We’re excited to announce we will be implementing a New and Improved Credit Card Program in October of 2023! Members will have two NEW credit card options!
| MasterCard Rewards | MasterCard Rate Savvy |
| Interest Rate: 12.90% APR* | Interest Rate: 9.90% APR* |
| Rewards: 1% of All Purchases | Rewards: None |
| Annual Fee: None | Annual Fee: None |
In October, all Midland MasterCard Classic and Gold Cards will be deactivated, and the new card will need to be activated. Please complete and return your Credit Card Election Form before July 31, 2023.
If you do not return the Election Form, you’ll automatically be enrolled as follows:
- MasterCard Classic Cards will automatically be enrolled into Mastercard Rewards
- MasterCard Gold Cards will automatically be enrolled into MasterCard Rate Savvy
Please contact us at (515) 278-1994 if you did not receive your election form in the mail.
What’s staying the same?
- You will NOT need to complete a new credit card application.
- The statement date is on the 11th, and payment is due on the 8th.
What’s new?
- You’ll receive a NEW card in the mail in October with details on when to start using the new card and when to destroy your existing card.
- As we prepare for the program change, you’ll see a new MC Savvy or MC Rate suffix in Home and Mobile Banking.
- Each cardholder will have a unique credit card number.
- New credit card rates:
- MasterCard Rewards Card: 12.90% APR with 1% rewards on all purchases.
- MasterCard Rate Savvy Card: 9.90% APR and no rewards.
- Full access to all card activity and immediate payments on Home and Mobile Banking.
- Credit reporting will be effective with the end-of-month balance versus the statement date balance.
- Accumulated rewards on current cards will be applied to your 10/11/2023 statement.
NEED A MIDLAND CREDIT CARD? Apply online today!
* Application and Solicitation Disclosure -Effective Date: 10/12/2023
The information about the costs of the card described in this application is accurate as of the effective date above. This information may have changed after that date. To find out what may have changed, contact the Credit Union.
| Interest Rates and Interest Charges | MasterCard Rewards | MasterCard Rate Savvy |
| Annual Percentage Rate (APR) for Purchases | 12.90% | 9.90% |
| APR for Balance Transfers | 12.90% | 9.90% |
| APR Cash Advances | 12.90% | 9.90% |
| How to Avoid Paying Interest on Purchases | Your due date is at least 25 days after the close of each billing cycle. We will not charge you any interest on purchases if you pay your entire balance by the due date each month. |
| Minimum Interest Charge | If you are charged interest, there is no minimum interest charge. |
| 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: http://www.consumerfinance.gov/learnmore |
| Fees | |
| Annual Fee | None |
| Transaction Fees | |
| -Balance Transfer | None |
| -Cash Advance | $5 for advances at an ATM |
| -Foreign Transaction | 1% of each multiple currency transaction in U.S. dollars. 1% of each single currency transaction in U.S. dollars |
| Penalty Fees | |
| -Late Payment | Up to $15 |
| -Return Payment | Up to $31 |
How we will calculate your balance: We use the method called “average daily balance (including new purchases).”
Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your account agreement.
Other Disclosures
Late Payment: Up to $15 of the amount of the required minimum payment, whichever is less, if we do not receive your payment by the due date listed on your billing statement.
Returned Payment: Up to $31 or the amount of the required minimum payment, whichever is less
Rates, fees, and terms may change: Subject to the applicable restrictions, we may change the rates, fees, and terms of your account at any time for any reason. These reasons may be based on information in your credit report, such as your failure to make payments to other creditors when due, amounts owed to other creditors, the number of credit accounts outstanding or the number of credit inquiries. These reasons may also include competitive or market-related factors. If we make a change for any of these reasons, you will receive a 45-day notice in writing and a right to opt out in accordance with applicable law.
