Terms and Conditions
As of March 1, 2009
If approved, you will be assigned one Purchase APR and the Cash Advance and Balance Transfer APRs that go with it. This will be based on information in your credit report. The information about the costs and benefits of the Compass Bank Visa Platinum credit card described below are accurate as of the above date. We may change the rates we offer at any time. You may write or call us for any changes to the rates below at: Compass Bank, P.O. Box 2210, Decatur, AL 35609; 1-800-239-5175. All terms of a Compass Bank credit card account are governed by the Credit Card Agreement and Disclosure Statement sent with the card.
Annual Percentage Rate (APR) for Purchases |
An introductory Purchase APR of 0% will apply for six (6) months when you open your account. After that, a variable Purchase APR from 7.24% to 16.24% will apply. |
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Balance Transfer APR |
An introductory Balance Transfer APR of 3.99% or 5.99% for twelve (12) months will apply on qualifying Balance Transfers made within 30 days of account opening. After that, a variable Balance Transfer APR from 7.24% to 16.24% will apply. |
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Cash Advance APR |
A variable Cash Advance APR of 21.99% up to 25.24% will apply. |
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Default APRs |
Either 27.24% (for all balances) or 18.24% (for Purchases and Balance Transfers) and 25.24% (for Cash Advances) based on conditions described below |
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Variable rate information |
Your APRs may vary. The APRs are determined as shown below: Purchase APR: Compass Bank Prime + 3.99% up to 12.99% Other than special offer APRs, your APR for Purchases will not be less than 6.99% and your APR for Cash Advances will not be less than 21.99%. |
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Grace period for repayment of balance for purchases |
25 days if your balance is paid in full by each payment due date |
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Method of computing the balance for purchases |
Average daily balance including new transactions |
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Annual fee |
None |
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Minimum finance charge for purchases |
$1.00 |
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Transaction fee for Cash Advances, Convenience Checks, and their equivalents |
4% of the cash advance amount - $10 minimum |
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Balance Transfer fee |
4% of amount paid to another creditor by Compass - $10 minimum. |
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| Transfer fee |
$25 if Compass deposits the amount of Cash Advance directly into the cardholder's Compass checking account. |
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Late-payment fee |
$15 — if the Previous Balance is less than
$100; |
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Over-the-credit-limit fee |
$39 |
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Rate Reduction fee |
$75 |
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International Transaction fee |
3% of the transaction amount. |
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Balance Transfers: The term “Balance Transfer” is defined in the Credit Card Agreement that each cardholder receives, and does not include any convenience check that a cardholder may write to pay a balance owed to another creditor. Special Balance Transfer Rate applies to Balance Transfers requested within 30 days of account opening.
Default rates: Your APRs may increase if you are in default under the Credit Card Agreement for any of the following reasons: (1) If any payment under the Credit Card Agreement is not received when due, the APR for any balance subject to a special, reduced rate may adjust to the APR otherwise applicable under the Credit Card Agreement; (2) If, under the Credit Card Agreement or under any other agreement with us or any other creditor, any payment is not received when due, any credit limit is exceeded, or any payment is returned, the APRs for any Purchase and Balance Transfer balances may adjust to Compass Bank Prime + 14.99% and the APR for any Cash Advance balances may adjust to Compass Bank Prime + 21.99%; and (3) If we have not received the minimum payment under the Credit Card Agreement by the 30th day after the payment due date, the APR for all balances may adjust to a variable APR of Compass Bank Prime + 23.99%.
Compass Bank Prime: as used herein, is a reference rate that we have established for use in computing and adjusting interest and is subject to change (increase or decrease) at our discretion, and is only one of the reference rates or indices that we use. You acknowledge that we may lend to others at rates of interest greater or lesser than Compass Bank Prime or the rates provided herein and use indices other than Compass Bank Prime. You may call us at any time during our business hours at 1-800-239-5175 to check on the current Compass Bank Prime rate.
Cash Advances: Cash Advance Fee applies to the use of the credit card account to obtain wire transfers, money orders, traveler’s checks, lottery tickets, or casino chips and to make bets or wagers, or to make tax or other similar payments, and any use of convenience checks.
Ohio residents: The Ohio law against discrimination requires that all creditors make credit equally available to all creditworthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law. Utah residents: You are hereby notified that a negative credit report reflecting on your credit record may be submitted to one or more credit reporting agencies if you fail to fulfill the terms of your obligations. Delaware residents: Service charges not in excess of those permitted by law will be charged on the outstanding balance from month to month. Maryland residents: Finance charges will be imposed in amounts or at rates not in excess of those permitted by law.
