Cfpb Credit Card Agreements Database
If you have any questions about the agreements themselves, contact the card issuer directly. An agreement is eligible for the private label exemption only if it is offered for accounts under one or more private label credit card plans with fewer than 10,000 open accounts and is available to the public only for accounts under such a plan. For example, a card issuer offers a unique agreement to the public. The agreement is available for private label credit card accounts with credit cards that can only be used at Merchant A. The card issuer has more than 9,000 accounts opened with credit cards that can only be used at Merchant A. The agreement is also offered for credit card accounts with credit cards that can be used at multiple disconnected merchants participating in an extensive payment network. The agreement is not eligible for the private label credit card exception. The agreement is offered for accounts under a private label credit card plan with fewer than 10,000 accounts open. However, the agreement is also available to the public for accounts that are not part of a private label credit card plan and are therefore not eligible for the private label credit card exemption. (v) Agreements entered into at the request of the Cardholder under section 1026.58(e)(1)(ii) or (e)(2) may be provided by the Issuer in electronic or paper form, regardless of the form of the Cardholder`s application. 3.
Affiliated Dealer Group. The term „group of related professionals“ refers to two or more related merchants or other persons related by co-ownership or joint control. For example, the term would include franchisees who are subject to a common set of company policies or practices under the terms of their franchise licenses. The term also applies to two or more merchants or other persons who contractually or otherwise agree to accept a credit card bearing the same name, trademark or logo (other than the trademark, logo or trademark of a payment network) for the purchase of goods or services exclusively from such merchants or persons. For example, several local clothing retailers jointly agree to issue credit cards called „Main Street Fashion Cards,“ which they can only use to shop at these retailers. For the purposes of this Section, these retailers are considered to be a related group of distributors. 1. The prerequisite is for all open accounts. The obligation to grant access to credit card contracts under section 1026.58(e) applies to all credit card accounts opened, which such agreements must be submitted to the Agency in accordance with section 1026.58(c) (or must be published on the card issuer`s website in accordance with section 1026.58(d)). For example, a card issuer that is not required to submit agreements to the Presidium because it qualifies for the de minimis exception under Article 1026.58(c)(5)) would continue to be obliged to grant cardholders access to their specific agreements under Article 1026.58(e). Similarly, an agreement that is no longer available to the public would not have to be submitted to the Presidium in accordance with § 1026.58 (c), but should be made available to the cardholder to whom it applies in accordance with § 1026.58 (e).
(i) publish and maintain the cardholder`s consent on its website; or 3. Amendments to price agreements do not constitute separate agreements. Pricing information, which may vary from cardholder to cardholder, depending on the cardholder`s credit score, country of residence or other factors, must be disclosed by describing all possible variations or indicating a number of possible variations. Two agreements which differ only in discrepancies in price information do not constitute separate agreements for the purposes of this Section. For example, a card issuer offers two types of credit card accounts that differ only in the APR of the purchase. The purchase APR for one type of account is 15%, while the purchase APR for the other type of account is 18%. The terms of the agreement and the pricing information for both types of accounts are also identical. The card issuer should not submit to the Bureau an agreement that includes a price information addendum that lists an APR of 15% and another agreement with a price information addendum with an APR of 18%.
Instead, the card issuer would have to present the office with an agreement with a price information addendum that lists the possible purchase APRs of 15 or 18 per cent. 4. Clarification of the deadline for the provision of the requested agreements. Sections 1026.58(e)(1)(ii) and (e)(2) require that credit card contracts provided upon request be sent to the cardholder or otherwise made available to the cardholder in electronic or paper form no later than 30 days after receipt of the cardholder`s application. For example, if a card issuer decides to respond to a cardholder`s request by sending a hard copy of the cardholder`s agreement, the card issuer must email the agreement no later than 30 days after receiving the cardholder`s request. If a card issuer responds to a cardholder`s request by posting the cardholder`s consent on the card issuer`s website, the card issuer must publish the agreement on its website no later than 30 days after receiving the cardholder`s request. Paragraph 1026.58(e)(3)(v) provides that a card issuer may submit agreements with the cardholder in electronic or paper form, regardless of the form of the cardholder`s application. I. Paragraph 1026.58(d) provides that a card issuer may comply with the agreement in respect of an agreement offered only for accounts under one or more private label credit card plans by posting and maintaining the agreement on the website by at least one of the merchants who may use the cards issued under each private label credit card plan with 10,000 accounts opened or more.. .
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