Effective November 12, 2017, SmartBank will be making some changes to your current credit card program as a result of our merger with Cornerstone Community Bank. The following is a summary of changes that are being made to your account terms. Your new agreement and disclosures are enclosed. These changes will impact your account as follows:
For all active legacy Cornerstone Community Bank Visa credit card holders, a new SmartBank Visa credit card displaying a new card number, and a new PIN, will be issued prior to November 12, 2017, to the address noted in our system. Please contact SmartBank prior to November 12th, 2017 if your address needs updating. Prior to November 12th, 2017, you should continue to use your current Visa credit card. Your current Visa credit card will become inactive as of November 12th, 2017. Your new SmartBank Visa credit card can be activated on or after November 12th, 2017 until May 12th, 2018. You will not be able to use your new SmartBank Visa until activation on or after November 12th, 2017.
Adjustment in Annual Percentage Rate (APR): Your new monthly periodic rate and APR as of the rst day of the rst billing cycle after November 12, 2017 will be Prime rate plus 7.99%.
MINIMUM PAYMENT AMOUNT: Your monthly payment will be 4% of your total new balance or $20.00, whichever is greater plus any outstanding unpaid fees and charges, all prior unpaid payments, and any amount that exceeds your credit limit.
Payment mailing address will now be BANKCARD SERVICES, P.O. Box 31021, Tampa, FL 33631-3021 or SMARTBANK, P.O. Box 1910, Pigeon Forge, Tennessee 37868.
DUE DATES: Your payment due date will not change.
LATE PAYMENT FEE: Up to $29.00 or the amount of the late required minimum payment, whichever is less, if you are 10 or
more days late in making a payment.
RETURNED PAYMENT FEE: Up to $35.00 or the amount of the required minimum payment, whichever is less, will be charged for payments returned to us for any reason.
BALANCE TRANSFER FEE: $5.00 or 3% of the amount of each transfer, whichever is greater. CASH ADVANCE FEE: Either $5.00 or 3% of the amount of each transfer, whichever is greater.
FOREIGN TRANSACTION FEE: 1% of each transaction in U.S. dollars.
STATEMENTS: All cardholders will receive a monthly paper statement.
OVER-THE-CREDIT LIMIT: Purchases and Advances over-the-credit limit may be approved in certain circumstances depending the length of time your account has been opened.
Finance Charge Method
- PURCHASES: There is a 27-day grace period on purchases. New purchases do not incur a nance charge for the billing cycle in which they are posted if the account has zero or credit balance at the beginning of that cycle or the entire new balance from previous billing cycle was paid in full by the applicable due date.
- CASH ADVANCES: No grace period for cash advances. Finance charge accrues from the date on which the transaction is posted.
- BALANCE TRANSFERS: No grace period for balance transfers. Finance charge accrues from the date on which the transaction is posted.
FOR LOST OR STOLEN CARDS: Contact SmartBank at 1-866-290-2554 or www.smartbank.com. Mail inquiries and payments to BANKCARD SERVICES, P.O. Box 31021, Tampa, FL 33631-3021 or SMARTBANK, P.O. Box 1910, Pigeon Forge, Tennessee 37868. After hours, contact 1-800-221-5920.
To implement the changes outlined above, your Credit Agreement and Disclosure is amended effective November 12, 2017. You have the right to reject change in terms by notifying us prior to November 12, 2017. If you reject this change, we will close your current Visa line of credit. You will no longer be able to make future transactions. Any balance will remain at your current rate at the time your account is closed until it is paid in full. To opt-out of this change, you may call us at 1-866-290-2554, or write to us at SMARTBANK, P. O. Box 1910, Pigeon Forge, TN 37868. Your call or letter must be received by November 12, 2017 and include your request to opt-out and your card number.