Alaska Credit Card Agreement and Disclosure Statement

• Category: Loans and Lending - Credit Cards
• State: Multi-State
• Control #: US-02563BG
• Format: Word; Rich Text

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.

Alaska Credit Card Agreement and Disclosure Statement is a comprehensive document that outlines the terms and conditions of using an Alaska credit card. It serves as a legally binding agreement between the cardholder and the credit card issuer, providing vital information about interest rates, fees, billing procedures, and cardholder responsibilities. The Alaska Credit Card Agreement and Disclosure Statement typically includes several sections covering various aspects of the credit card usage. Key terms and keywords often found in this document are: 1. Annual Percentage Rate (APR): The APR is the interest rate charged on the outstanding balance and is an essential component of the agreement. It specifies both the introductory and regular APR's applicable to purchases, balance transfers, and cash advances. 2. Grace Period: This section outlines the number of days provided to the cardholder to pay off their balance interest-free before the interest accrues. 3. Fees and Penalties: Details about various fees associated with the credit card, such as annual fees, late payment fees, over-limit fees, and cash advance fees, are stated here. Additionally, the agreement may mention penalties for default, returned payments, or a breach of agreement. 4. Billing and Payment: The agreement offers a clear explanation of the billing cycle, due dates, and the cardholder's responsibilities to make timely payments. It may also provide information on payment allocation methods and how to handle errors or disputes. 5. Credit Limit: This section defines the maximum amount of credit extended to the cardholder and describes how credit limits can be increased or decreased based on creditworthiness. 6. Rewards Program: If applicable, the agreement may outline the terms and conditions of any rewards program associated with the Alaska credit card. It may specify how rewards are earned, redeemed, or expire. 7. Balance Transfer and Cash Advance Terms: In case the credit card offers balance transfer or cash advance facilities, this section discloses the conditions, fees, and interest rates associated with these services. 8. Additional Provisions: The agreement may contain additional provisions related to arbitration, dispute resolution, and the rights and obligations of the cardholder and the credit card issuer. Different types of Alaska Credit Card Agreement and Disclosure Statements may exist depending on the specific credit card products offered by the issuer. Examples include the Alaska Airlines Visa Signature® Credit Card Agreement and Disclosure Statement or the Alaska Airlines Visa Business Credit Card Agreement and Disclosure Statement. These cards may offer unique benefits and features tailored for specific customer segments, such as frequent flyers or business owners. It is crucial for potential cardholders to carefully review the appropriate agreement and disclosure statement that corresponds to the specific Alaska credit card they are interested in obtaining.