Kansas Credit Card Agreement and Disclosure Statement

State:
Multi-State
Control #:
US-02563BG
Format:
Word; 
Rich Text
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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  • Preview Credit Card Agreement and Disclosure Statement
  • Preview Credit Card Agreement and Disclosure Statement
  • Preview Credit Card Agreement and Disclosure Statement
  • Preview Credit Card Agreement and Disclosure Statement
  • Preview Credit Card Agreement and Disclosure Statement
  • Preview Credit Card Agreement and Disclosure Statement
  • Preview Credit Card Agreement and Disclosure Statement
  • Preview Credit Card Agreement and Disclosure Statement

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FAQ

How much will you surcharge customers? Surcharges are capped at 2.4% or the amount it costs you to accept those credit cards, whichever is less.

Unlike credit card surcharges which are a percentage of the total sale, convenience fees tend to cover the processing fee of a transaction. The convenience fee will be fixed for all transactions which means the cost may be more on smaller purchases.

You should be able to find pricing and terms information adjacent to any credit card application. If you can't locate this information, contact the issuer directly and request it. They are required by law to give it to you.

Definition. A credit card disclosure is a document that outlines all of the fees, costs, interest rates, and terms that a customer could experience while using the credit card. Institutions that offer credit cards are required by law to disclose this information.

16a-2-403. Prohibiting surcharge on credit or debit cards. No seller or lessor in any sales or lease transaction or any credit or debit card issuer may impose a surcharge on a card holder who elects to use a credit or debit card in lieu of payment by cash, check or similar means.

Are Credit Card Surcharges Legal? If you're wondering if it is legal to charge credit card fees, the short answer is yes. The practice of surcharging was outlawed for several decades until 2013 when a class action lawsuit permitted merchants in several U.S. states to implement surcharges in their businesses.

Ten states prohibit credit card surcharges and convenience fees: California. Colorado. Connecticut. Florida. Kansas. Maine. Massachusetts. New York.

The Cardholder Agreement details the terms and conditions of your credit card account and includes information such as the rate, fees, and other cost information associated with the account.

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Kansas Credit Card Agreement and Disclosure Statement