How We Will Calculate Your Balance: We use a method called “average daily balance (including new purchases)”. See your Credit Card Agreement for more details.
Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your Credit Card Agreement.
Military Lending Act Notice. Beginning on October 3, 2017, Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts): and any participation fee charged (other than certain participation fees for a credit card account). To hear this same disclosure and a general description of your payment obligations for this credit card account, please call us toll-free at: 800-298-1885 ext. 2500.
Visa Account Updater Service (VAU) - This is a service offered by Visa that will provide card number and expiration date updates to merchants who maintain card-on-file (COF) account information used to process recurring customer payments. This is an expedient way for Issuing Banks to communicate the most recent cardholder information to VISA. You will no longer have to provide updated card information to participating card-on-file merchants. Example: If you have a subscription service such as Netflix, that you have allowed to debit your account on a recurring basis, they would automatically be notified when your card auto renews/expires and be given the most up to date information eliminating the potential for interruption of your service due to outdated card-on-file information. You have the option to opt out of this service by contacting the bank and completing a VISA Account Updater Service “opt-out” form.
VISA PLATINUM CARD AGREEMENT
1. Agreement. This agreement governs the possession and use of credit cards (“card”) issued by Central Valley Community Bank (“Issuer”). Each person who applies for a credit card and in whose name the card is issued (“Holder”) consents and agrees to the terms contained on the credit cards, sales drafts, credit adjustment memos and cash advance drafts, signed by or given to Holder or any authorized user of Holder's cards. When credit cards are issued upon the application of two or more persons, all such persons shall be jointly and severally liable as Holders. The provisions of this agreement, as amended from time to time, govern Holder's obligations, notwithstanding any additional or different terms contained in sales drafts, credit adjustment memos, cash advance drafts or other forms signed by or given to Holder or any user of Holder's cards to evidence a credit card transaction. Holder authorizes an investigation of Holder's credit standing prior to the issuance of a credit card to Holder and at any time thereafter and authorizes disclosure of information to third parties relating to Holder's credit standing. This agreement applies to all credit cards issued to Holder or to others on Holder's authorization and to any user of Holder's cards.
2. Annual Membership Fees. As a condition of participation in the issuer's credit plan and the issuance of a card, Holder agrees that there is a $20 annual membership fee for VISA Platinum consumer accounts. If you have agreed to have your monthly payments automatically deducted from a Central Valley Community Bank deposit account and enroll in paperless eStatements, the annual membership fee will be waived. If your automatic payment or enrollment into e-Statements is later canceled for any reason by Holder or by Issuer, the annual membership fee will be charged.
3. Use of Card. Credit for Purchases from a merchant or a cash advance from a participating financial institution may be obtained by Holder or an authorized user of Holder's card presenting one of Holder's cards to the merchant or participating financial institution and, if requested, by providing the proper identifying information and signing the appropriate drafts. Failure to sign a draft does not relieve the Holder of liability for purchases made or cash received. The use of this card for illegal transactions, including internet gambling, is prohibited. The card may also be used to obtain cash advances from certain automated equipment provided it is used with Holder's correct Personal Identification Number (“PIN”) issued to Holder. Holder may make five cash advance withdrawals totaling not more than $500 per transaction each day from compatible ATM terminals, with a maximum aggregate total of $1,000 each day. Terminals or terminal operators may have other limits on the amounts or frequency of cash withdrawals. Cash advances may also be made at any Central Valley Community Bank branch location up $5,000 per day based on your available credit limit; cash advance fees apply.
4. Lost or Stolen Card. If Holder notices the loss or theft of their credit card(s) and/or PINS or a possible unauthorized use of their card, Holder should contact Issuer immediately by calling (866) 604-0381 . Holder will not be liable for any unauthorized use that occurs after Issuer is notified. Holder may, however, be liable for unauthorized use that occurs before Issuer has been notified. In any case, Holder's liability will not exceed $50 or in some cases liability may be $0 .
5. Credit Limit. Holder will from time to time be informed of the amount of the approved credit limit established for Holder, and Holder covenants not to make credit purchases or borrowings in excess of that amount. Failure to comply may result in card restriction. Holder is liable for all purchases and borrowings made with Holder's cards by Holder or by anyone authorized to use Holder's cards.
6. Payment. Holder will be furnished a monthly statement for each billing period at the end of which there is an undisputed debit or credit balance of $1 or more. Holder shall pay within 25 days after each statement Closing Date either (a) the full amount billed (“New Balance”) or, at Holder's option, (b) a minimum Payment which is 4% or $25 of the New Balance, whichever is greater. Payments may be mailed to VISA, P.O. BOX 30097, TAMPA, FL 33630-3097 or made in person, at any Central Valley Community Bank office. Payments received after 5:00 p.m. on any processing day or at any time on any non-processing day will be considered as payments made on the following processing day. All payments made by Holder will be applied first to payment of Interest Charges in the order of their entry to the account, second to additional fees and charges, if any, in the order of their entry to the account, third to previously billed cash advances or balance transfers, purchases, and other similar charges in the order of their entry to the account, and then to current cash advances or balance transfers, purchases and other similar charges in the order of their entry to the account. Payments in excess of the minimum payment will be applied to the balance with the highest annual percentage rate and any remaining portion to the other balances in descending order based on the applicable annual percentage rate.
7. Interest Charges. Holder shall pay Interest Charges as shown on Holder's monthly statements, for each billing period in which there is a cash advance, balance transfer or the Previous Balance is not paid in full prior to the Closing Date of the billing statement. A balance transfer fee will be charged on each balance transfer of 2% of each balance transfer. A cash advance fee will be charged on each cash advance in the amount of 2% of each cash advance. The minimum balance transfer fee is $2 and the maximum balance transfer fee is $100 . The minimum cash advance fee is $2 and the maximum cash advance fee is $100 . Issuer figures Interest Charges on Holder's account by applying the monthly Periodic Rate to the entire “Balance Subject to Interest Rate.” The additional charge for balance transfers and cash advances shall not apply to any balance transfers and cash advance obtained under a separate credit agreement with Holder and written in connection with this agreement. The “Balance Subject to Interest Rate” is the “average daily balance,” of the account (including current transactions). To calculate the “average daily balance,” Issuer takes the beginning balance of the account each day, adds any new cash advances, balance transfers, credit purchases and other charges, and subtracts any payments or credits, unpaid non-accruing fees, and unpaid Interest Charges. This gives us the daily balance. Then, Issuer adds up all of the daily balances for the billing cycle and divides the total by the number of days in the billing cycle. This gives us the “AVERAGE DAILY BALANCE.” Interest Charges for credit purchases begin on the date the purchase is posted to the account unless the Previous Balance shown on the statement is paid in full prior to the Closing Date of the statement. Credit purchases made during the statement period and the Previous Balance will be excluded from the calculation of the “average daily balance” if the Previous Balance shown on the front of the statement was paid in full prior to the Closing Date of the statement. The Interest Charges for cash advances and balance transfers begin on the transaction date. Holder may avoid additional Interest Charges on an account by paying in full the New Balance shown on the account's monthly statement within 25 days after the Closing Date for that statement.
8. Interest Rate. The Interest Rate on this account will be fixed with a periodic rate of 1.3592% on purchases which corresponds to the ANNUAL PERCENTAGE RATE of 16.31% to “Holder's average balance.” The Interest Rate on this account will be fixed with a periodic rate of .8117% on balance transfers or cash advances which corresponds to the ANNUAL PERCENTAGE RATE of 9.74% to “Holder's average balance” or .5825% based on the Introductory interest rate for balance transfers which corresponds to the ANNUAL PERCENTAGE RATE OF 6.99% to “Holder's average balance”. The introductory rate applies to balance transfers made within 6 months of account opening. Any outstanding balance at the end of the balance transfer introductory period will revert to standard pricing at the end of the 12th billing cycle. There is no introductory rate for purchases or cash advances. Federal law requires Issuer to notify Holder at least 45 days in advance of any rate change we make to Holder's account.
9. Late Fees. Holder's account will be subject to a late fee up to $15 if the minimum payment is not made within 15 days after the date the payment is due.
10. Other Fees. If Holder chooses to make a payment by phone, there may be a ‘Payment by Phone’ fee of up to $10 if Holder speaks to a live representative. If Holder chooses to have an expedited credit card delivery, Issuer may charge a fee up to $25 .
11. Security Interest. All credit advanced to Holder for credit purchases, balance transfers or cash advances constitute loans made by Issuer to Holder in the state of California. Issuer disclaims as security for loans made to Holder under this agreement any security interest it may at any time have in household goods or real property. Except as disclaimed above, loans made to Holder after the effective date of this agreement may be secured by collateral given by any Holder to secure other loans from Issuer.
12. Foreign Transactions. If a Holder's card is used to effect a transaction in a foreign currency, the transaction amount will be converted to U.S. dollars by VISA International, VISA converts currency to U.S. dollars using either the government mandated exchange rate or the wholesale exchange rate, in effect one day before the date of the conversion, as applicable. The exchange rate is increased by 1% if the conversion is made in connection with a charge to an account and decreased by 1% if the conversion is made in connection with a credit to an account. The date of conversion by VISA may differ from the purchase date and the posting date identified in the monthly statement for the account. Holder agrees to pay charges and accept credits for the converted transaction amounts in accordance with the terms of this paragraph.
13. Disputes. Issuer is not responsible for refusal by any merchant, financial institution or automated equipment to honor or accept a card. Except as provided in the Federal Truth-in-Lending law (as indicated in the Summary of Billing Rights included as the last page of this agreement and on the back of your monthly bill) Issuer has no responsibility for merchandise or services obtained by Holder with a card and any dispute concerning merchandise or services will be settled between Holder and the merchant concerned.
14. Default. Holder covenants to observe and comply with this agreement and covenants not to permit an event of default to occur. Upon the occurrence of any one or more of the following events of default: (a) Holder fails to pay at least the Minimum Payment when due on two occasions within any 12-month period; or (b) Holder dies, ceases to exist, changes residency to another state, becomes insolvent or the subject of bankruptcy or insolvency proceedings or fails to observe any covenant or duty contained in this agreement, if such event or breach materially impairs Holder's ability to pay amounts due; the full amount of Holder's account for which the default occurred (including unpaid Interest Charges) shall, at Issuer's option become immediately due and payable if Holder does not cure the default within 15 calendar days after notice is mailed to the address of Holder, or given as otherwise provided by law. Issuer has this right, without notice and opportunity to cure; if the default is the Holder's third default within 12 months and the Holder is notified of the prior two defaults and the Holder cured those defaults.
15. Termination. Holder's consent to this agreement may be terminated at any time by surrendering the cards issued to Holder or at Holder's written request, but such termination shall not affect Holder's obligations as to any balances or charges outstanding at the time of termination. Termination by any Holder shall be binding on each person in whose name the card is issued. If Holder's spouse terminates this credit plan, the full amount of Holder's account (including unpaid Interest Charges) may be declared immediately due and payable. Issuer may terminate Holder's privilege to use the cards if Holder moves out of the service area of Issuer, as defined by Issuer from time to time. Unless sooner terminated, the privilege to use the cards shall expire on the date shown on the cards. At any time, without liability to Holder and without affecting Holder's liability for credit previously extended, Holder's privilege to use the cards may be revoked or limited to the extent not prohibited by law. The cards are and shall remain the property of Issuer and Holder agrees to surrender them to Issuer upon demand.
16. Amendments. Issuer may amend this agreement from time to time by sending Holder advance written notice not less than 45 days prior to the effective date for any change that is either adverse to Holder's outstanding balance or increases certain fees, as required by the federal law and the laws of the State of California with respect to all aspects of the transactions arising under this agreement. To the extent that Issuer indicates in the notice and that the law permits, amendments will apply to Holder's existing account balance as well as to future transactions. Notices are deemed given when mailed by Issuer to any Holder to the current address for mailing monthly statements. Invalidity of any provision of this agreement shall not affect the validity of any other provisions unless otherwise provided by the laws of the State of California .
17. Notice of Furnishing Negative Information. Issuer may report information about Holder's account to credit bureaus. Late payments, missed payments or other defaults on Holder's account may be reflected on Holder's credit report.
18. Governing Law. Holder agrees to be governed by the laws of the State of California with respect to all aspects of the transactions arising under this agreement. All statutory references are to the statutes as they may be renumbered or amended from time to time.
VISA Platinum PBC10000 C0009615 Rev 3.1.2016