Initial Disclosures and Important Information About Fees, Rates, Costs and Limitations. Interest Rates and Interest Charges Annual Percentage Rate (APR) for Purchases 36% APR for Cash Advances 36% How to Avoid Paying Interest on Purchases You have until the closing date of the billing cycle to pay your entire balance each month to avoid paying interest on Purchases. This is at least 27 days from the start of each billing cycle. Minimum Interest Charge If you are charged interest, the charge will be no less than $1.00. For Credit Card Tips from the Consumer Financial Protection Bureau To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at http://www.consumerfinance.gov/learnmore Fees Set-up and Maintenance Fees NOTICE: Some of these set-up and maintenance fees will be assessed before you begin using your Card and will reduce the amount of credit you initially have available. Based on your initial credit limit of $300.00, your initial available credit will be only about $225.00.
Processing Fee
Annual Fee
Monthly Servicing Fee $95.00 (one-time fee)
$75.00 for first year After that, $45.00 annually
None for first year (introductory) After that, $75.00 annually ($6.25 per month).
Transaction Fees
Cash Advance
Foreign Currency
Either $6.00 or 5% of the amount of each Cash Advance, whichever is greater.
3% of each transaction amount in U.S. dollars. Penalty Fees
Late Payment
Return Item Charge
Up to $38.00.
Up to $35.00.
How We Will Calculate Your Balance. We use a method called "average daily balance (including new purchases)."
Right to Reject: You may still reject this plan, provided you have not used the Credit Account or paid a fee after receiving a billing statement. If you do reject the plan, you are not responsible for any fees or charges, including any Processing Fee(s) paid prior to receipt of your Account Opening Disclosures. Any such Processing Fee(s) previously paid will be refunded upon rejection of the plan. Account Terms: This credit card account ("Credit Account") is offered and credit cards are issued by First PREMIER® Bank (Sioux Falls, SD). When your Credit Account is approved, the complete terms applicable to the Credit Account will be furnished to you with the card. In the following disclosures, "Bank", "we", "our" and "us" each refer to First PREMIER Bank, and "you" and "your" each refer to the person applying to us for a Credit Account. Changes To Rates, Fees And Terms: We may change the terms of your Credit Account, including the APRs at any time in accordance with the Credit Card Contract that will be sent with your Card. Processing Fee: We require a one-time up front Processing Fee of $95.00 to be paid in full before the Credit Account is opened to offset the risk associated with the Credit Account. If the Processing Fee is not paid in full within 85 days, your application will be withdrawn. Refer to the Refund Disclosure for additional information. Available Credit And Cash Advance Limitations: If you are approved and once your Credit Account is opened, your initial Cash Advance limit will be 10% of your assigned credit limit, subject to available credit. Once your Credit Account has been open and active for a minimum of 90 days, has two consecutive months of current payment history, is not currently delinquent and has had no return payments for the past 60 days, your Cash Advance availability may be increased to 50% of the assigned credit limit. Your credit limit will be $300.00; your beginning Cash Advance limit will be $30.00 and may increase to $150.00 once the criteria above are met. FEES AND INTEREST CHARGES The amount of required fees assessed on your account during the first year after account opening will not be more than 25% of your initial credit limit. Your Credit Account is subject to the following fees and INTEREST CHARGES, each of which will be billed to your Credit Account as a Purchase: Periodic INTEREST CHARGES: INTEREST CHARGES are imposed when you obtain a Cash Advance and when a Purchase is posted to your Credit Account. INTEREST CHARGES are imposed from the time a Purchase is posted until it is paid in full. However, if you pay your previous balance in full on or before the closing date of each billing cycle, you will have a grace period on Purchases of at least 27 days from the start of each billing cycle and your current Purchases will not be subject to periodic Interest Charges to the extent you pay the current Statement balance in full on or before the closing date of the billing cycle. There is no grace period for transactions that post to your Credit Account as Cash Advances. These transactions are subject to INTEREST CHARGES from the date of the transaction. Computing Periodic INTEREST CHARGES: The INTEREST CHARGE is determined by multiplying the "Average Daily Balance" for Purchases and Cash Advances outstanding during the monthly Billing Cycle by the monthly "Periodic Rate". The monthly "Periodic Rate" for Purchases and for Cash Advances is determined by dividing the ANNUAL PERCENTAGE RATE (APR) by 12. The monthly "Periodic Rate" for Purchases is 3.0%, which is equivalent to an ANNUAL PERCENTAGE RATE of 36.0%. The monthly "Periodic Rate" for Cash Advances is 3.0%, which is equivalent to an ANNUAL PERCENTAGE RATE of 36.0%. This ANNUAL PERCENTAGE RATE will be applied to fees assessed to your Credit Account as well as to Purchases and Cash Advances. Minimum INTEREST CHARGE: The minimum INTEREST CHARGE is $1.00 for each Billing Cycle during which an INTEREST CHARGE based on a periodic rate is imposed. During the first 12 months a Credit Account is open, any interest assessed on the account will be equal to the actual accrued interest. Average Daily Balance: The Average Daily Balance is computed by taking the beginning balance of your Credit Account on each day, calculated separately for Purchases and Cash Advances, adding new Purchases and/or Cash Advances and subtracting any payments or credits to get each day's daily balance. The daily balances are then added together and divided by the number of days in the Billing Cycle to get the Average Daily Balance. Annual Fee: We impose an Annual Fee on your Credit Account of $75.00 for the first year, and $45.00 for each subsequent year. The Annual Fee will be charged once the Credit Account is opened, and in about the same Billing Cycle of each following year. Refer to the Refund Disclosure for additional information. Monthly Servicing Fee: Your Credit Account will be charged a Monthly Servicing Fee of $0.00 for the first year (introductory) and $6.25 per month ($75.00 annually) each month thereafter. This fee will be billed until your Credit Account is closed and the balance is $20.00 or less. Cash Advance Fee: In addition to the periodic INTEREST CHARGE on Cash Advances, there is an additional fee of $6.00 or 5% of the amount of each Cash Advance, whichever is greater. Foreign Currency Transaction Fee: 3% of the transaction amount in U.S. dollars. Late Fee: In each Billing Cycle in which your payment is late, you will be charged a Late Fee up to $38.00. Return Item Charge: We impose a Return Item Charge up to $35.00 when a payment on your Credit Account is returned by the financial institution on which it was drawn for insufficient funds or any other reason. The charge may be imposed even if we elect to re-present the item and it is paid upon our re-presentment. OTHER CHARGES Additional Card Fee: If you authorize us to issue an additional Card on the Credit Account there is an Additional Card Fee of $29.00 imposed annually for each additional Card. If you choose the additional card option, your initial available credit will be $196.00. Credit Limit Increase Fee: Each time your Credit Account is eligible for and approved for an unsecured credit limit increase, a Credit Limit Increase Fee in the amount of 25% of the amount of the credit limit increase will be assessed to your Credit Account. For example: If approved for a $100.00 credit limit increase, a $25.00 Credit Limit Increase Fee will be assessed to your Credit Account, which will result in an additional available credit of $75.00 on your Credit Account. This fee is automatically assessed upon approval of your credit limit increase, which could be as soon as your Credit Account has been open for 13 months. Refer to the Refund Disclosure for additional information. Qualify For Future Credit Limit Increases: You will be eligible for consideration of a credit limit increase as soon as your Credit Account has been open for 13 months. Decisions on credit limit increases may be based on your performance under this Credit Account and other Related Credit Accounts you have with us and other credit criteria. Copying Fee: If you request a copy of any Statement, sales draft or other document, we will charge you $3.00 for each copy we provide. Express Delivery Fee: We impose a $35.00 fee for the express delivery of your Card. This service is only available for lost, stolen or replacement cards. Wire Transfer Fee: $5.00 per transaction. Authorization: You certify that all the information given in this application is true and correct and you are giving this information in order to obtain credit and authorize the Bank to obtain information concerning any statements herein. You agree to furnish the Bank with all requested information. You authorize the Bank to charge the Annual Fee, Monthly Servicing Fee and Additional Card Fee (if applicable) to your Credit Account.