IMPORTANT TERMS OF THE BAMSL Visa® Rewards CREDIT CARD | |
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ANNUAL PERCENTAGE RATE (APR) FOR PURCHASES |
1.99% Introductory1 APR for 6 months, after that, 12.99% variable rate. |
OTHER APRs |
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VARIABLE RATE INFORMATION |
After the Introductory Rate period, the APR is determined monthly and may vary.
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GRACE PERIOD FOR REPAYMENT OF BALANCES FOR PURCHASES |
At least 25 days from the date of the periodic statement (provided you have paid the previous balance in full by the due date). |
METHOD OF COMPUTING THE BALANCE FOR PURCHASES |
Daily Balance (including new Purchases and fees). |
ANNUAL FEE |
NONE |
MINIMUM FINANCE CHARGE |
$2.50 |
OTHER FEES |
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Important Information: Our bank complies with the USA PATRIOT Act. This law mandates that we verify certain information about you while processing your Account application.
1 If during an Introductory or Promotional Rate period, we have not received the required minimum monthly payment by the respective due date two times in any 12 month period (non-consecutive), we may immediately terminate the Introductory or Promotional Rate and your standard Daily Periodic Rates and corresponding APRs for the transaction type will apply. If during an Introductory or Promotional Rate period, we have not received the required minimum monthly payment by the respective due date for two consecutive months, the Late Payment Rate will apply.
2 If at any time we have not received the required minimum monthly payment by the respective due dates for two consecutive months, we may immediately increase the applicable APR, including any Introductory Rate or Promotional Rate, to a variable rate determined by adding the Prime Rate3 to 21.99%. The Account may be eligible for your standard Daily Periodic Rates and corresponding APR for each transaction type after you have met the terms of your Cardholder Agreement for five consecutive billing cycles after the monthly Statement on which the Late Payment Rate first appears. Promotional and/or Introductory Rates will not be reinstated.
3 The Prime Rate used to determine the APR on your Account is the U.S. Prime Rate published in The Wall Street Journal in its column called “Money Rates” on the last business day of each month; provided, however, that the Prime Rate will be subject to a minimum Rate of 6.00%. There is no ceiling on the applicable APR.
Payment Allocation Details
We will allocate your payments in the manner we determine. We will apply payments first to Finance Charges and other fees and charges. In most instances, we will then allocate your payments to balances with lower APRs before balances with higher APRs. This will result in balances with lower APRs (such as balances with Introductory or Promotional APRs) being paid before balances with higher APRs.
Balance Transfer Details
Balance Transfers must be from an existing credit card with another institution. You understand to close an account with another credit card company, you must notify the issuer directly. Balance Transfers will be posted to your Account as disclosed in your Cardholder Agreement. Commerce Bank will make Balance Transfers up to the amount of your credit limit, which will be established at account opening. If you make requests for Balance Transfers that exceed your credit limit, Commerce Bank may at its discretion determine which transfers will be made and which will not. Commerce Bank requires a minimum monthly payment which will be the greater of $15.00, or the full amount of your balance if it is less than $15.00; or 3.00% of your new balance plus any amounts that are past due; or 1.00% of your new balance plus any amounts that are past due, plus fees and Finance Charges accumulated during the billing period; or any amount that exceeds your credit limit. To assure your non-Commerce Bank accounts remain in good standing, please continue to pay that account as required. Upon approval, we will notify you regarding the Balance Transfer check(s) mailed on your behalf. It can take up to 30 days for a Balance Transfer to post on the other account.
The information about card costs described herein is accurate as of February 26, 2010 . This information may change after this date. To receive the most current information, call us at 1-800-645-2103.
The Cardholder Agreement sets forth all Account terms and will be sent with your card. Provided the Account is meeting the terms of the Cardholder Agreement: (1) We will not increase an Introductory APR during any Introductory Rate period; and (2) We will not increase any APR for 18 months following account opening, except for increases due to the expiration of an Introductory or Promotional Rate period, if any, and changes in the Prime Rate3 as described above. Otherwise, we may change the terms of the Agreement at any time and new terms will affect all outstanding balances to the extent allowed by law.
Commerce Bank may share your Account experience and transaction information with its affiliates. Unless you call 1-800-543-4845, you agree that Commerce Bank and its affiliates may also share other information about your Account.
Optional Overdraft Protection
If you select overdraft protection, a Cash Advance will be made to cover an overdraft in your designated Commerce Bank deposit account. Such Overdraft Cash Advances will be in the amount of $50.00 or multiples of $50.00. If the designated deposit account is a joint account, you will be liable for all overdrafts on the account regardless of which joint account owner caused, or benefited from the overdraft. Each Overdraft Cash Advance is at our discretion. We are not liable or responsible for any check drawn that may for any reason be returned or otherwise dishonored. We may cancel this overdraft feature at any time without notice.
Application Authorization
By making this application, you authorize Commerce Bank to make whatever credit inquiries that we deem necessary in connection with this credit application or in the course of review or collection of any credit extended in relation to this application. You authorize and instruct any person or consumer reporting agency to complete and furnish us any information they may have or obtain in response to such credit inquiries and agree that such information, along with this application, shall remain our property whether or not credit is extended. You have answered the questions completely and correctly. You certify that you are 18 years of age or older. You agree to pay all charges on the requested Visa or MasterCard Account when due. For joint credit accounts, you are responsible both together and individually for the entire credit Account balance.
Notice to California Residents: Married applicants may apply for credit separately. Notice to Ohio Residents: Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law. Notice to New York Residents: One or more consumer reports may be requested in connection with your application. Upon your request, we will inform you whether or not one or more consumer reports were requested, and if such a report was requested, we will inform you of the name and address of each consumer reporting agency that furnished a report. Notice to Married Wisconsin Residents: No provision of a marital property agreement, unilateral statement or court order applying to marital property will adversely affect the creditor’s interest unless the creditor, prior to the time credit is extended, is furnished with a copy of the agreement, statement or order, or has actual knowledge of the adverse provision. In addition, upon applying, the applicant must submit the name and address of their spouse to Commerce Bank at 3930 South 147th Street, Suite 200, Omaha, NE 68144-5566 or by calling 1-800-645-2103.