Full Terms and Conditions of our Visa® Platinum Rewards Card & Visa® Classic and Student Card
The policies and practices described in these disclosures are subject to change, but we will communicate any significant changes to you as required by law. The information contained in these disclosures regarding rates, fees and other costs associate with these credit card accounts are accurate as of January 5, 2012. For updated information please contact us at 889-7755 or 800-347-2838 (from outside the Albuquerque area).
Visa Credit Card Agreement & Disclosure – Addendum 11.00%
Visa Credit Card Agreement & Disclosure – Addendum 13.00%
SUMMARY OF CREDIT CARD TERMS
Visa® Platinum Rewards Card
Annual Percentage Rate (APR) for purchases:
9.00% to 13.00%,*
determined when the account is opened, based on credit history.
Cash advance and balance transfer APR:
9.00% - 13.00%, determined when account is opened, based on credit history.
Penalty APR: 18.00%**
Variable Rate Information:
Your APR may vary each month. Purchases and Cash Advances: determined by adding the Prime Rate published in the Wall Street Journal (the Index Rate) to a margin determined when your account is opened, ranging between 5.75% and 9.75%,*** based on credit history.
Grace period for repayment of balances for purchases:
21 days, on average, from the date of the periodic statement (provided you have paid your previous new balance in full by the due date).
Method of computing the balance for purchases:
Average Daily Balance (including new purchases)
Annual fee: None
Minimum finance charge: $1
OTHER FEES:
Transaction fee for cash advances:
Greater of $2 or 1% of cash advance, $20 maximum.
Balance transfer fee: None
Late payment fee: $25
Over-the-credit-limit fee: N/A
*The information provided above is accurate as of 1/1/12. The variable rates and terms may change after this date. For current rate and fee information, visit our website, www.nmefcu.org, or call 889-7755 (800-347-2838 from outside the Albuquerque area).
**The Penalty Rate applies to new and outstanding account balances if you fail to make a required minimum payment to New Mexico Educators Federal Credit Union within 60 days after payment due date. The increase will terminate once the cardholder has made 6 consecutive minimum payments on time, starting with the first payment after the date on which it was imposed. If the 6 consecutive on time minimum payments are not made, New Mexico Educators Federal Credit Union has the option of keeping the Penalty Rate on your account indefinitely.
***The Index Rate used to determine your APR is the rate published on the 5th day of the month preceding the change date.
Visa® Classic and Student Card
Annual Percentage Rate (APR) for purchases: 13.00%*
Cash advance APR: 13.00%*
Penalty APR: 18.00%**
Variable Rate Information:
Your APR may vary each month. Purchases and Cash Advances: determined by adding the Prime Rate published in the Wall Street Journal (the Index Rate) to a margin of 9.75%***.
Grace period for repayment of balances for purchases:
21 days, on average, from the date of the periodic statement (provided you have paid your previous new balance in full by the due date).
Method of computing the balance for purchases:
Average Daily Balance (including new purchases)
Annual fee: None
Minimum finance charge: $1
OTHER FEES:
Transaction fee for cash advances: Greater of $2 or 1% of cash advance, $20 maximum.
Balance transfer fee: None
Late-payment fee: $25
Over-the-credit-limit fee: N/A
*The information provided above is accurate as of 1/1/12. The variable rates and terms may change after this date. For current rate and fee information, visit our website, www.nmefcu.org, or call 889-7755 (800-347-2838 from outside the Albuquerque area).
**The Penalty Rate applies to new and outstanding account balances if you fail to make a required minimum payment to New Mexico Educators Federal Credit Union within 60 days after the payment due date. The increase will terminate once the cardholder has made 6 consecutive mnimum payments on time, starting with the first payment after the date on which it is imposed. If the 6th consecutive on time minimum payments are not made, New Mexico Educators Federal Credit Union has the option of keeping the Penalty APR on your account indefinitely.
***The Index Rate used to determine your APR is the rate published on the 5th day of the month preceding the change date.
