment or other required payment by the date that it is due, (2) if you break any promise you make under this Agreement, (3) if you die, file for bankruptcy or become insolvent, that is, unable to pay your obligations when they become due, (4) if any attachment or garnishment proceedings are initiated against you or your property, (5) if you default on any other indebtedness to the Credit Union, (6) if you make any false or misleading statement in any credit application or credit update, (7) if something happens that the Credit Union believes may substantially reduce your ability to repay what you owe.

When you are in default, the Credit Union has the right to demand immediate payment of your full account balance without notice. If immediate payment is demanded, you will continue to pay Finance Charges, at the periodic rate charged before default, until what you owe has been paid, and any shares that were given as security will be applied towards what you owe.

If collections efforts are required by the Credit Union, you agree to pay all costs and expenses incurred in the collection of any sum due, and in addition, if the holder hereof, after default, shall place this note in the hands of an attorney or collection agency, for collection, to pay reasonable attorney's fees, interest and fines due on this note at the time of the employment of such attorney or collection agency.


: You understand that the Credit Union will review your accounts periodically, and you hereby give your permission to and authorize the Credit Union to investigate and reassess your creditworthiness. You authorize the Credit Union to obtain information concerning your credit history from all available sources now and in the future. You authorize the Credit Union to disclose information regarding your account to credit bureaus and creditors who inquire about your credit standing.


: You may be liable for the unauthorized use of the card. You will not be liable for unauthorized use that occurs after the issuer is notified, orally or in writing at the address shown in this Agreement. If your card is lost or stolen card you must report it to us immediately.


: If your Card, PIN or Account Number are lost or stolen, you should notify us immediately, orally or in writing at the address shown in this Agreement or call us at (800) 632-0210 or (336) 662-6200, Monday to Friday, 8:00 A.M. to 6:00 P.M., or (800) 991-4964, twenty-four (24) hours a day, seven (7) days a week, of the loss, theft, or unauthorized use of your Credit Card. You may be liable for the unauthorized use of your Credit Card.


: The Credit Union is not responsible for the refusal of any merchant or financial institution to honor the card. The Credit Union is subject to claims and defenses (other than tort claim) 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 purchases cost more than $50.00 and was made in your state or within 100 miles of your home.


: You agree that the Credit Union may change the terms of this Agreement from time to time after giving you any advance notice required by law at your last known address. To the extent the law permits, and indicated in the notice to you, the change will apply to your existing account balance as well as to future transactions. Your use of the card after receiving notice or a change will also indicate your agreement to the change.

You may request an increase in your credit limit either by written application or by phone. The Credit Union has the right to reduce or terminate your credit limit at any time. You understand and acknowledge that such action shall not affect your obligation to pay any outstanding balance PLUS any finance and other charges you owe under this Agreement. Accounts that have been inactive for one (1) year may be subject to termination at the renewal date. The card(s) 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.


: When you use your VISA [debit, credit] Card at a merchant that settles in currency other than US dollars, the charge will be converted into the US dollar amount. The currency conversion rate used to determine the transaction amount in US dollars is either 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 the government-mandated rate in effect for the applicable central processing date, plus 1 percent of the transaction amount, which may be billed separately on your account or included in the transaction amount. This 1% adjustment is made for all international transactions regardless of whether there is a currency conversion associated with the transaction. The conversion rate in effect on the processing date may differ from the rate in effect on the transaction date or posting date.


: 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. The Credit Union can delay enforcing any of its rights any number of times without losing them. 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 the agreement.


: You will receive a statement each month showing transactions on your account. You are responsible for your minimum monthly payment even in the event your statement is late or returned to the Credit Union. Statements and notices will be mailed to you at the most recent address you have given the Credit Union. Notice to any one of you will be considered notice to all.


: Except to the extent that Federal Law is applicable, the laws of the state in which this document is written shall govern the validity, construction and enforcement of this Agreement and all matters arising out of the issuance and use of the Card.


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 as possible. We must hear from you no later than 60 days after we send 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:

  1. Your Name and Account Number
  2. The dollar amount of the suspected error.
  3. 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 is 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 any 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 the parts of your bill that are not in question. If we find 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 anyone we report to that you have a question about your bill. And, we must tell anyone we report you to that the matter has been settled between us when it finally is settled.

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 purchase with a 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 property or services. There are two limitations on this right.

  1. You must have made the purchase in your home state or, if not within your home state, within 100 miles of your current mailing address; and
  2. The purchase price must have been more than $50.

These limitations do not apply if we own or operate the merchant, or if we mailed you the advertisement for the property of services.