Oregon 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 Oregon Credit Card Agreement and Disclosure Statement is a legal document that outlines the terms, conditions, and fees associated with a credit card issued in the state of Oregon. This agreement serves as a contractual agreement between the credit card issuer and the cardholder, providing important information about the credit card's features and requirements. In Oregon, there are different types of Credit Card Agreement and Disclosure Statements, each catering to specific consumer needs. Some common types include: 1. "Standard Credit Card Agreement and Disclosure Statement": This type of agreement is the most commonly used and provides the basic terms and conditions applicable to a standard credit card offered in Oregon. It typically covers topics such as the card's annual percentage rate (APR), credit limit, minimum payment requirements, late payment penalties, and grace period. 2. "Secured Credit Card Agreement and Disclosure Statement": Designed for individuals with limited credit history or damaged credit, this agreement outlines the terms of a secured credit card. Secured credit cards require a cash deposit, which serves as collateral, to establish a credit limit. This agreement includes information on how the deposit is held, how it earns interest (if applicable), and under what conditions it can be refunded. 3. "Rewards Credit Card Agreement and Disclosure Statement": This agreement is geared towards credit cards that offer reward programs, such as cashback, travel points, or loyalty points. It specifies how rewards are earned, redeemed, and any associated fees or restrictions. 4. "Balance Transfer Credit Card Agreement and Disclosure Statement": This agreement pertains to credit cards that allow cardholders to transfer balances from other credit cards at a low or zero-interest rate for a specific duration. It outlines the terms and fees associated with balance transfers and may also include information on how payments are allocated between transferred balances and subsequent purchases. The Oregon Credit Card Agreement and Disclosure Statement typically includes key legal language and disclosures provided by the credit card issuer to comply with state and federal regulations. It is crucial for consumers to review and understand this document thoroughly before applying for or using a credit card to ensure they are aware of their rights, responsibilities, and financial obligations.