| INTEREST RATES AND INTEREST CHARGES | |
|---|---|
| Annual Percentage Rate (APR) for Purchases |
19.24% to 30.24%
This APR will vary with the market based on the Prime Rate. |
| APR for Cash Advances |
30.24%
This APR will vary with the market based on the Prime Rate. |
| Penalty APR and when It Applies | N/A |
| How to Avoid Paying Interest on Purchases |
Your due date is at least 21 days after the close of each
billing period. We will not charge you any interest on purchases if you pay your entire balance by the due date each month. We will begin charging interest on cash advances on the transaction date. |
| Minimum Interest Charge | If you are charged interest, the charge will be no less than $1.00. For Maine residents, if you are charged interest, the minimum interest charge will be no more than $0.50. |
| 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 | $39 (waived for the first year if you sign up for autopay before your first statement) |
| Transaction Fees | |
|
None |
|
1% of the transaction amount. |
| Penalty Fees | |
|
Up to $40 per late payment. |
|
None |
|
None |
How We Will Calculate Your Balance: We use a method called the "Average Daily Balance (including new transactions)." See the section in the Cardholder Agreement below titled "Average Daily Balance Method (including new transactions)" for more details.
Billing Rights:
Information on your rights to dispute transactions and how to exercise
those rights is provided in your Cardholder Agreement. See the section in the
Cardholder Agreement below titled "Your Billing Rights" for more details.
Rate Information:
Variable APRs are based on 3.50% Prime Rate as of April 21, 2022.
Parties to the Agreement: As used in this Agreement "we," "us" and "our" mean Coastal Community Bank, Member FDIC, as the Card issuer and creditor, and any successors or assigns. The words "you" and "your" mean each person responsible for complying with this Agreement, including the applicant, the cardholder, any guarantor and the person to whom we address Account statements.
Acceptance of Agreement: This Agreement will become effective on the first date on which you have been approved for the Prosper Unsecured Credit Card; and you have agreed to this Agreement. You agree to this Agreement by doing any of the following (i) expressly providing your consent electronically or in writing, (ii) using the Card or causing any Charge to be made on the Account, or (iii) not cancelling your Card and closing the Account within thirty (30) days of a Card being sent to you. The Card and credit under this agreement is issued by Coastal Community Bank, Member FDIC, ("Bank") pursuant to license by MasterCard International. These documents replace any other agreement relating to your Account that you or we made earlier or at the same time.
Changes to the Agreement: Subject to the limitations of applicable law, we may at any time change, add to or delete any of the terms and conditions in this Agreement, including, but not limited to, interest rates and this Change of Terms provision. We will give you notice of any change, addition or deletion as required by applicable law. As of the effective date, the changed terms, at our option, will apply to new Charges and to the outstanding balances of your Account, to the extent permitted by applicable law.
No Balance Transfers: The Prosper Card cannot be used for balance transfers.
ADDITIONAL DEFINITIONS
"Account" means the credit account with us established by this Agreement.
"APR" means annual percentage rate.
"Card" means one or more cards or other access devices, including your Account number
or virtual card, that we issue to you to receive credit under this Agreement.
"Cash Advance" means any use of your Card to obtain cash, including foreign
currency, or any transaction that we consider to be a cash-like transaction or to involve
a cash equivalent. This includes, without limitation, withdrawals from an ATM, cashing
convenience checks, money orders, traveler's checks, lottery tickets, gaming chips or tokens,
digital currency, precious metal coins or bullion. And digital precious metals products.
Any transaction fee, charge, or interest imposed on a Cash Advance also is considered a Cash
Advance for the purpose of calculating any interest on outstanding amount on your Account.
"New Balance" means the total amount you owe us at the end of each billing period.
This amount is shown on each monthly statement under the heading "New Balance."
"Charge" means any charge on your Account, including without limitation, any Purchase,
Cash Advance, fee, or interest charge.
"Cut-Off Time" means the latest time by which payment can be made to be credited as
of the day of receipt shown on your monthly statement.
"Prime Rate" means the highest bank prime loan rate published in
The Wall Street Journal in its Money Rates section on the last business day of the calendar
month preceding the first day of the billing cycle. If the Wall Street Journal does not
publish the Prime Rate, a similar published rate will be the "Prime Rate" for purposes
of this Agreement.
"Purchase" means any charge to your Account to buy goods or services.
USING YOUR ACCOUNT
You may use the Card to make Purchases and obtain Cash Advances only for personal,
family or household purposes from any person or establishment accepting the Card.
You are not permitted to use your Card for business purposes.
You agree to use the Card only for legal and lawful purposes. The Card may not be used for illegal
transactions or for the purpose of paying us on this or any other form of credit account
you may have with us or Prosper. If you use your Card for any such purpose,
you will be in default under this Agreement and we may block such transactions and/or
terminate your Account, but you still will be liable to us for all Charges relating to
such transactions and all other transactions on your Account at the time it is closed.
Promise to Pay. You promise to pay us for all amounts charged to the Account, including all Purchases and interest charged to your Account. You are obligated to repay us for all transactions made using your Card by people you have authorized to use the Card even if their use of the Card exceeds the authorization which you gave them.
Credit Limit. We may grant you credit up to a maximum amount (your "Credit Limit"). Your current Credit Limit will be shown on each monthly statement. You promise not to exceed your Credit Limit. However, if you exceed your Credit Limit, we can still charge you for all Purchases, other Charges, and interest without giving up any of our rights. If we ask you to promptly pay the amount of your Account balance above your Credit Limit, you agree to do so. At our discretion, we may (1) block or permit transactions that would exceed your Credit Limit and (2) change your Credit Limit at any time without advance notice to you.
Monthly Statements. We will send you a monthly statement for any billing period as required by applicable law. Your monthly statement will show, among other things, (1) the unpaid balance on your Account at the beginning of the billing period (the "Previous Balance"); (2) any Charges, interest and other debits posted to your Account in that billing period; (3) any payments and credits posted to your Account in that billing period; and (4) the Minimum Payment you must pay and the date your Minimum Payment is due ("Payment Due Date").
Transactions in Foreign Currencies. If you make a Charge in a currency other than U.S dollars, then the applicable card network (such as Mastercard) converts the amount of the Charge in a foreign currency into U.S. dollars (unless another party, such as the merchant, converts the Charge amount before submission to the card network). The card network follows its own procedures for such conversion. These procedures include how the card network chooses an exchange rate and when it performs the conversion. The exchange rate that a card network uses to convert the Charge to U.S. dollars may differ from the rate in effect on the date of the Charge. The card network’s procedures may change without notice. Any costs resulting from the card network’s procedures, including from the exchange rate selected by the card network, will be reflected in the Charge posted to your Account. If a third party, such as a merchant, converts the amount of a Charge into U.S. dollars before sending the Charge to a Card Network, the third party chooses the conversion rate instead of the Card Network. The same conversion process may apply if any Charge originally in a foreign currency is reversed or credited back to your Account. Please also see "Transaction Fee for Charges in Foreign Currency" below.
Pre-authorized Recurring Merchant Transaction. You may authorize a merchant to automatically initiate a Charge on a recurring basis to your Account. Upon the issuance by us of a new Card with a new Account number or expiration date, you may be required to contact the merchant to provide such updated information in order to continue the recurring transactions. You must contact the merchant if you want to cancel automatic billing.
Unauthorized Use. If your Card or device is lost, stolen or if your Account is used without your consent, call us immediately at 1-800-903-4697. You will not be liable for unauthorized use on your Account, but you will be responsible for all use by anyone you allow to use your Account or a Card, even if you did not intend for them to make a Charge.
APRs AND INTEREST
Your Interest Rates. Your Annual Percentage Rates (APRs) are shown above in the Rate and Fee Summary.
We apply the APRs to your Account balances. We do this every day by using a "Daily Periodic Rate."
To get a Daily Periodic Rate, we divide the APR by 365. The APRs applicable to your Account will be equal
to the Prime Rate plus a numerical margin ("Margin"). For example, if the Prime Rate for a billing
cycle is [4%] and the Margin is [21%], the APR would be [25%] for the billing period. Please see the
Rate and Fee Summary above for the APRs and Margins applicable to your Account. As noted in the
Rate and Fee Summary, your Account has a different APR for Cash Advances than Purchases and other
Charges that are not Cash Advances. When calculating interest, we apply the APR for Cash Advances to the portion
of your Account balance that qualifies as a Cash Advance and apply the APR for Purchases to any other
portion of your Account balance.
Variable APRs. If the Prime Rate increases, your APRs and Daily Periodic Rates will increase. As a result, interest, your total minimum payment and the number of payments it would take you to pay off your Account balance may increase. We apply any change in rates because of a Prime Rate change to your entire Account balance. A change in the Prime Rate will take effect on the first day of the first billing period after the change. We may select a new interest rate index if the Prime Rate is not available.
Average Daily Balance Method (including new transactions): We calculate interest separately for each transaction type (e.g. Purchases, Cash advances, and each promotional balance if applicable). For each transaction type, on the last day of the billing period we calculate the interest by multiplying the applicable Daily Periodic Rate by the Average Daily Balance and by the number of days in the billing period. You authorize us to round interest to the nearest cent. We then add the interest to your balance for that transaction type. The total interest charged for a billing period equals the sum of the interest charge for each transaction type. To determine an "Average Daily Balance" for a transaction type, we calculate a daily balance each day of the billing period. For each transaction type, we start with the previous balance, which may include unpaid interest and fees imposed in previous billing periods. Each day, we add any new transactions for each transaction type, which may include fees and interest; subtract any payments or credits for each transaction type; and make other adjustments. We treat any credit balance as a balance of $0. Then, we add up all the balances for the billing period, and divide the total by the number of days in the billing period. This gives us the Average Daily Balance.
AVOIDING INTEREST
When Interest Begins: Interest begins on a transaction, fee or interest from the day we add
it to the daily balance. We continue to impose interest until you pay the total amount you owe us.
You can avoid interest on Purchases as discussed below, but not on cash advances which accrue interest
from the date of transaction.
Grace Period on Purchases: Interest does not accrue while your account is in a "Grace Period." Your Account enters a Grace Period if (1) you pay the New Balance shown on your current statement in full by the Payment Due Date, or (2) your Account had no Previous Balance for the prior billing period. When your Account is not in a Grace Period, we charge interest on Purchases made in the current billing period from the date of the Purchase and such interest will continue to accrue on Purchases until you pay the New Balance in full. If you are in a Grace Period, interest may appear on your next monthly statement that reflects interest assessed from the beginning of the billing period through the date that you entered into a Grace Period.
FEES
Annual Fee. The annual fee for your Account is $39.
We will waive the annual fee for the first year if you sign
up for autopay before we issue your first statement. We assess this annual fee on your first monthly statement
after opening your Account and each year after that. We will charge this annual fee every year if your Account
is open, even if you don’t have a balance. If you close your Account within 30 days of the closing date of the
monthly statement on which the annual fee appears, then we will refund the annual fee appearing on that
statement. For Account closures after this 30-day period, the annual fee is non-refundable.
Late Payment Fee. If we do not receive the Minimum Payment Due by its Payment Due Date, the fee is $29. If this happens again within the next six (6) billing cycles, the fee is $40. However, the late fee will not exceed the Minimum Payment Due.
Transaction Fee for Charges in Foreign Currency. If you make a Charge in a currency other than U.S dollars, then we will charge you a transaction fee equal to 1% of the converted U.S. dollar amount of the Charge. This fee is a finance charge. See "Transactions In Foreign Currencies" above for additional details on Charges in a currency other than U.S dollars.
PAYMENTS
Minimum Payment Due. You may pay, without penalty and at any time, all or any part
of your balance. You must pay at least your total minimum monthly payment required
("Minimum Payment Due"), which is calculated as follows:
Your "Minimum Payment Due" equals:
Payment Due Date. We must receive at least the Minimum Payment Due on your Account by the Cut-Off Time on the Payment Due Date for each billing period. The Minimum Payment Due and Payment Due Date are shown on each monthly statement. Payments received after the Cut-Off Time will be credited to your Account no later than the next business day. Credit to your Account may be delayed for up to five (5) days if we receive a payment that does not adhere to the requirements set forth in this section and on your statement. For your payment to be considered on time, we must receive at least the Minimum Payment Due in such time and manner by the Payment Due Date shown on your monthly statement. The available credit on your Account may not reflect your payment for up to eight (8) business days or longer if we doubt the collectability of the payment or if we suspect fraudulent activity on your Account. Nonetheless, we will credit your payment to your Account as of the business day that we receive it (provided we receive it prior to the Cut-Off Time).
How to Make Payments.
You must pay by following the instructions on your monthly statement and in this Agreement.
Your payment must be made in U.S. dollars. If you do not pay in U.S. dollars and we accept your payment,
you authorize us to select the currency conversion rate, and you must pay our conversion costs.
You agree not to send us physical currency. If you do, we have the right to return the currency to the address
it is received from and not credit the payment to your Account. You must not include any restrictive
endorsements on or with any payment instrument and we have the right to accept payments without accepting
any such restrictive endorsements.
If your payment meets the above requirements, we will credit it to your Account as of the day we receive it,
as long as we receive it by the Cut-Off Time. If you do not meet the above requirements,
then we may not accept your payment, or there may be a delay in crediting your Account.
This may result in late fees and additional interest charges to your Account.
We do not give up any rights under this Agreement if we accept a payment marked "payment in full"
or given with any other conditions or limitations.
Payment Allocation.
We credit your payments in accordance with our payment instructions of applying to interest charges first
and then to balances due. You authorize us to apply any payments in excess of the Minimum Payment Due
in any manner we choose of consistent with applicable law. This may include applying amounts over
the Minimum Payment Due first to the balance with the highest APR, then to the balance with the next
highest APR, and so forth, except as otherwise required by applicable law Payments must be made in US dollars;
do not send cash. This means that we will generally apply payments in excess of
the Minimum Payment Due to older transactions first. Credits are applied at our discretion and you
authorize us to apply payments in a way that is most favorable or convenient for us.
Events of Default. Subject to applicable law, we may consider your Account in default
at any time if: (1) you fail to pay at least the Minimum Payment Due by the Payment Due Date;
(2) you attempt to engage in a transaction over the Credit Limit; (3) you make a payment that is
returned unpaid to us for any reason; (4) you breach any term under this Agreement;
(5) we determine that any statement made by you to us or Prosper in connection with this Agreement,
your Card or your Account was false or misleading, or we suspect you of fraudulent intent;
(6) you breach any terms under any other agreement
that you have with us or Prosper or with any the affiliates of any of them;
(7) you file for bankruptcy or some other insolvency proceeding is filed by or against you;
(8) you are declared incompetent or mentally incapacitated, or in the event of your death.
Default Remedies Including Collection Costs. Upon your default and subject to any limitations
or requirements of applicable law: (1) we may declare the entire amount you owe us immediately due and
payable and/or suspend or cancel your Account privileges; and (2) you agree to pay all reasonable costs,
including all court costs plus all reasonable attorneys’ fees if we must refer your
Account for collection to any attorney who is not our employee.
Charges and Payments. If you think there is a mistake on your bill,
please follow the instructions in the section below titled "Your Billing Rights."
If you have another concern related to charges or payments you may contact us via Prosper at 1-800-903-4697,
Monday through Friday, between 8:00 am - 8:00 pm EST, or by mail at P.O. Box 2988, Omaha, NE 68103-2988.
Please include your name, address, account number, and description of the charge or payment in your communication.
CREDIT REPORTING AGENCIES AND DISPUTES
Credit Reports About You.
You give us permission to request information from you and to make whatever inquiries
we consider necessary and appropriate (including requesting a consumer report from consumer reporting agencies)
in reviewing your Account and for any lawful purpose, including any updates or extensions of credit,
or reviewing or collecting your Account. Upon your request to us, we will inform you of the name and
address of each consumer reporting agency from which we obtained a consumer report, if any, relating to you.
Notice Of Credit and Information Reporting.
We may report information about your Account to consumer reporting agencies.
Late payments, missed payments, returned payments, or other defaults on your Account
may be reflected in your credit report.
Inaccurate Credit Reporting Information.
You have the right to dispute the accuracy of information we have reported to a credit bureau.
If you think any information about your Account that we have reported is incorrect,
please contact us via Prosper using the mailing address shown on your monthly statement.
Include your name, address, telephone number and a brief description of the issue.
If available, please include a copy of the credit report in question.
We will research your issue and if we confirm that you are correct, we will contact the consumer
reporting agency we reported to and request a correction.
OTHER INFORMATION
Telephone and Other Communications.
You agree that we may monitor and/or record your calls with us.
You further agree that we may contact you by email, text messages or with an automated dialing
and announcing or similar device and/or an artificial voice or prerecorded message.
You also agree that we may contact you at any telephone number you provide to us,
whether a residential or business number, even if that number is a wireless,
cellular or mobile number; is converted to a mobile/wireless number; or connects to any type of
mobile/wireless device. Additionally, you authorize Prosper and our service providers,
debt collectors, and collection attorneys to contact you using these methods.
It is your sole responsibility to provide and maintain your current mailing address,
email address, and other contact information with us.
Suspension / Revocation / Cancellation / Limitations.
Subject to applicable law, we may suspend, revoke or cancel your Account privileges,
your right to use the Card, or deny any transaction, in our sole discretion at any time,
with or without cause and with or without giving you notice. We may limit the number
or amount of transactions we authorize on your Account in any one day.
Any such actions on our part will not affect your obligation to pay us the
outstanding balance and interest under the terms of this Agreement.
We are not liable for any refusal to honor your Card or Account, nor if we deny any transaction,
nor for the retention of your Card by any person or entity, nor if anyone refuses any use of your Card.
If we revoke or cancel the Card, you must destroy or return the Card.
You may not use a Card after it has expired or after it has been revoked or cancelled.
You may cancel your Account at any time. We may require that you return your Card and that it be cut in half.
Your cancellation of the Account will not affect your obligation to pay us
the outstanding balance and interest under the terms of this Agreement.
If you ask us to cancel your Account but we believe you have continued to use
your Account after the date of cancellation, we will consider such use as your request
for reinstatement of your Account and we may then reinstate your Account.
Closing Your Account.
You may close your Account at any time by contacting us via Prosper at 1-800-903- 4697,
Monday through Friday, between 8:00 am - 8:00 pm EST. You may also
email cards@prosper.com or write to us via Prosper at:
Prosper Cards
P.O. Box 650078
Dallas, TX 75265-0078
If your Account is closed, you must stop using it. You must still pay the full amount
you owe and this Agreement will remain in effect until you do.
Termination.
We may suspend or terminate your access to your Account and/or any Card at any time,
with or without cause, with or without notice, effective immediately, to the extent
permitted by applicable law. All provisions of these Cardholder Agreement
which by their nature should survive termination shall survive termination,
including, without limitation, ownership provisions, warranty disclaimers, indemnity
and limitations of liability.
Severability. Subject to the Arbitration Agreement:
(1)if any part of this Agreement conflicts with applicable
law, that law will control, and this Agreement will be considered changed to the extent necessary to comply
with that law; and (2) if any part of this Agreement is determined by a court of competent jurisdiction to be
invalid, the remainder of this Agreement will remain in effect.
Entire Agreement. You acknowledge that this Agreement, as amended constitutes the entire agreement
between you and us with respect to the Account and the Card, and supersedes and may not be contradicted
by evidence of any prior or contemporaneous written or oral communication or understanding between you and
us concerning the Account or the Card. If we offer or provide rewards in connection with the Account, the
disclosures relating to such rewards are separate and not part of this Agreement.
Waiver. Our failure to exercise any of our rights under this Agreement,
or our waiver of our rights on any one occasion shall not constitute a waiver of such rights
on any other occasion. We will not lose our rights under this Agreement because we delay in enforcing any of them.
Governing Law. Except as provided in the Arbitration Agreement below, this Agreement and your Account
are governed by federal law and, to the extent state law applies, the laws of Washington State without regard
to its conflicts of law principles.
Protections for Active Duty Service Members and their Dependents: Federal law provides
important protections to members of the Armed Forces and their dependents relating to extensions of consumer
credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her
dependent may not exceed an annual percentage rate of thirty-six percent (36%).
This rate must include, as applicable to the credit transaction or account:
the costs associated with credit insurance premiums; fees for ancillary products sold in
connection with the credit transaction; any application fee charged
(other than certain application fees for specified credit transactions or accounts);
and any participation fee charged (other than certain participation fees for a credit card account).
Please call 1-800-903-4697 to obtain oral disclosures, including the statement
of Military Annual Percentage Rate and the payment schedule applicable to your Account,
required under the Military Lending Act.
If you are a covered borrower as defined by the Military Lending Act
(a "Covered Borrower"), then this Agreement shall be interpreted to comply with the Military Lending Act,
including its restrictions on permissible credit terms and limitations on interest, charges, and fees.
The limitations on interest and fees apply to individuals while they are Covered Borrowers,
provided such individuals are Covered Borrowers as of the date they execute this Agreement.
As applied to Covered Borrowers: (i) any interest, charges, or fees in excess of the permitted
limit shall be reduced by the amount necessary to satisfy that limit and any amounts collected
in excess of the permitted limit shall be refunded by crediting your Account or by making a direct payment
to you; and (ii) any provision of this Agreement that is inconsistent with the Military
Lending Act shall not apply.
Without limiting the foregoing, the provision in this Agreement called "Resolving a Dispute with Arbitration"
shall not be applicable to, and shall not be enforceable against, any Covered Borrower.
| (i) | "Claim" means any dispute, claim, or controversy (whether based on contract, tort, intentional tort, constitution, statute, ordinance, common law, or equity, whether pre-existing, present, or future, and whether seeking monetary, injunctive, declaratory, or any other relief) arising from or relating in any way to the Agreement or your relationship with us. The term "Claim" has the broadest possible meaning, and includes initial claims, counterclaims, cross claims and third- party claims. It includes disputes based upon contract, tort, consumer rights, fraud and other intentional torts, constitution, statute, regulation, ordinance, common law and equity (including any claim for injunctive or declaratory relief). The term "Claim" also includes any dispute related to the scope, validity, or enforceability of this Arbitration Agreement; thus, all such disputes are expressly delegated to an arbitrator for decision, with two exceptions noted below in the sections entitled "Class and Representative Action Waiver" and "Public Injunctive Relief Requests." |
| (ii) | The terms "we," "us," and "our" have the same meaning as in the Agreement, except that for purposes of this Arbitration Agreement, these terms also include any corporate affiliates, any licensees, predecessors, successors, assigns, purchaser of any accounts, Prosper, and all agents, employees, directors and representatives of any of the foregoing. |