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Credit Card Disclosures

Introductory Period Annual Percentage Rate (APR) for purchases, balance transfers and cash advances A fixed 0% APR for six months from the date account is open (1)
Annual Percentage Rate (APR) for purchases and balance transfers after the introductory period VISA Classic ScoreCard 9.99% fixed rate (2,3)
VISA Platinum ScoreCard-Merchandise 9.99% fixed rate (2,3)
VISA Platinum ScoreCard-Cash Back 9.99% fixed rate (2,3)
Cash Advance Rate 14.99% (3)
Method of Computing Balance for Purchases Average daily balance including new purchases
How to Avoid Paying Interest on Purchases The account balance is paid in full within 25 days after the statement closing date (4)
Minimum Finance Charge None
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
Annual Membership Fee VISA ScoreCard-Merchandise: None
VISA ScoreCard-Cash Back: $30
Transaction Fees  
  • Balance Transfer None
  • Cash Advance Fee $3.00
  • Foreign Transfer None
Penalty Fees  
  • Late Payment $7.80 or 5%, whichever is greater
  • Over-the-Credit Limit None
  • Returned Payment None
Other Fees Replacement Card Fee: $10 if the card is replaced more than once in any 12 month period
Foreign Transaction Fee: 1% of the converted transaction amount
Expedited Card Delivery Fee: $20
These Account Terms are true as of January 1, 2015. Terms are subject to change. Should you have any questions regarding changes after printing date, please contact us.
(1) INTRODUCTORY INTEREST RATE (for new purchases, balance transfers and cash advances) — From the account-opening date, the introductory interest rate will be 0% APR FIXED FOR SIX MONTHS. Thereafter the rate will be the APR disclosed in the above “ACCOUNT TERMS” for the type of Visa credit card you obtain, based on the terms and conditions in the application. See full details of Account conditions and terms in the Bank Credit Card Agreement (“Agreement”) provided separately from the application and/or credit card at account opening. Account terms may change in accordance with the agreement and applicable laws.
(2) Visa Classic ScoreCard, Visa Platinum ScoreCard-Merchandise and Visa Platinum ScoreCard-Cash Back are subject to a F/C of .83%, which is equal to an APR of 9.99%.
(3) WHEN INTEREST RATES BEGIN TO ACCRUE. All cash advances are subject to a FINANCE CHARGE from the date of the cash advance. A “fixed” Annual Percentage Rate (APR) means that the APR will not vary in accordance with changes in a formula, such as the U.S. Prime Rate. Merchants Bank reserves the right to change the APRs in accordance with the Bank Credit Card Agreement and the laws of the State of Minnesota and the Federal Truth in Lending Act.
(4) Purchases are subject to a finance charge from the date they are posted to the account; however, no interest is imposed on purchases if the account balance is paid in full within 25 days after the statement closing date. If you elect not to pay the entire new balance shown on your previous monthly statement within that 25-day period, a finance charge will be imposed on the unpaid average daily balance of such Credit Purchases from the previous statement closing date and on new Credit Purchases from the date of posting to your account during the current billing cycle, and will continue to accrue until the closing date of the billing cycle preceding the date on which the entire new balance is paid in full or until the date of payment if more than 25 days from the closing date. The finance charge for a billing cycle is computed by applying the monthly periodic rate to the average daily balance of Credit Purchases, which is determined by dividing the sum of the daily balances during the billing cycle by the number of days in the cycle. Each daily balance of Credit Purchases is determined by adding to the outstanding unpaid balance of Credit Purchases at the beginning of the billing cycle any new Credit Purchases posted to your account, and subtracting any payments as received or credits as posted to your account, but excluding any unpaid finance charges.
ScoreCard(SM) Bonus Point Program
Complete ScoreCard Bonus Point Program rules will be sent with your first statement. Rewards begin to accumulate after you have received and activated your new card. Points accrued will expire five years after they are earned. March 1 is the expiration date for points not redeemed within the previous five year period. For example, if a purchase is made November 11, 2009, the points will not expire until March 31, 2015.
Important Information About Opening A New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may ask to see your driver’s license or other identifying documents.