Visa Gold Card

Statement Disclosures

Monthly Payment

We will mail you a statement every month if your account has a balance. The statement will detail your previous balances of purchases, cash advances, balance transfers, the current transactions on your account, the remaining credit available under your credit line, the new balances of purchases, cash advances, balance transfers, the total new balance, the FINANCE CHARGE due to date, any other billed fees, and the minimum payment required and the date it is due.

Your payments may not be made in excess of your balance or to exceed your approved credit limit. Payments are applied to your account in the following order: to any unpaid FINANCE CHARGE from the previous billing cycle, late charges, and any overlimit charges; then to the balance transfers; then to the purchase balance; and then to the cash advance balance. Payments to balance transfers are applied based on the expiration date of the promotion. If multiple promotions have the same expiration date then the payment will apply to the highest balance transfer owing.

You also have a period of at least twenty-five (25) days from the statement date within which you must pay at least the minimum payment shown on your statement. Failure to make this minimum payment will result in the assessment of a late charge on your account. By separate agreement, you may authorize us to charge the minimum payment automatically from your savings or checking account with us. You may, of course, pay more frequently, pay more than the minimum payment, or pay the total new balance in full, and you will reduce the FINANCE CHARGE by doing so (see below).

The minimum payment will be (a) 2% of your total new balance, rounded up to the next even dollar, or (b) $25.00, whichever is greater.

In addition, at any time your total new balance exceeds your credit line, you must immediately pay the excess upon our demand.

Finance Charges

The FINANCE CHARGE for a billing cycle will be the sum of two components:

  1. Cash advance fee. Cash advance transactions, excluding convenience checks, are subject to a cash advance fee (FINANCE CHARGE) equal to 2% of the total dollar amount of cash advance transactions which are posted to your account during the billing cycle but not less than $5 and not to exceed the maximum rate permitted credit unions during the billing cycle.
  2. Daily periodic FINANCE CHARGE. A daily periodic FINANCE CHARGE may apply to any purchases, cash advances, and balance transfers included in the average current daily balance. The daily periodic FINANCE CHARGE for each billing cycle will be calculated by multiplying the average daily balance (see the explanation below) for your account for the billing cycle by the daily periodic rate.

Your balance transfers and purchases have a grace period of twenty-five (25) days from the statement date. To avoid having a FINANCE CHARGE assessed, you must (a) have paid the total balance due on your previous statement within its grace period and (b) pay the new total balance due on your current statement within its grace period. Note that both conditions must be met to avoid a FINANCE CHARGE. Your cash advance balance has no grace period.

Calculation of the Average Daily Balance

We calculate the average daily balance for your account for the billing cycle (the balance which is subject to the daily periodic rate) by computing the average of the daily balances for each day of the billing cycle by the balance type. To calculate the daily balance, we take the outstanding balance (all of the amounts you owe for that balance type) at the start of the day. Then, in the sequence in which the amounts post to your account, we add the amounts of all debits and subtract the amounts of all payments and credits which post to your account that day. After applying payments and credits, we subtract any amount of FINANCE CHARGE, late charge, and overlimit charge that remains unpaid. The result is the daily balance for that day. We add together all the daily balances for each day by the balance type in the billing cycle and divide the total by the number of days in the billing cycle. The result is the average daily balance for that billing cycle.

The ANNUAL PERCENTAGE RATE for your balance transfer balance is 6.90% with a Daily Periodic Rate of .018904%.

The ANNUAL PERCENTAGE RATE for your purchase balance is 10.90% with a Daily Periodic Rate of .029863%.

The ANNUAL PERCENTAGE RATE for your cash advance balance is 13.90% with a Daily Periodic Rate of .038083%.

Late payment fee

If your minimum payment is not paid by the payment due date, you will be subject to a single charge of $25.00

Overlimit Fee

An overlimit fee of $25.00 will be assessed, per statement cycle, against your account if your balance exceeds your established credit limit to the extent permitted by applicable law.

In case of errors or questions about your Visa Gold Card transactions

If you think your Credit Card statement is wrong, or if you need more information about a Visa Gold Card transaction on your statement, write to Spokane Teachers Credit Union as soon as possible on a separate sheet at the address shown on your statement. We must hear from you no later than sixty (60) days after you were sent 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, tell us:

You do not have to pay any amount in question while STCU is investigating, but you are still obligated to pay the parts of your statement that are not in question. While we investigate your question, we cannot report you as delinquent or take any action to collect the amount in question. These billing error provisions do not apply to questions you may have regarding loan or deposit accounts or electronic funds transfers.

Special Rule for Credit Card Purchases

If you have a problem with the quality of goods or services that you purchased with a credit card, and you have tried in good faith to correct the problem with the merchant, you may not have to pay the remaining amount due on the goods or services. You may have this protection only when the purchase price was more than $50 and the purchase was made in your home state or within 100 miles of your mailing address. (If we own or operate the merchant, or if we mailed you the advertisement for the property or services, all purchases are covered regardless of amount or location of purchase.)

In case of errors or questions about your electronic funds transfers

Telephone Spokane Teachers Credit Union at (509) 326-1954 or write to Spokane Teachers Credit Union, P.O. Box 1954, Spokane, WA 99210-1954, as soon as possible if you think that your statement or an electronic funds transfer receipt is wrong or if you need more information about an electronic funds transfer listed on your statement. We must hear from you no later than 60 days after you were sent the FIRST statement on which the error or problem appeared.

STCU will investigate your complaint and will correct any electronic funds transfer error promptly. If we take more than 10 business days to do this, we will recredit your account for the amount you think is in error so that you will have use of that money during the time it takes us to complete our investigation. These billing error provisions do not apply to questions you may have regarding loan or deposit account transactions that are not electronic transfers.

*If the entire balance owing from the previous cycle was not paid in full within the grace period, the amount to which the finance charge is applied will be the average daily balance (ADB) from the last cycle PLUS the average daily balance (ADB) from this (the current) cycle.

STCU