IMPORTANT INFORMATION REGARDING RATES, FEES, AND OTHER COST INFORMATION
INITIAL SETUP
Application and Account Setup
Your business bank account will be charged via ACH $99.97 upon submission of this application to begin the process of establishing your new merchant account and line of credit. This setup fee is not refundable unless after the establishment of your merchant account we cannot get your line of credit approved.
On your bank statement you will see the ACH of $99.97 debited by 1st Merchants Corp.
Account Setup Refund Criteria
You qualify for a refund of the $99.97 enrollment if we cannot get your business approved for a merchant account, while still meeting the following conditions:
Finally, you do not qualify for a refund if you are simply unhappy with the funding amount obtained.
INTEREST RATES AND INTEREST CHARGES
Annual Percentage Rate (APR) for Purchases Up to the Credit Limit
The APR for this card is 18.99% The rate is determined monthly by adding 15.49% to the highest U.S. Prime Rate published in the Money Rates section of The Wall Street Journal on the last calendar day that is, or most recently precedes the first day of the billing cycle. The annual interest rate will never be reduced below 18.99% per year and never be increased above the maximum rate permitted by law. If your rates are increased, the interest portion of your minimum payment will also increase.An APR of 22.99% will be applicable to any cash advances, whether obtained at a bank, an atm, or via an Emergency Cash Distribution.
Emergency Cash Disbursements
The rate for Emergency Cash Disbursements is 22.99%.
Default APR and When It Applies
The Default APR of 22.99% may be applicable to your Account if you:
fail to make any Minimum Payment by the date and time due (late payment); or make a payment to us that is returned unpaid.
How Long Will the Default APR Apply: If an APR is increased for any of these reasons, the Default APR will remain in effect for your account thereafter until your account has been current for at least three consecutive months
How to avoid paying interest on purchases
Your due date is at least 25 days after close of each billing cycle. We will not charge you interest on purchases if you pay the entire balance by the due date each month.
Requirement for Merchant Processing
All cardholders are required to maintain an active merchant account in good standing. That service will have different fees and expenses not covered in these disclosures.
FEES
Transaction Fees
Cash Advances
$30.00 transaction fee for each cash advance obtained at a bank
$2.00 transaction fee for each cash advance obtained at an ATM.
Foreign Transactions
1% of each transaction plus a conversion fee of 3% over the benchmark rate set by Visa that we pay on the date of the conversion to USD.
Additional Monthly Statement Copy Fee
$10.00
Transaction Receipt Copy Fee
$10.00
Paper Statement Fee
$10.00
Additional Card Fee
Up to $9.99 per each additional card
Pay by Phone Fee
$9.99 per each Pay by Phone transaction
Penalty Fees
Late Payment
$9.99 per each Pay by Phone transaction
Return Payment
$9.99 per each Pay by Phone transaction
Pay by Phone Fee
$9.99 per each Pay by Phone transaction