US Legal Forms
Credit Card Agreement and Disclosure Statement

Credit Card Agreement and Disclosure Statement

Q: How do you read a credit card disclosure statement?

Account Summary. The first thing you&#039;ll probably lay your eyes on is the account summaryit&#039;s at the top of your statement. Payment Information. Late and Minimum Payment Warnings. Account Changes. Transactions. Interest Charged and Fees Applied. Year-to-Date Totals. Interest Charge Calculation.

Q: How to Read Your Credit Card Statement?

1Account Summary. The first thing you&#039;ll probably lay your eyes on is the account summaryit&#039;s at the top of your statement.2Payment Information.3Late and Minimum Payment Warnings.4Account Changes.5Transactions.6Interest Charged and Fees Applied.7Year-to-Date Totals.8Interest Charge Calculation.

Category:

Loans and Lending - Credit Cards

State:

Multi-State

Control #:

US-02563BG

Format:

Instant download

Description

A credit card is defined by the Federal Truth in Lending Act as "any card, plate, coupon book or other credit device existing for the purpose of obtaining money, property, labor, or services on credit." A credit card is most commonly used in relation to an open-end credit account, permitting the cardholder to purchase one or more items without paying cash or writing a check for the item or items at the time of purchase, deferring payment to some future date. When the issuer's acceptance of an applicant's request for a credit card operates as the opening of a new open-end consumer credit account in the applicant's name, in which the customer may be required to pay a finance charge or other deferred payment charge, the issuer, under the Federal Truth in Lending Act, must provide the customer with certain initial disclosures relative to the account; for example, an explanation of conditions under which a finance charge may be imposed and the method of determining the balance on which a finance charge may be imposed. Further, the Federal Truth in Lending Act requires the creditor under an open end credit account to make certain periodic disclosures to the customer.

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FAQ

The CARD Act requires financial institutions and businesses to disclose vital information when issuing new credit cards. A card issuer must disclose interest rates, grace periods and annual fees. The issuer is also required to remind you of an upcoming annual fee prior to a card's renewal.

The CSD discloses the credit score, the lender used in connection with the consumers' loan application and home loan, and the key factors affecting the credit score.It contains contact information for each credit reporting agency used, including the agency name, telephone number and website.

The first 6 digits of your credit card number represent the industry of your credit card and the card issuer. The last digit of your card number is used to verify your card info. The credit card account number begins at the seventh digit and ends on the second-to-last digit.

Credit card disclosure must contain a list of fees associated with your credit card. Some common credit card fees include annual fees, cash advance fees, foreign transaction fees (also called a "currency conversion" fee), late payment fees, over-the-limit fees, and returned payment fees.

Due Date for Payment. The first and the most important thing in your credit card statement is the payment due date. Minimum Amount Due. Total Outstanding. Credit Limits. Reward Point Balance. Account Summary. Transaction Details.

A summary and detailed list of payments, credits, purchases, balance transfers, cash advances, fees, interest, and other transactions. A breakdown of the types of balances on your account and the interest rate and interest charges for each. Your credit limit and available credit.

Account Summary. The first thing you'll probably lay your eyes on is the account summaryit's at the top of your statement. Payment Information. Late and Minimum Payment Warnings. Account Changes. Transactions. Interest Charged and Fees Applied. Year-to-Date Totals. Interest Charge Calculation.

1Account Summary. The first thing you'll probably lay your eyes on is the account summaryit's at the top of your statement.2Payment Information.3Late and Minimum Payment Warnings.4Account Changes.5Transactions.6Interest Charged and Fees Applied.7Year-to-Date Totals.8Interest Charge Calculation.