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Visa Card Changes
WSECU Working For You
Your financial well-being is our top priority and we’re here to help you understand how the CARD (Card Accountability Responsibility Disclosure) Act of 2009 affects your WSECU Visa credit card. These regulation changes were signed into law in response to consumer requests for better credit card protection. WSECU is complying with these regulation changes by taking the time to review and improve our program with you in mind.
"What You Need To Know: New Credit Card Rules" is an informative article published by the Federal Reserve. In December 2009, you were mailed a letter outlining these changes, which go into effect February 18, 2010. Below is a summary of the most significant changes specific to WSECU’s credit cards.
Rates WSECU credit cards have changed from fixed rate to a variable rate tied to the Prime rate plus an additional factor. The new rate is effective February 18, 2010, and applies to current balances. Variable rates may be adjusted monthly; however, in a 12-month calendar period the APR* increase can be no greater than 3%.
Index
(Prime Rate)
Margin
New APR*
Old APR*
Platinum
3.25%
+5.5%
8.75%
8.90%
Gold Rewards
3.25%
+6.5%
9.75%
9.90%
Gold Rebate
3.25%
+6.5%
9.75%
9.90%
Classic
3.25%
+7.5%
10.75%
10.90%
Student Rewards
3.25%
+8.5%
11.75%
11.90%
Secured
3.25%
+8.5%
11.75%
11.90%
Fee Adjustments We’ve eliminated the “Over Limit” fee. WSECU will continue to allow you 1% courtesy capacity over your limit with no fee. Also, WSECU increased the late payment fee from $22.50 to $25.00.
Not like all the rest: benefits that add value to your WSECU card As always, WSECU continues to charge the same rate for purchases, cash advances and balance transfers. Also, we have no default rate so we don’t increase your interest rate due to a late payment.
New Changes to Your March Visa Statement Beginning in March, you will notice several improvements in the readability and clarity of your Visa card statement. Some of these changes will include:
A new layout of your account activity summary
A new layout of your payment information containing helpful information such as your new balance, minimum payment due, payment due date, late payment warning and minimum payment warning
A new layout of your transaction activity that will include separate categories for transactions, fees and interest charged
When you receive your March statement, please take a few moments to review it. If you have questions or would like more information aobut these changes, please contact us.
If you have any questions, please give us a call at 800.562.0999 and select option 6 between the hours of 7am - 7pm. Or if you'd prefer that we contact you please fill out the simple form below and we will contact you to discuss any questions you may have regarding the changes.
First Name:
Last Name:
E-Mail Address:
Daytime Phone Number:
Preferred Time of Day:
Address:
City, State Zip
*APR=Annual Percentage Rate.
*WSECU does not endorse or guarantee the products, information or recommendations provided by linked sites and is not liable for any failure of products or services advertised on those sites. Third party websites may have a privacy policy different than WSECU and may provide less security than your credit union’s website.
Use Alerts to be notified when new information is added or changed in an individual answer or category of information you care about. All Alert notifications sent in a single email once each day.
