North Dakota 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.

The North Dakota Credit Card Agreement and Disclosure Statement is a legal document that outlines the terms and conditions between a credit card issuer and a credit card holder residing in North Dakota. This disclosure statement provides vital information about the credit card agreement, ensuring transparency and understanding for both parties involved in credit card transactions. The North Dakota Credit Card Agreement and Disclosure Statement typically includes various sections that cover important details such as interest rates, fees, payment obligations, credit limits, and dispute resolution procedures. By signing the credit card agreement, the cardholder acknowledges their acceptance and agreement to abide by the terms and conditions set forth by the credit card issuer. In North Dakota, there may be different types of credit card agreements and disclosure statements offered by various financial institutions. Some key variations may include: 1. Cashback Credit Card Agreement and Disclosure Statement: This type of credit card agreement offers cashback rewards on qualifying purchases made using the credit card. The agreement outlines the terms and conditions, including the percentage of cashback, eligible spending categories, and any limitations or restrictions. 2. Balance Transfer Credit Card Agreement and Disclosure Statement: This type of credit card agreement caters to individuals looking to transfer existing credit card balances onto a new credit card with potentially more favorable terms. The agreement will specify the promotional balance transfer rate, duration, fees, and other associated terms. 3. Rewards Credit Card Agreement and Disclosure Statement: This agreement pertains to credit cards that offer rewards points or miles for purchases made using the card. The agreement details the earning structure, redemption options, expiration policies, and any applicable fees or limitations. 4. Secured Credit Card Agreement and Disclosure Statement: This type of credit card agreement caters to individuals with limited or poor credit histories. It outlines the terms and conditions for a credit card that requires a security deposit, which acts as collateral for the credit limit. When obtaining a credit card in North Dakota, it is essential for consumers to carefully review the Credit Card Agreement and Disclosure Statement before signing and using the credit card. This document serves as a legally binding contract that both parties must adhere to throughout the cardholder's use of the credit card.