Loan Category Configuration: Credit Cards

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ULNCAT-06

Loan Category Configuration

2325

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Access this screen by pressing Enter from the previous loan category screen. (This screen is used for loan categories of Process Type V (credit cards).

Complete the fields on this screen. Then press Enter to move to the next loan category configuration screen.

Field Descriptions

Field Name

Description

Credit Card Cycle Control

Approximate monthly billing day

The day of the month on which the billing cycle ends. Currently must be set to 31 for credit card loans, meaning the billing cycle ends on the last day of the month.

Scorecard

Leave unchecked unless scorecard rewards transmissions are used and rewards should be printed on credit card statements. Contact a CU*Answers representative for assistance with this feature.

Cash back program code

Use the lookup button to select the appropriate cash back rewards program for the loan category. These programs are configured in Tool #1550 Credit Card Cash Back Program Config, and individual members are enrolled via Tool #20 Update Account Information.

Billing date must fall on a previous business day

For future use; this flag is currently ignored.

Billing days

This field represents the number of days a member has to pay the previous statement balance before finance charges will be assessed. Sometimes referred to as a grace period.

  • BE CAREFUL: In order to avoid problems once your credit card program is underway, this value can be set only when you originally create the loan category; it cannot be changed after you have used Enter to proceed to the next screen.

Last statement date

The date on which the last statement was generated.

Last statement payment due date

The due date that was printed on the last statement.

Next statement date

The next date on which statements will be generated (should correspond to the day in the Approximate monthly billing date field above).

Payment Calculation

Transaction charges apply to

Choose which type of credit card transaction activity should be subject to transaction charges:

All Activity (A) - Refers to transactions that originate from the credit union channel as well as transactions that originate through your vendor. Includes transactions from the following sources:

  • Your vendor

  • Teller

  • Online Banking

  • Phone Operator

  • Audio Response Banking

  • Transfers (on the Member Service (Tool #516: Member Transfers)

Switched Activity (S) - Refers to transactions that originate through the vendor “switch” only, such as point of sale purchases.

Only ATM Inquiry transactions originating through ATM machines are not subject to transaction charges.

Cash advance fees are charged for courtesy checks processed via ACH or Check Processing when this field is set to "All Activity."  In these cases cash advance fees will be charged when credit card courtesy checks are cleared through either the ACH or draft processing channels.  The member will see this charge as if they took a cash advance.

Round new payment up to whole dollar amount

Check this box if you want the payment amount always to be calculated as a whole dollar amount. (For example, if the payment was calculated as $35.83, the system would record a payment amount of $36.00 instead.) If left unchecked, the payment will be based on the calculated amount to the nearest penny.

New payment based on

Credit Card loan products default to Percent (P) method. The system calculates a payment amount based on the average daily balance on the loan, using the percentage entered into the Percent method field below.

Percent method

Enter the percentage to be used when calculating the payment amount. Remember that this is used by all cards under this credit card program.

Minimum payment

Use this field to set the lowest minimum payment amount that should be printed on a member’s statement (assuming there is a balance on the account).

When statements are generated, the system will use the greater of either the system-calculated minimum payment or this amount as the new required minimum payment.

  • If the loan balance is less than this amount, the payment will be the actual balance on the credit card loan.

Transaction charges apply to

Choose which type of credit card transaction activity should be subject to transaction charges:

All Activity (A) - Refers to transactions that originate from the credit union channel as well as transactions that originate through your vendor. Includes transactions from the following sources:

  • Your vendor

  • Teller

  • Online Banking

  • Phone Operator

  • Audio Response Banking

  • Transfers (on the Member Service (Tool #516: Member Transfers)

Switched Activity (S) - Refers to transactions that originate through the vendor “switch” only, such as point of sale purchases.

Only ATM Inquiry transactions originating through ATM machines are not subject to transaction charges.

Daily Rate

# of decimal places

Use this to define to how many decimal digits the daily rate should be calculated and displayed on the statement. The number of decimal places is also called the precision factor.

  • Be sure to verify that the number entered in this field complies with your disclosure.

Round decimal places

Check this flag to round the daily rate up to the specified number of decimal places.

  • For example, if the # of decimal places field was set to 5 and this flag was checked, the number 0.0017654637 would be .00177 when rounded up.

 

 

Link to ID: https://help.cubase.org/cubase/cubase.htm#ULNCAT-06.htm