VISA TERMS & CONDITIONS
Our interest rates are based on your credit score. You will be rewarded for having a good credit rating-something we should all strive for. But in no case will our interest rate be more than 17.50%. Check what you are paying on your credit cards today and you will find our rates are better in most cases.
The billing cycle for our VISA Credit Card generally runs from the 21st of the month to the 20th of the following month. Payments are due on the 15th of each month for the previous month’s bill. You can make payments by transferring funds from a Tri-Town checking or savings account to the credit card, or by sending us a check. Please write your account number on your check.
Your credit card account is listed on our secure web-site and you can check balances and activity through the internet – 24/7. Your monthly statement will be on the web-site each month and you can pay us by simply making a transfer-via our On-Line Account Access system. In addition, with payroll deduction, you can set up an automatic transfer to pay your credit card each month. Cut down your bill paying time by charging bills to this credit card (cell phone, utilities, etc.).
Credit Score/Grade and Interest Rates
Our VISA Platinum Rewards Credit Card interest rates are indexed to the Prime Rate listed in the Money Section of the Wall Street Journal on the first business day of October each year and stay in effect for one year. Your rate will be based on your credit score and your credit grade according to the rates listed in the table below:
Credit Score Grading Table with Rates effective 10/1/2018
|As of October 1, 2018 the Wall Street Journal Prime Rate Listing is 5.25%*|
|Fair Isaac Credit Score||Grade||Credit Limit $||Introductory Interest Rate for First Year for Purchases or balance transfers||Interest Rate after First Year for Purchases or balance transfers||Interest Rate for Cash Advances from Day One, No Grace Period|
|700 or higher||A||10,000||7.95 %||WSJ prime rate* plus 6.00 %||WSJ prime rate* plus 8.00 %|
|640-699||B||5,000||8.95 %||WSJ prime rate* plus 8.00 %||WSJ prime rate* plus 10.00 %|
|600-639||C||2,500||10.95 %||WSJ prime rate* plus 10.00 %||WSJ prime rate* plus 12.00 %|
|550-599||D||1,000||14.95 %||17.50 %||Not allowed|
|The maximum interest rate we can charge by NCUA regulations is 18%. Our Maximum interest rate is 17.50% Rates are changed yearly based on the WSJ prime rate index, in the billing cycle that includes the first business day of October.|
– Annual Fee: There are no annual fees on our credit or debit cards.
– Transaction Fees: Foreign Transaction Fee 1.00% of each transaction in U.S. dollars, (charged by Visa, not Tri-Town)
– Late Payment Fee: Up to $20.00 – (If you are more than 30 days late)
– Returned Payment Fee: Up to $15.00
You will be moved to our Penalty Rate of 17.50% if you are 60 days or more delinquent in paying your bill. You can ask us to review and modify this rate after you have made six (6) successive payments on-time.
Applications are available on-line. If you already have Tri-Town On-Line Access, click here to LOGIN. If not, call us at 203 227-8511 or visit our office to set-up an on-line account.
Billing Rights Summary/Billing Disputes
Notify us in case of errors or questions about your account!
If you think your account statement is wrong, or if you need more information about a transaction that is shown, write us as soon as possible at:
Tri-Town Teachers Federal Credit Union
61 Jesup Road
Westport, CT 06880
We must hear from you no later than 60 days after we sent you the first statement 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, and
- 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 unsure about.
You do not have to pay the questioned amount while we are investigating, but you are still obligated to pay all the parts of your account that are not in question. While we investigate your question, we cannot report you as delinquent or take any action to collect the amount you question, provided that you pay the undisputed amounts.
Special rule for credit card purchases
If you have a problem with the quality of the property or services that you have purchased with a credit card, and you have tried in good faith to correct the problem with the merchant, you have the right to withhold payment of the amount still due for property or service if:
- The purchase was made in your home state or within 100 miles of your current mailing address: and
- The purchase price was more than $50.00.
If we own or operate the merchant, or if we mailed you the advertisement for the property or services, the limitations on the amount or location of purchase do not apply.
How We Compute Periodic Finance Charges
The periodic finance charge, if any, is computed by multiplying the balance subject to finance charge by the monthly periodic rate as shown on the bottom of your billing statement.
The periodic finance charge on an account without a 25 day grace period on the advance balance:
For the advance balance, which consists of transactions related to cash and loan advances; A periodic finance charge will be imposed on advance transactions from the date they are posted to your account.
For the purchase balance, which consists of transactions related to purchases of property and services:
A periodic finance charge will not be imposed on purchase transactions if the previous balance shown on the monthly statement is zero or if a payment or credit for the full amount of the previous balance was received within 25 days of the prior billing cycle closing date.
To compute the periodic finance charge, we take the beginning balance of your account each day during the billing cycle, add any new cash and loan advances and any new purchases and subtract payments, credits and previously accrued finance charges. This gives us the daily balance. We then add all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the average daily balance.
By Law we hereby notify you that if you fail to fulfill the terms of your credit obligations we may submit negative credit reports reflecting on your credit to credit reporting agencies.
If your bill payments are delinquent:
If you are delinquent for 30 days or more you will be subject to a late fee of $20. If you are late for 60 days or greater, your card will be blocked and you will be placed on our penalty rate which is 17.50%. You will also lose any accumulated rewards points and lose rewards privileges. Please contact us if you are unable to pay on time. We will do our best to assist our members who may be having difficulties, but you must be willing to work out an acceptable payment schedule.
Credit Card Disclosure Statement
Annual Percentage Rate (APR) for Purchases
7.95% – 14.95% for purchases and balances transfers
for first twelve (12) months,
11.25% – 17.50%*
Cash Advances……………………………13.25% – 17.50%*
Balance Transfer…………………………11.25% – 17.50%*
Variable Rate and payment
|Your APR may vary based on your credit score (see credit score grading table listed above). The rate is determined by adding 6.00% to 12.00% to the Prime Rate* as published in the Wall Street Journal “Money Rates” Table on the first business day of October each year. New rates take effect with the billing cycle that includes the first business day of October, with the October billing statement and remain in effect for one year. Credit Card payments are due by the 15th of each month.
The maximum (APR) Annual Percentage Rate is 17.50%.
Grace Period Information
25 days for purchases
(No Grace Period for cash advances or balance transfers)
Method of computing balances
Average daily balance
(excluding new purchases)
Minimum monthly payment
$20 or 4% of the outstanding balance, whichever is higher
Transaction Fee for Purchases
Minimum Finance Charge
Foreign Transaction Fee……….1% of the transaction amount
Balance Transfer Fee…………………………………………………..None
Late Payment Fee………………………………………………………$20.00
Over-the-Credit Limit Fee…………………………………………..$25.00
|* The Annual Percentage Rate (APR) is based on certain credit-worthiness criteria. The Prime Rate is used to determine your APR. This is the rate published in the “Money Rates” table of the Wall Street Journal on the first business day of October each year and remains in effect for one year, effective with the billing cycle that includes the first business day of October, generally the billing cycle from September 21 to October 20.
** If your payments are late by sixty (60) days.
|The information about the costs of the card described in this disclosure statement are accurate as of October 2017. This information may have changed after that date. To determine what may have changed contact the Credit Union.|
Visa Check (Debit) Card now offers surcharge-free ATM withdrawals
Tri-Town Teachers FCU offers a Visa Check Card which is a debit card that is tied to the member’s share draft (checking) account and functions much like a personal check. When this card is used, the member’s share draft account is debited by the amount of the transaction immediately. This card may be used wherever Visa Cards are accepted.
To apply for a Visa Check Card you may stop by our office or use the application form from our “FORMS” web page. Simply click on Debit/ATM Card Application, print the form, complete it, and fax it into our office, (203-227-0266). Visa Debit/ATM Cards have a $1 monthly service fee*. This card can be used as a debit card or as an ATM card for pin based transactions. Members must use the PIN (Personal Identification Number) that was provided with the card. Please make sure you safe-guard your PIN and keep it in a safe place for reference. We do not keep this information on file. If you lose it we will have to have a PIN reminder sent to you via our processor.
Our Visa Debit Card offers surcharge free ATM withdrawals at any CU24.COM or Allpoint network equipped ATM. Most CVS, Walgreens, 7-Eleven and Target stores offer these surcharge free ATM machines. For a full list of surcharge free ATM’s in your area please visit www.cu24.com/ATMLocator/ and enter your Zip code. A map will provide the locations of ATM’s that offer this service in your local area. We are pleased to offer this service to our members. There is also a smartphone App to locate these ATM’s.
We offer “instant issue” on all our cards, allowing you to replace lost or stolen cards instantly by visiting our office or arranging for us to issue/replace cards via US MAIL.
*The $1 monthly Visa Check/ATM card fee is waived if the member accepts eStatements.