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Credit Card Agreement
1. Definitions: The definitions listed below apply whenever we use these words in this agreement. "We", "us" and "our" mean Monogram Credit Card Bank of Georgia, 1000 Holcomb Woods Parkway, Suite 230, Roswell, GA 30076. "You" and "your" mean the person(s) who signed a Campo Application/Credit Card Agreement or otherwise agreed to open a Credit Card Account with us or our assignors. "Account" means your Campo Credit Card Account issued by us. "credit Card" means your Campo Credit Card issued to you by us or our assignors to allow you to make purchases on the credit from time to time under your account. The effective date of this Agreement is the date we approved the Campo Application/Credit Card Agreement you signed or the first day we approved an extension of credit for a purchase by you evidenced by a signed sales slip or memorandum or otherwise made with a credit card.
2. Payment: You will pay us for credit we extend on your behalf to pay for all purchases made by you, and all other amounts owed to us under the terms of this Agreement. When there is a balance due, called the new balance, on the monthly billing statement (Statement"), you will pay, in time for receipt by us within 26 days after the billing date, either (a) each New Balance in full, or (b) at least the minimum payment called for. Payment will be credited as of date of receipt at the address on the payment stub of your Statement if received by 9:00 a.m. Eastern Time Monday through Friday (otherwise next business day); but if payment is not in U.S. dollars, not accompanied by the payment stub or not received at that location, credit may be delayed up to five days. You agree to use your Account only for personal, family or household purposes.
3. Finance Charge: When your Account has a balance subject to Finance Charge, we will charge a FINANCE CHARGE calculated on that balance at a monthly periodic rate ("Periodic Rate"). Your periodic rate and corresponding Annual Percentage Rate will vary. We will adjust such rates from time to time based on the highest prime loan rate as published in The Wall Street Journal in its Money Rates section ("Prime Rate") on the last business day of each calendar month. When the prime rate on any such day is 9.0%, or less per year, we will charge a periodic rate of 1.82% which is an ANNUAL PERCENTAGE RATE or 21.84%. When the Prime Rate of any such day is greater than 9.0%, the monthly periodic rate will be 1/12 of the total of (1) the Prime Rate on such day, and (2) 12.84%, which total will be the Annual Percentage Rate. When we make a change on this basis, the new monthly periodic rate will be applied starting with the first complete billing period after the last business day of the previous calendar month. We reserve the right to change the Annual Percentage Rate and/or the method by which it is calculated at any time. An increase in the monthly periodic rate and its corresponding Annual Percentage Rate means that you may pay a larger finance charge, and a decrease means that you may pay a smaller finance charge, as described above. The monthly periodic rate under this formula as of July 31, 1992 was 1.82% and the corresponding ANNUAL PERCENTAGE RATE was 21.84%. We will inform you of your Annual Percentage Rate in your statement. A minimum FINANCE CHARGE of $.50 will be assessed for any billing period in which a Finance Charge is due.
4. Balance Subject to Finance Charge: We will figure the Finance Charge on your Account by applying the Periodic Rate to the "Average Daily Balance"of your Account (including current purchases). To get the Average Daily Balance, we take the beginning balance of your Account each day, which includes any unpaid Finance Charges from the previous billing period, add any new purchases or credits. This gives us the daily balance. Late Payment Fees and Insurance premiums are not included in the balance. Then we add up all the daily balances for the billing period and divide the total by the number of days in the billing period. This gives us the Average Daily Balance.
5. When Finance Charges Begin: New purchases are added in determining the daily balances and they will incur a Finance Charge from the date they are posted to your account. There is no period in which credit extended may be paid without incurring a Finance Charge.
6. Minimum Payment: You agree to pay the Minimum Payment each time we send you a statement plus, in each case, any past due amount(s). The minimum payment will be the greater of $19 or 1/30 of the highest balance of your Account, rounded to the next highest dollar, since it last had a $0 balance. When your New Balance is less than $19, you must pay us your total balance, You may at any time pay your entire balance in full or more than the minimum payment.
7. Change in Terms: We may change any term of this agreement or add a new term at any time, including changes to the minimum payment schedule(s) or the Finance Charge rates, and may apply the new terms to any unpaid balances, as well as to any future balances, unless prohibited by applicable law. When required by applicable law, we will mail you notice of the change(s).
8. Credit Reports and Account Information: We may request information from you and a consumer report from consumer reporting agencies in considering your Application and for the purpose of an update, renewal or extension of credit. We may also obtain information about your credit worthiness and employment from others and may furnish information concerning your Account as well as information concerning your Account as well as information concerning you to consumer reporting agencies and to other proper parties. A negative credit report reflecting on your credit record may be submitted to a credit reporting agency if you fail to fulfill the terms of your credit obligations. Upon your request to us at P.O. Box 103012, Roswell, GA 30076, we will inform you of the name and address of each consumer reporting agency from which we obtained a consumer report, if any, relating to you.
9. Returned Check Fee: You agree to pay a Returned Check Fee if any check or other instrument for payment on your Account is returned unpaid. In LA, this charge will be the lesser of 5% of the check or $10. In MS, there will be no Returned Check Fee. Late Payment Fee: you agree to pay the following Late Payment Fee on each installment not paid in full within 10 days of the due date, except in Mississippi which is within 15 days of the due date shown on your statement. In Louisiana, this charge will be 5% of the delinquent installment or $15, whichever is less. In Mississippi, this charge will be 4% of the delinquent installment or $5, whichever is greater.
10. Security Interest: We will have a purchase money security interest in all merchandise purchased on your Account until such merchandise is paid in full. If you do not make your Minimum Monthly Payment on time, we may repossess only the merchandise that has not been paid for in full, to the extent permitted by law. We agree that no security interest is or will be retained or acquired under this Agreement in any real property which is used or is expected to be used as your dwelling.
11. Security Interest Non-Filing Insurance: Instead of filing security interest financing statements with public officials in your state, we may charge and you agree to pay the following premium amount for your state, if any for security interest non filing insurance; $2.00 in MS.
12. Our Rights: Subject to the requirements or limitations of applicable law, we may do any of the following: (a) declare the entire indebtedness due and payable on your Account if you fail to make any required payments when due on your account; (b) if your Account is sent for collection to an attorney who is not our salaried employee, we may charge reasonable attorney's fees on the amount owing on your account, plus allowable court costs; (c) limit the amount of credit extended under your Account or terminate your Account, in which case the terms of this Agreement will apply until full payment of the amount owing on your Account including Finance Charges to date of payment is received; and (d) accept, without losing our rights under this Agreement or otherwise, late or partial payments or checks or money orders marked payment in full.
13. Credit Cards: The Credit Card is issued by us and remains our property any you will surrender it to us upon demand. You agree to promptly notify us if your Credit Card is stolen or of the unauthorized use of your Credit Card. Notify us by writing to P.O. Box 103012, Roswell, GA 30076, or by calling us at 1-800-967-1670. You may be liable for up to $50 for unauthorized use before you notify us. If you give us notice orally, you agree to confirm it in writing. Subject to the requirements of applicable law, we may cancel your Account if you fail to notify us immediately of any of these events.
14. Governing Law: This agreement is entered into in Georgia. We make decisions about granting credit, extend credit from and accept payments at our offices in Georgia. Georgia law and applicable federal law will govern this agreement and your account.
15. Assignment: We may assign your account and our rights under this Agreement to another financial institution or company without prior notice to you. The financial institution or company will take our place in this Agreement.
16. Entire Agreement: This is the entire Agreement governing your Account. This Agreement may not be amended except in accordance with the provisions of paragraph 7 of this Agreement.
NOTICE TO APPLICANT(S): 1. DO NOT SIGN THE APPLICATION/AGREEMENT BEFORE YOU READ IT OR IF THE AGREEMENT CONTAINS ANY BLANK SPACES. 2. YOU ARE ENTITLED TO A COMPLETELY FILLED IN COPY OF THE AGREEMENT. 3. KEEP A COPY OF THE AGREEMENT TO PROTECT YOUR LEGAL RIGHTS. 4. YOU MAY AT ANY TIME PAY OFF THE FULL UNPAID BALANCE UNDER THE AGREEMENT WITHOUT INCURRING ANY ADDITIONAL CHARGE.
Notice: 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 you need more information about a transaction on your bill, write us on a separate sheet at the address shown on your Monthly Billing Statement. 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:
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 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 for 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 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 problem 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:
These limitations do not apply if we own or operate the merchant, or if we mailed you the advertisement for the property or services.
SUMMARY OF INSURANCE COVERAGES
LIFE BENEFITS:
If you or your co-applicant (or, if no co-applicant, your spouse) die prior to age 65, Chargegard Plus will pay the outstanding balance on your account as of the date of death, up to $10,000. Suicide is excluded. Life coverage converts to accidental death coverage in MS at age 65.
DISABILITY AND UNEMPLOYMENT BENEFITS: If you become disabled through an accident or illness, and are under a doctor's care and cannot work, or become involuntarily unemployed, Chargegard Plus will make your scheduled minimum monthly payments on your account while you remain disabled or involuntarily unemployed. Unemployment and Disability benefits begin after 30 consecutive days of unemployment or disability and are retroactive to the first day of loss. Benefits are based on the outstanding balance as of the date of loss and will continue until your balance is paid off, you return to work, or you reach the master policy limits of $10,000, whichever comes first. These benefits are only available to the primary applicant. Benefits are not payable on purchases made during the claim period. Retirement is not covered. You are eligible for these coverages only if you are employed full-time in a nonseasonal occupation. Additional exclusions apply: please read your certificate carefully.
PROPERTY BENEFITS: If merchandise purchased on your account is damaged or destroyed by fire, flood, burglary by forcible entry or by any of the other perils mentioned in your certificate, and you owe money on that merchandise on your account, Chargegard Plus will pay the cost of repairing or replacing your merchandise, up to the lesser of $10,000 or the highest balance on your account. Please consult your certificate for details of these and other conditions which may apply.
TERM OF INSURANCE: This coverage becomes effective on the date you elect the insurance. It stops if (1) You are more than 90 days late making the required account payment; (2) You ask for it to stop, in writing; (3) Your insurance is terminated according to its terms; (4) (property coverage only) 36 months after the merchandise is purchased on your account.
Maximum enrollment age is 64.
The monthly premium for Chargegard Plus is 89¢ per $100 of your outstanding balance on your account in MS and 75¢ in LA. The monthly premium will be charged to your credit card account.
Coverage is underwritten by American Bankers Life Assurance Company of Florida and American Bankers Insurance Company of Florida and American Bankers Insurance Company of Florida, 11222 Quail Roost Drive, Miami Florida 33157.
FOR APPLICANTS WISHING TO OBTAIN SEPARATE COVERAGES: Disability and Unemployment coverages are only available together in LA.