Terms and Conditions
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IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the United States fight the funding of terrorism and money laundering activities, U.S. law requires all financial institutions to obtain, verify, and record information that identifies each customer that opens an account.
What this means for you: When you open an account with us, we will ask for your and/or your business’s legal name, address, date of birth, tax identification number, and other identifying information that will assist us with identifying you and/or your business. We may also ask to see your photo identification (driver’s license) or other identifying documents. For businesses, we may ask for copies of certified articles of incorporation, an unexpired government-issued business license, a partnership agreement, or other documents that indicate the existence and standing of the entity.
| Interest Rates and Interest Charges | Smart Business Rewards Visa Signature® Card |
| Annual Percentage Rate (APR) for Purchases | 18.99% to 25.99% based on your creditworthiness when you open your account. This APR will vary with the market and is based on the Prime Rate. |
| APR for Balance Transfers | 18.99% to 25.99% based on your creditworthiness when you open your account. This APR will vary with the market and is based on the Prime Rate. |
| APR for Cash Advances | 31.24% This APR will vary with the market and is based on the Prime Rate. |
| Penalty APR and When it Applies | 31.49% This APR will vary with the market and is based on the Prime Rate, minimum APR 28.99%. This APR may be applied to your account if you: 1) Make payments 5 calendar days late twice or 30 calendar days once; or 2) Make a payment that is returned; or 3) If you exceed your Credit Limit 2 times in 12 consecutive months. How Long Will the Penalty APR Apply? If your APRs are increased for any of these reasons, the Penalty APR will apply until you make 6 consecutive minimum payments when due and do not exceed your Credit Limit during that time period. |
| How to Avoid Paying Interest on Purchases | Your due date is 24 – 30 days after the close of each billing cycle. We will not charge you interest on new Purchases if you pay your entire balance, or Plan Adjusted Balance if you have any Fixed Payment Program balance(s), in full by the due date each month. |
| Minimum Interest Charge | If you are charged interest, the charge will be no less than $1. |
| Fees | Smart Business Rewards Visa Signature® Card |
| Annual Fee | |
| $0 introductory annual fee for the first 12 months. After that, $95 for Account Owners and $0 for Authorized Employees. |
| Transaction Fees | |
| Either 3% of the amount of each transfer or $5 minimum, whichever is greater. |
| Either 3% of the amount of each advance or $5 minimum, whichever is greater. |
| Either 4% of the amount of each advance or $10 minimum, whichever is greater. |
| Either 4% of the amount of each advance or $10 minimum, whichever is greater. |
| Either 4% of the amount of each advance or $10 minimum, whichever is greater. |
| $10 |
| None |
| A monthly fee not to exceed 1.6% of the original principal amount in a Card ExtendPay Plan or Card ExtendPay Loan.3 This fixed fee is disclosed upon enrollment and charged each month that you owe the applicable ExtendPay balance. |
| Penalty Fees | |
| $41 |
| $35 |
| $39 |
Fixed Payment Programs: From time to time we may offer to you the benefit of our Fixed Payment Program, Card ExtendPay, which allows you to pay off balances in fixed monthly payments over time. See your Cardmember Agreement for more information.
Business Owner authorizes Elan Financial Services ("we," "us" or "our") to obtain a consumer credit report and a business credit report for use in assessing his/her personal creditworthiness in connection with an Application by Business, of which Business Owner is an employee, principal, owner, partner, officer or guarantor, for a Business Real Rewards, Smart Business Rewards, Business Cash Preferred or Business Platinum, each an "Account". We need such consumer reports because Business Owner may have a direct, contingent, present or future liability to us for the Business’s obligation in connection with the Account. All applicants agree that, as long as the Account is open, we may obtain credit reports about the applicants from time to time. We reserve the right to consider the applicant for a lower line of credit if one was requested. This Application must be submitted by a Business Owner with authority to bind the Business to the terms of this Application Agreement. The Business Owner certifies that the execution, delivery and performance of this Application has been authorized by all necessary corporate action by the Business, and will provide evidence of such action upon request. If the Business is approved for an Account, the Business Owner requests and directs us to open an Account and to issue a Business Card (“Cards”) to any individual Employees of the Business, including the Business Owner, designated by the Business Owner on this Application or its addendum, or by any process agreed to by us and the Business. The Business Owner and the Business shall be jointly and severally liable for all charges on the account. Each applicant understands and agrees that we may increase or decrease the APR or credit limit assigned to the Account and/or the Cards within the Account or close the Account at any time based on our credit guidelines, credit report information, Account history or the financial circumstances of the Cardmember. At the time the Account is opened, individual Employees, including the Business Owner, will be issued Cards and a Cardmember Agreement governing individual use of the Account. Use of the Card or the Account will signify acceptance of the terms of the Cardmember Agreement, which may be amended from time to time. By providing us with a telephone number for a cellular phone or other wireless device, including a number that you later convert to a cellular number, you are expressly consenting to receiving communications—including but not limited to prerecorded or artificial voice message calls, text messages, and calls made by an automatic telephone dialing system—from us and our affiliates and agents at that number. This express consent applies to each such telephone number that you provide to us now or in the future and permits such calls for non-marketing purposes. Calls and messages may incur access fees from your cellular provider. All applicants must be at least 18 years old and agree that Accounts will be used primarily for business purposes, and not personal, family or household purposes. You agree that, in order to open and administer the Account that may be established as a result of this Application, we and the correspondent financial institution that solicited this Application may share certain information about you and your ongoing Account activity. Information from this Application may be shared with our affiliates. Cash access is subject to credit approval. You certify that to the best of your knowledge, the information provided about yourself, the name and address provided for the legal entity customer, and the information provided about the beneficial owner(s) and/or the individual with control over the legal entity customer is complete and correct.
Balance Transfer Information: Balance Transfer Information: Balance transfer transactions from other Elan Financial Services accounts are not permitted. Balance transfers submitted at time of application will be held for 10 days before processing.
b) Points. You will earn 1 Point for every $1 in eligible net purchases charged to your Account during each billing cycle. In addition, you will earn 1 additional Point (for a total of 2 Points) for every $1 in eligible net purchases in your top two highest merchant spend categories ("Highest Categories") each billing cycle. Highest Categories can change with each billing cycle, depending on your purchase behavior during a particular billing cycle. Highest Categories automatically adjust to reward you on where you spend the most. Some exclusions apply. Please visit https://card.myaccountaccess.com/smartbusinessVisa or https://card.myaccountaccess.com/credit/mastercard-smart-business-rewards.do to see the full list of eligible merchant categories. A purchase will not earn additional Points if the merchant's selected code is in a category that is not eligible for additional Points earning. We do not determine the category codes that merchants choose and reserve the right to determine which purchases qualify for additional Points. In addition , you will earn 4 Points (5 Points total) for every $1 in eligible net purchases spent on prepaid car and hotel reservations in the Rewards Center using your Smart Business Rewards Card. Prepaid car and hotel reservations in the Rewards Center are not classified as travel category merchant transactions and are not eligible to receive the additional points for that category. Please allow 1-2 statement billing cycles for your points reward to appear on your credit card statement. Refer to the Rewards Center for full details. Reward points can be redeemed as a cash deposit to a checking or savings account with this Financial Institution only, which will be deposited within seven business days, or as a statement credit to your credit card account, which will be deposited within 1-2 statement billing cycles or as a Rewards Card. Redemption values and minimums may vary over time and will be disclosed upon redemption.
Maximum Point value applies to points redeemed as a cash deposit into an eligible checking or savings account with this Financial Institution. The redemption value may be different if you choose to redeem your points for other rewards such as travel, merchandise, gift cards, and/or a statement credit. Other restrictions apply. Minimum redemption amounts may vary and are subject to change without notice.
If you were offered the opportunity to earn bonus Points when you opened the Account, in addition to any terms and conditions noted in your Offer Materials (such as spend amount and timing requirements), please allow 1-2 statement billing cycles for your bonus Points to appear on your credit card statement. Please note that this benefit is not available if you have previously earned an enrollment bonus. Use of the Smart Business Rewards Card is subject to terms and conditions of the Cardmember Agreement, which may be amended from time to time. This offer may not be combined with any other bonus offer. Additional bonus points are earned only on Authorized Officer purchases. Offer is subject to credit approval.
c) Program Rules. Complete terms and conditions for the Rewards Program, (the "Program"), including rules regarding the redemption, expiration, loss or cancellation of Points, award thresholds, eligibility, participation, and our right to amend or terminate the Program, are set forth in our Rewards Program Rules (the "Program Rules") that are provided to you separately. The Program Rules will exclusively govern the terms of the Program and, with respect to the Rewards Program, to the extent the Program Rules conflict with the terms of this Cardmember Agreement or any other materials the Program Rules will control. We reserve the right to amend or cancel the Program or change Program benefits at any time with or without notice to you. Please review the Program Rules and FAQ online through the Rewards Center. Points will be pooled to one balance at the Business level. The individual, who executed the application for credit, will have the sole authority to redeem the pooled Points. If the Points balance changes from pooled to individual, any unredeemed Points will stay pooled and will not transfer to the individual Points balance.