This is a special agreement between us and you, in which we agree to a temporary reduction in interest rates or fees in force, in exchange for your agreement to meet a defined payment schedule. Such an agreement is concluded in writing. It may provide that after the conclusion of the training agreement or in the event of non-compliance with the terms of the training agreement, interest rates and fees may increase to the same conditions as before the training agreement. We will send you an invoice at the end of each billing period if, on that date, you have a credit or charge on the account of an amount equal to or greater than $1. However, we cannot send you an invoice if we have decided that your account is not retractable, or if we have sent the account for a withdrawal procedure against you. Finally, the Consumer Financial Protection Bureau has a database containing generic credit card agreements of more than 300 credit card issuers. Under the Truth in LENDING Act (TILA) of 1968, credit card issuers are prohibited from providing misleading information about their offers and must clearly explain the terms and conditions of their credit cards in the cardholder`s contract. Customers who wish to accept a new credit card should therefore carefully check their cardholder agreement to confirm that the actual provisions of the card are as advertised. Credit card agreements are not the easiest to read. A 2018 Science Direct study found that the average credit card agreement was written on a class 8 to 9 years above the average U.S. reading level. More complex credit card agreements have been accompanied by higher financing fees.
If you ask us to issue a credit card on this account to another person, it is an authorized user. If you give your card or card number to another person, he is also an authorized user. At our discretion, we can send you an invoice, even if you don`t have a credit announcement or charge of $1 or more. A purchase is the use of your card to buy or pay for products or services. The purchase of cash or cash equivalents, such as casino chips or lottery tickets, is a cash advance, not a purchase. We will resign to your credit card contract if we sell some or all of our rights or obligations under the contract or pass them on to third parties, including all amounts you owe under the contract. Subject to the size of the assignment, any party to which we will transfer your contract will benefit from all of our contractual rights, including contractual rights to recover the money you owe in the account. If your credit card contract indicates that it uses the Consumer Financial Protection Bureau`s definitions of credit card terms, each word or phrase in your credit card contract, which is highlighted, defines the definition under the terms set out below.
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