This Agreement contains the terms which govern the use of your Visa® credit card (“Card”) and corresponding account (“Account”), and outlines your responsibilities and ours. You do not have to sign the Agreement. You agree to the terms of this Agreement when you accept, sign or use the Card or Account, and once you do any of those things the Agreement will be in force. Please review and save the following important information about your Account.
In this Agreement, the words “you,” “your,” “yours,” mean each cardholder, each person who applied for the Account, and each authorized guarantor (if any), individually and collectively. The words “we,” “us,” “our,” and “ours” mean First Internet Bank of Indiana. The term “Pricing Information” means the “Consumer Card Pricing Information,” or “Consumer Rewards Card Pricing Information,” whichever is applicable to the type of Card you receive.
USING YOUR ACCOUNT
You may use your Account in the ways listed below. You cannot use your Account for illegal purposes, such as Internet gambling.
You may use your Account for purchases or lease of goods and services by using your Card.
You may transfer any amount, but the total amount of your balance transfer and balance transfer fee (if any) must be less than your available credit limit.
You may obtain cash advances from financial institutions, via your First Internet Bank online banking transfer, at automatic teller machines or by using Convenience Checks, if we provide them. Transactions that VISA identifies to us as transactions with a seller of travelers checks, foreign currency, money orders, wire transfers, lottery tickets, or funds used for wager or gambling also will be treated as cash advances. The total outstanding balance of your cash advances must be less than your cash advance limit.
We may provide you with Convenience Checks you may use to access your Account. If you make a payment to someone with a Convenience Check, we will tell you whether the check will be treated as a Balance Transfer or Cash Advance. You may not use a Convenience Check to pay any amount you owe us.
We may not authorize a transaction for security or other reason including operational matters, suspected fraudulent or unlawful activity, or circumstances beyond our control (natural disasters, system failures, fires). We will not be responsible or liable if this happens.
Credit & Cash Advance Limits
We will tell you what your Account credit limit and Cash Advance limit is. You must keep your Account balance below your credit limit. We are not obligated to allow your Account to go over its credit limit or Cash Advance limit. We may increase, decrease, restrict, or cancel your credit limit or Cash Advance limit at any time without prior notice unless you are under age 21, in which case you are required to submit a written application for an increase. Any limit changes will not affect your obligation to pay us.
You promise, individually and jointly, to pay all amounts due on your Account. If you let someone else use your Card or Account, you are responsible for all transactions that person makes. You will receive a Statement at the end of each Billing Cycle when your Account has a debit or credit balance of more than $1.00, or if we have charged any interest or fees to your Account. It will show your minimum required payment. “Billing Cycle” is a period of about 30 days. In general, a “Billing Cycle” is the number of days between the closing date shown on the last Statement we sent to you and the closing date on your current Statement. However, a “Billing Cycle” occurs even if we are not required to send you a Statement.
You must follow payment instructions on your billing Statement. All payments must be made in U.S. Dollars from a U.S. deposit account and otherwise acceptable to us. You may not make payments with Convenience Checks drawn on this Account.
You must pay at least the minimum payment when due. The minimum payment will be the greater of $25.00 or 5% of the New Balance shown on your billing Statement, plus any amount that is past due on your Account.
How We Apply Payments
We apply payments and credits at our discretion. When you make a payment in excess of the minimum payment, we will allocate the excess amount first to the balance with the highest APR and any remaining portion to the other balances in descending order based on the applicable APR. In all cases, we apply payments and credits as required by applicable law.
You agree to pay the following fees, charges, and costs.
Late Payment Fee
If you do not pay at least the minimum payment within 10 days of its due date, we may charge you a late fee equal to the maximum delinquency charge permitted under the Indiana Uniform Consumer Credit Code. Today, that amount is the amount shown as the “Late Payment” Fee on the Credit Card Terms and Conditions Disclosure, but the amount is subject to change as allowed by IC 24-4.5-1-106.
Returned Payment Fee
We may charge a $20.00 returned payment fee if the payment you offer us is not honored by the financial institution on which it is drawn.
If you are in default, you will pay all costs, including attorney fees, incurred by us in legal proceedings to collect the amount you owe on your Account to the extent permitted by applicable law.
Foreign Transaction Fee
If you initiate a purchase or cash advance in a foreign currency, we may charge the lesser of $10.00 or 2% of the amount of the transaction (in U.S. dollars). If you make a transaction in a foreign currency, the Payment Card Network will convert it to a U.S. dollar amount. The conversion rate in effect on the processing date might differ from the rate in effect on the transaction or posting date.
We calculate interest charges each Billing Cycle by using the average daily balance method (including new transactions). Daily periodic rates and corresponding annual percentage rates may be found in Pricing Information.
The balance subject to Interest is the average daily balance of your Account. We calculate the average daily balance on your Account in three categories: (1) Purchases, (2) Cash Advances, and (3) Balance Transfers.
How We Figure the Average Daily Balance
To calculate the “average daily balance” for each category, we take the beginning balance of your Account for that category each day during the Billing Cycle. (We do not include unpaid interest or unpaid fees.) Each day, we add any new transactions in that category, and subtract any new payments or credits in that category. This gives us the daily balance for each category. We then add up all the daily balances for each category for the Billing Cycle. We then divide the total by the number of days in the Billing Cycle. This gives us the Average Daily Balance for Purchases, the Average Daily Balance for Cash Advances, and the Average Daily Balance for Balance Transfers.
How We Figure Your Interest Charges
At the end of each Billing Cycle, we determine your Interest Charge as follows: First, we multiply the Average Daily Balance for each category by the daily periodic rate for that category. Then, we multiply that amount for each category by the number of days in the Billing Cycle. That gives us the Interest Charge for each category. The Total Interest Charge for the Billing Cycle is the sum of the Interest Charges for each category.
When Interest Begins
You will have at least a 25-day grace period (“Grace Period”) on Purchase transactions. This means you have at least 25 days from the closing date of the Billing Cycle shown on your Statement to pay for new Purchases before we charge interest on them. The Grace Period applies only if you have no balance left over from the previous Billing Cycle. This could happen two ways. You could have had no New Balance (or a credit balance) on the Statement for the previous Billing Cycle. Or, you could have paid the New Balance for the previous Billing Cycle in full by the Payment Due Date. When the Grace Period does not apply, Interest on Purchases begins on the date we post the transaction to your Account. The Grace Period does not apply to Cash Advances or Balance Transfers. Interest on Cash Advances and Balance Transfers begins on the date we post the Cash Advance or Balance Transfer to your Account.
We may contact you from time to time regarding your Account. We may contact you in any manner we choose including calling, texting and e-mailing unless the law says that we cannot. You agree that if you are past due or in default, you will accept calls from us regarding the collection of your Account. These calls could be automatically dialed and a recorded message may be played. We may listen to and record your telephone calls with us to assure the quality of our customer service.
OTHER IMPORTANT INFORMATION
Cancellation of Account
You or any joint account holder may cancel this Account by calling, writing or emailing us. You or both of you will remain responsible for paying all amounts owed. We may cancel, suspend or not renew your Account at any time without notice, except as required by applicable law.
Changes to Your Account
At any time the rates, fees and terms of this Agreement may change. We may add or delete any term to this Agreement. We will give you notice of any changes as required by law. We may send the notice separately, on your Statement or electronically.
We may obtain and use credit and income information about you from credit reporting agencies and others as the law allows. We may report the status and payment history of your Account to credit reporting agencies and other creditors.
We may consider you in default if you do not comply with any terms of this Agreement or if you do not pay any payment when it is due, make false, misleading or incomplete statements on Account documents, file bankruptcy or have another insolvency proceeding filed against you or you die or are legally declared incompetent or incapacitated. If you are in default you may lose any promotional offers including temporary rate reductions, and introductory APR on balance transfers. If you are in default we may declare the entire balance of your Account immediately due and payable without notice.
This Agreement is governed by applicable federal law and by Indiana law.
Armed Forces Protection
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%. 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). For an oral version of this disclosure, please contact us at 1-888-873-3424.
Transfer of Account
We may sell, assign or transfer your Account or any portion of it without notice to you. You may not sell, assign or transfer your Account without first obtaining our prior written consent.
You must notify us immediately if your Card or Convenience Checks are lost or stolen or you believe someone is using your Account or card without your permission. Your liability shall not exceed the lesser of $50.00 or the amount of money, property, labor or services obtained by the unauthorized use before notification to us.
If your Card is a Cashback Credit Card, you are eligible for certain rewards as described in the Pricing Information.