Lafayette Federal Mastercard® Rates & Terms
Effective November 1, 2020| Charges & Fees | Terms |
|---|---|
| Purchase, Balance Transfer and Cash Advance APR* | 9.65%-18.00% When you open your account, determined by your credit worthiness.** After that, APR will vary with the market based on the Prime Rate and a margin determined by credit history. |
| How to Avoid Paying Interest on Purchases | Lafayette Federal allows you 25 days to make a payment for charges of merchandise and/or services when the billing cycle beginning balance is $0.00 in order to avoid paying interest. |
| Minimum Finance Charge | There will be up to a $1.00 minimum finance charge assessed. |
| 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: www.consumerfinance.gov/learnmore |
| Annual Fee | None |
| Balance Transfer Fee | 3% of each balance transferred, or $30.00, whichever is greater. |
| Cash Advance Fee | Either $2.00 or 2% of the amount of each cash advance, whichever is greater. |
| Foreign Transaction Fee | None |
| Late Payment Fee | Up to $25.00 |
| Over the Credit Limit Fee | None |
| Returned Payment Fee | Up to $25.00 will be assessed and added to your balance of the minimum payment is not received within 5 days following the payment due date. |
| Card Replacement Fee | Up to $5.00 |
| Balance Computation Method | Average Daily Balance |
*APR=Annual Percentage Rate. **Variable Rate Information: Your APR may vary. Your rate is determined by adding a Margin (initially determined based on an evaluation of each member’s credit score, economic conditions and other risk factors) to the highest Prime Rate published in the Wall Street Journal on the first business day of the current month, and the rate will then adjust monthly (on the first day of your billing cycle), according to monthly increases or decreases in the Wall Street Journal Prime Rate. The APR will not be more than 18.00%, regardless of the Wall Street Journal Prime Rate. The margin applicable to your account is subject to review every 6 months. After a period of 12 months from card issuance, we may increase or decrease the margin applicable to your account based upon changes in your credit history. We will notify you in accordance with applicable law before we apply any margin increase to your account. The margins will range from 4.90%-13.90% as described in paragraph 5 of your Lafayette Credit Union Platinum Mastercard Credit Card Terms and Conditions.
