Credit And Charge Cards - What Must Be Disclosed - CREDIT CARDS

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CREDIT CARDS: Credit and charge cards - what must be disclosed


When you apply for a credit or charge card, a card issuer must either disclose directly, in the form of a table with headings, or tell you how to obtain the following information:
  • The annual percentage rate (APR) for purchases made on credit (credit cards only).
  • How the APR is determined if it is a variable rate (credit cards only).
  • The method the issuer uses to compute the balance for purchases against which the finance charge is imposed. Calculating an average daily balance or using the outstanding balance at the beginning of the billing cycle are examples of these methods (credit cards only).
  • The amount of any minimum finance charge (credit cards only).
  • Any transaction fee for purchases, whether a specific dollar amount or percentage fee.
  • Transaction fees for cash advances and fees for paying late or exceeding the credit limit.
  • The amount of any type of annual fee that you will be charged.
  • When charges made to a charge card are due and payable.

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