South Carolina 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

How to fill out Credit Card Agreement And Disclosure Statement?

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FAQ

Key Takeaways A credit agreement is a legally binding contract documenting the terms of a loan, made between a borrower and a lender. A credit agreement is used with many types of credit, including home mortgages, credit cards, and auto loans.

The Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 seeks to curtail deceptive and abusive practices by credit card issuers. The CARD Act mandates consistency and clarity in terminology and terms across credit card issuers.

Credit cards usually have an interest-free period of up to 56 days from the moment of purchase, and a minimum payment due on a specific day of the month. If you can pay off your balance each month in full, you won't have to pay any interest.

Credit card agreements outlines the responsibilities of both parties, such as how much you can charge for an item, when your payment is due, what happens if there are late payments or non-payments at all, and more.

This legislation would help preserve small business owners' freedom of choice between multiple credit card networks by injecting much-needed competition into the credit card processing market, allowing small business owners to choose the option that is best for their business.

5 Tips for Using Credit Cards Responsibly Pay the balance due each month by the due date. ... Avoid skipping payments. ... Use the card cautiously. ... Use the credit card as a budgeting tool. ... Protect yourself from credit card fraud.

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South Carolina Credit Card Agreement and Disclosure Statement