About Us
- What is a Credit Union
- MITFCU Important Account Information
- Fee Schedule
- MITFCU Funds Availability Policy
- MITFCU e-Statements Agreement
- MITFCU e-Bills Agreement
- MITFCU e-Deposits Agreement
- MITFCU Funds Transfer Agreement
- Annual Report
- Social Mission
- Visa Update - March 2010
- MITFCU Visa Credit Card Agreement
Important Changes in Your Account Terms
The following is a summary of changes that are made to your account terms. These changes will impact your account as follows:
- Transactions made before April 11, 2010:
Fixed APR* of 8.99% will apply to outstanding balance on Platinum Visa card and fixed APR of 10.99% will apply to outstanding balance on Classic Visa card.
- Transactions made on or after April 11, 2010:
As of April 11, 2010, any changes to APRs described below will apply to these transactions.
- If you are already being charged a higher Penalty for APR for purchases:
In this case, any changes to APRs described below will not go into effect at this time. These changes will go into effect then the Penalty APR no longer applies to your account.
|
Annual |
Variable Rate Information | Other APRs |
| Platinum 8.99% (Prime Rate + 5.74%) |
The Annual Percentage Rate is subject to change on the statement cycle date of each quarter (January, April, July & October) to reflect any change in the Index and will be determined by the Prime Rate ten (10) days prior to the first day of the first month of the new quarter found in The Wall Street Journal “Money Rates” table plus 5.74% Platinum and 7.74% Classic. Any increase in the annual percentage rate will take the form of additional payments shown as Total Minimum Payments on the statement. If the Index is no longer available, the credit union will choose a new index which is based upon comparable information. | Cash Advance** 8.99% (Prime Rate +5.74%) |
| Visa Classic 10.99% (Prime Rate + 7.74%) |
Cash Advance** 10.99% (Prime Rate +7.74%) |
You have the right to reject these changes, unless you become more than 60 days late on your account. However, if you do reject these changes, you will not be able to use your account for new transactions. You can reject these changes by contacting our call center at 617.253.2845 or by writing to us at: MITFCU Visa Department, 700 Technology Square, Cambridge, MA 02139.
*APR = Annual Percentage Rate
**Cash advances begin accruing interest on the date you receive them (as do balance transfers)
