Washington 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.

Washington Credit Card Agreement and Disclosure Statement is a legal document that outlines the terms and conditions governing the use of a credit card issued by a financial institution in the state of Washington. This document serves as a contract between the credit cardholder and the credit card issuer, providing important information regarding the card's features, fees, interest rates, and other relevant details. The Washington Credit Card Agreement and Disclosure Statement typically includes the following components: 1. Cardholder Information: This section provides details about the credit cardholder, including their name, address, contact information, and card account number. 2. Terms and Conditions: Here, the agreement describes the general terms and conditions that apply to the credit card, such as the cardholder's responsibilities, the issuer's rights, and the governing law. 3. Credit Limit and Annual Percentage Rate (APR): This part of the agreement details the credit limit available to the cardholder and the applicable APR for purchases, cash advances, balance transfers, and other transactions. 4. Billing and Payments: The agreement outlines the cardholder's payment obligations, including the due date, acceptable payment methods, and any fees or penalties associated with late or missed payments. 5. Fees and Charges: This section specifies various fees associated with the credit card, such as annual fees, transaction fees, penalty fees, and foreign transaction fees. It also explains how these fees are calculated and when they may apply. 6. Grace Period and Finance Charges: The agreement defines the grace period, which is the time frame during which the cardholder can avoid paying interest on purchases. It also explains how finance charges are calculated and applied to outstanding balances. 7. Liability for Unauthorized Charges: This part outlines the cardholder's liability in case of unauthorized use or loss of the credit card, and the steps they need to take to report and dispute such charges. 8. Dispute Resolution and Arbitration: Some credit card agreements may include a section addressing dispute resolution, outlining the procedure for resolving disputes or claims through arbitration rather than litigation. It's essential to note that the specific terms and conditions provided in the Washington Credit Card Agreement and Disclosure Statement can vary among different credit card issuers, as they each have their own set of agreements catering to various credit card products or tiers. Some examples of Washington Credit Card Agreement variants may include reward credit cards, secured credit cards, student credit cards, business credit cards, and low APR credit cards. To ensure full understanding of the terms and conditions associated with any credit card, it is highly recommended for individuals to thoroughly read and comprehend the contents of the Washington Credit Card Agreement and Disclosure Statement before signing or accepting the credit card offer.