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Initial Disclosure Statement |
Notice to Married Wisconsin Residents: No provision of a marital property agreement, a unilateral statement under Sec. 766.59 Wis. Statutes, or a court decree under Sec. 766.70 Wis. Statutes, adversely affects the interest of the creditor unless the creditor, prior to the time the credit is granted, is furnished a copy of the agreement, statement or decree or has actual knowledge of the adverse provision when the obligation to the creditor is incurred. If you are married, you acknowledge that this account is being opened in the interest of your marriage or family. If you are applying for individual credit or joint credit with someone who is not your spouse, combine your and your spouse’s financial information on the application form. If your spouse also is a Wisconsin resident, we are required by law to obtain the name and address of your spouse. |
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A. |
The total periodic Finance Charge imposed in a billing period (“Current Billing Period”) is total of (i) the daily periodic Finance Charges on Purchases and Cash Advances in the Current Billing Period, plus (ii) the total of the periodic Finance Charges on new Purchases in the previous billing period (“Previous Billing Period”). However, there will be no periodic Finance Charges imposed in the Current Billing Period on any Purchases (including new Purchases in the Previous Billing Period) if for each billing period you pay your New Balance, including any Cash Advance balance and any balance of Purchases made under any Special Payment Plan, in full on or before the Payment Due Date for such billing period. In addition, there will be no periodic Finance Charges imposed in the Current Billing Period on any new Purchases in the Previous Billing Period if daily Finance Charges were imposed on those new Purchases in the Previous Billing Period. |
B. |
The periodic Finance Charge imposed in the Current Billing Period on Purchases or Cash Advances for the Current Billing Period is determined by multiplying the Periodic Rate for the Current Billing Period times the Daily Balances of Purchases or Cash Advances in the Current Billing Period to determine the daily periodic Finance Charges for each day in the Current Billing Period. The periodic Finance Charge imposed in the Current Billing Period on new Purchases for the Previous Billing Period is determined by multiplying the Periodic Rate for the Current Billing Period times the Daily Balances of new Purchases in the Previous Billing Period to determine the daily periodic Finance Charges and adding together those daily periodic Finance Charges for each day in the Previous Billing Period. However, there is a minimum periodic FINANCE CHARGE of $1.50 for a billing period in which a periodic Finance Charge is assessed. |
C. |
The periodic Finance Charges will be determined separately for charges incurred under any Special Payment Plan in accordance with the terms established for such Special Payment Plan. You understand and acknowledge that this Account provides for the daily compounding of periodic Finance Charges. |
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Periodic Rates |
A. |
The Periodic Rate for your Account is the Standard Rate, unless the Delinquency Rate applies as described below. The Standard Rate for a billing period is the greater of (i) the Prime Rate plus 15.23%, times 1/365, or (ii) .06021% (ANNUAL PERCENTAGE RATE 21.98%). The "Prime Rate" for a billing period is the highest bank prime loan rate, as published in Money Rates section of The Wall Street Journal on the fifth business day preceding the first day of the billing period. As of December 1, 2006, the Standard Rate was .06432% (ANNUAL PERCENTAGE RATE 23.48%). |
B. |
The Periodic Rate for your Cash Advance Balance is the Cash Standard Rate, unless the Delinquency Rate applies as described below. The Cash Standard Rate for a billing period is the greater of (i) the Prime Rate plus 15.23%, times 1/365, or (ii) .06021% (Annual Percentage Rate 21.98%). As of December 1, 2006, the Cash Standard Rate was .06432% (Annual Percentage Rate 23.48%) |
C. |
The Periodic Rates and corresponding APRs for all Account balances (including any promotional rates) may be increased if you fail to make a required Minimum Payment by the Payment Due Date, you make a payment to us that is not honored by your bank or you exceed your Credit Limit. If we increase your Periodic Rates, the new Periodic Rates will be euqal to the Delinquency Rate, or at our discretion a lower rate. our decision may be based on factors such as the timing or seriousness of any default, your payment and purchase history and other performance on this Account. The increased Periodic Rates will apply to your existing balances and future transactions and will take effect as of the first day of the billing period in which your missed or returned payment was due or in which you exceeded your Credit Limit. We also may change rates or other terms as provided in the Termination/Change In Terms section of the Agreement (summarized below). The Delinquency Rate for a billing period is the greater of (i) the Prime Rate plus 20.74%, times 1/365, or (ii) .07394% (Annual Percentage Rate 26.99%). As of December 1, 2006, the Delinquency Rate was .07942% (Annual Percentage Rate 28.99%) |
D. |
The Periodic Rates and Corresponding APRs may vary. If the Prime Rate increases, the Periodic Rates and corresponding APRs may vary. If the Prime Rate increases, the Periodic Rates and corresponding APRs may increase and, as a result, the periodic Finance Charge, Minimum Payment and number of payments also may increase. Any change in the Prime Rate will take apply to your entire Account balance (unless otherwise specified in any applicable Special Payment Plan). A change in the Prime Rate will take effect on the first day of the billing period that commences after the change. We may select a new interest rate index if the Prime Rate is not available. |
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BALANCE SUBJECT TO PERIODIC FINANCE CHARGES. |
A. |
To calculate the Daily Balance of Purchases in the Current Billing Period, we take the beginning Daily Balance of Purchases in your Account each day in the Current Billing Period, add any new Purchases, fees (other than Transaction Fees for Cash Advances), debt cancellation fees, or credit insurance premiums assessed that day. We also add other debits assessed that day, and subtract any payments or credits issued on that day, allocated to the Purchase balance. We then multiply this Daily Balance of Purchases to determine the beginning Daily Balance of Purchases for the next day. |
B. |
To calculate the Daily Balance of Cash Advances in the Current billing Period, we take the beginning Daily Balance of Cash Advances in your Account each day in the current Billing Period, add any new Cash Advances or Transaction Fees for Cash Advances assessed that day. We also add other debits assessed that day, and subtract any payments or credits issued on that day, allocated to the Cash Advance balance. We then multiply this Daily Balance of Cash Advances by the Periodic Rate for the Current Billing Period and add the daily periodic Finance Charge to the ending Daily Balance of Cash Advances for the next day. |
C. |
To calculate the Daily Balance of new Purchases in the Previous Billing Period, we take the beginning Daily Balance of new Purchases in you Account each day in the Previous Billing Period, and add any new Purchases that day. We also add other debits assessed that day, and subtract any payments or credits issued on that day, allocated to the balance of new Purchases. We then multiply this Daily Balance of new Purchases by the Periodic Rate for the Current Billing Period and add the daily periodic Finance Charge to the ending Daily Balance of new Purchases to determine the beginning Daily Balance of New Purchases for the next day. |
D. |
Any Daily balance of less than zero will be treated as zero. Purchases and Cash Advances are included in the Daily Balance of your Account as of the transaction date or, at our option as the dated the transaction is posted to your Account. |
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| WHEN PERIODIC FINANCE CHARGES BGIN TO ACCRUE. Purchases and Cash Advances begin to accrue periodic Finance Charges form the day the charge is included in the Daily Balance of the Account and continue to accrue finance charges until the charge is paid in full. However, you can avoid periodic Finance Chares on new Purchases in the Current Billing Period if for each billing period you pay your New Balance, including any Cash Advance balance and any balance of Purchases made under any Special Payment Plan, in full on or before the Payment Due Date for such billing period. There is no period within which you can avoid periodic Finance Charges on Cash Advances or Transaction Fees for Cash Advances.
PAYMENTS. You must pay at least the Minimum Payment on your billing statement by the Payment Due Date shown on the billing statement. You may pay more than the Minimum Payment at any time. Your Minimum Payment will be (i) the greater of $10 or 3% of the New Balance minus any balance attributable to any special Payment Plan that involves delayed or special payments, rounded to the next lowest dollar, plus (ii) any past due amounts. However, the Minimum Payment is the New Balance if the New Balance is less than $10. You must pay any past due amounts as part of your Minimum Payment. We reserve the right to select the method by which payments and credits are allocated to your Account in our sole discretion. The payment allocation method that we use may result in higher Finance Charges on your Account, depending on the types of transaction you make (such as promotional or non-promotional purchases), and the timing and amount of your payments. On promotions requiring a minimum payment, payments over the minimum will usually be applied to those promo balances before non promo and other balances. If you have a non-promo balance, this may reduce the benefit from the promo. If you want to change this allocation, please call customer service at 1-877-317-5544.
FEES
You agree to pay the following fees.
A. |
A late Payment Fee, if we have not received your Minimum Payment by the Payment Due Date shown on your Statement. The amount of the Late Payment Fee will be based on your New Balance at the end of the billing period ending after the Payment Due Date. The Late Payment Fee will be $15 for a New Balance under $99.99; $30 for a New Balance $100.00 to $999.99; and $35 for a Balance of $1000.00 or more. |
B. |
A Returned Check Fee of $30 if any check or other instrument sent to us, or any electronic payment authorization you provide us in payment on your Account, is not honored upon first presentment, even if the check, instrument or electronic authorization is later honored. |
C. |
An Over Limit Fee of $30 for each billing period in which your New Balance as shown on your Statement exceeds your Credit Limit. We may assess an Over Limit Fee even if we authorize the transactions on your Account that caused you to exceed your Credit Limit or if you exceed your Credit Limit as a result of unpaid Finance Charges, the billing of deferred accrued Finance Charges or other fees. |
D. |
A Transaction Fee for each Cash Advance that posts to your Account. This fee will be a FINANCE CHARGE equal to 4% of the amount of the Cash Advance, with a minimum of $5 and a maximum of $50. |
E. |
A Returned Loan Check Fee of $30, on your Account in the event any Check on your Account is not honored by us because (i) the portion of your Credit Limit available for Checks is insufficient to cover the amount of the Check, (ii) you have filed a petition in bankruptcy, (iii) the Check has expired, or (iv) your Account has been closed. |
F. |
A Stop Payment Fee of $30 if we stop payment on any Check at your request. |
G. |
A Transaction Fee for each Balance Transfer treated as a Purchase that posts to your Account. This fee will be a FINANCE CHARGE equal to 4% of the amount of the Balance Transfer, with a minimum of $5. |
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SECURITY INTEREST. You grant us a purchase money security interest in each item of merchandise purchased on your Account to secure its unpaid purchase price until such merchandise is paid in full. Solely for the purpose of determining the extent of our purchase money security interest in each such item of merchandise, your payments will be allocated first to Finance Charges on the Account, and then to pay off each Purchase on the Account in the order in which the Purchase was made (if more than one item was purchased on the same day, your payments will be allocated to pay off the lowest priced item first). If you made a Purchase pursuant to a credit promotion, the balance with respect to the promotional Purchase may be shown on Statements during the promotional period and may reflect a different payment allocation method. In no event will we assert a security interest in the promotional Purchase for an amount greater than the lowest balance shown on a Statement for that promotional Purchase. We agree that no security interest is or will be retained or acquired under the Agreement in any real property which is used or is expected to be used as your dwelling.
CHANGE IN TERMS. We may, at any time and subject to applicable law, change, add or delete provisions of the Agreement (“Terms Change”) or terminate your Account. Unless prohibited by applicable law, we may apply any Terms Change to any outstanding or future balances of your Account.
ARBITRATION. The Agreement contains an arbitration provision that my substantially limit your rights in the event of a dispute, including your right to litigate in court or have a jury trial, discovery and appeal rights, and the right to participate as a representative or member of a class action. You have a right to reject that arbitration provision, by following the instructions in the arbitration provision. If you reject arbitration, it will have no effect on any other terms of the Agreement.
Notice: The following is important information regarding your right to dispute billing errors.
YOUR BILLING RIGHTS – KEEP THIS NOTICE FOR FUTURE USE
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 shown on your Statement under billing inquires. Write to us as soon as possible. We must hear from you no later than 60 days after we sent 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:
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Your name and Account number |
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The dollar amount of the suspected error. |
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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. |
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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 that 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 you to that you have a question about your bill. And, we must tell you the name of anyone we reported you to. We must tell anyone we report you to that the matter has been settled between us when it finally is.
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 purchased with a credit card, and you have tried in good faith to correct the purchased 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:
(a) |
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 |
(b) |
The purchase price must have been more than $50. |
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