Massachusetts Credit Card Application for Unsecured Open End Credit

State:
Multi-State
Control #:
US-02544BG
Format:
Word
Instant download

Description

The Federal Truth in Lending Act prohibits the issuance of credit cards without solicitation. The card issuer is required to provide some type of request or application form. By using a properly prepared application for a credit card, the issuer not only complies with the Federal Truth in Lending Act, but also obtains necessary credit information on the card applicant.
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  • Preview Credit Card Application for Unsecured Open End Credit
  • Preview Credit Card Application for Unsecured Open End Credit
  • Preview Credit Card Application for Unsecured Open End Credit
  • Preview Credit Card Application for Unsecured Open End Credit
  • Preview Credit Card Application for Unsecured Open End Credit
  • Preview Credit Card Application for Unsecured Open End Credit
  • Preview Credit Card Application for Unsecured Open End Credit

How to fill out Credit Card Application For Unsecured Open End Credit?

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FAQ

Massachusetts is one of two states that does not allow businesses to add a surcharge to customer purchases in order to cover the cost of credit or debit card processing fees, ing to the Massachusetts Restaurant Association.

Good faith effort to refund. The creditor must take positive steps to return any credit balance that has remained in the account for over 6 months.

You will need to provide your personal information and copies of certain documents to apply for a credit card, including your: Legal name. Social Security number (SSN) or Individual Tax Identification Number (ITIN) Mailing address. Birthdate. Employment status. Income information. Debt information.

Surcharges are add-on charges that help companies to recoup the higher cost of a credit card transaction. If a business adds a surcharge to credit card payments, it's to offset the 1% to 3% fee they're likely paying for credit card processing.

This allows restaurant owners to expand their business, said Jeffrey Tassey, the chairman of the Electronic Payments Coalition, an organization that represents major credit card companies. He said there are more costs associated with accepting cash, like the workers who have to count it and give change.

How can you avoid credit card surcharges? As a consumer, you have options to avoid surcharges. These include using cash instead of a credit card to make a purchase, or using a debit card, for which surcharges cannot be applied. You can also choose to shop at businesses that do not charge these fees.

Massachusetts laws The statute of limitations for consumer-related debt is six years. This period applies to credit card debt and oral and written contracts.

Section 140D:28A - Cardholder discounts; surcharges; finance charge (a) (1) With respect to a credit card which may be used for extensions of credit in sales transactions in which the seller is a person other than the card issuer, the card issuer may not, by contract or otherwise, prohibit any such seller from offering ...

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Massachusetts Credit Card Application for Unsecured Open End Credit