Truth In Lending Disclosure
KINDLY PRINT A COPY OF THIS NOTICE AND RETAIN FOR YOUR RECORDS
Annual Percentage Rate: A variable rate, currently 23.23 % as of January 1, 1998 (Fixed 24.98% for Accounts 30 days or more past due)
Variable Rate Information: Your Annual Rate may vary monthly. The rate is equal to the index** + 14.73 %.
Grace Period repayment of the Balance for Purchases: At least 25 days*
Method of Computing the Balance for Purchases: One Cycle Average Daily Balance (including new purchases) Effective with your June 1998 Billing Cycle. Two Cycle Average Daily Balance (including new purchases).
Annual Fee: None
Minimum Finance Charge: $0.50
Late Payment Fee: $25.00
Over the Credit Limit Fee: $22.00
*Unless you have a promotional balance; in this case you must pay your entire outstanding balance, during the first billing cycle following the promotional purchase in order to avoid FINANCE CHARGES on your current rate balance.
**The index is the "Prime Rate" as published in the "Money Rates" section of the Wall Street Journal on the 15th day of each calendar month (or the next business day if the 15th day falls on a weekend or holiday) preceding the month the billing date occurs. The information about the costs of the credit card described in this application is accurate as of 1/98. This information may have changed after that date. To find out what may have changed, please call (800)333-1071, or write to: Bank One, NA, P.O. Box 276, Dayton, Ohio 45401.
CARECREDIT REVOLVING CREDIT PLAN AGREEMENT AND DISCLOSURE STATEMENT BANK ONE, NA, DAYTON, OHIO
This condensed revolving credit agreement and disclosure statement ("Agreement") together with the full disclosure statement which you will receive with your credit card, governs the use of your Account. Please read it and keep a copy of it for your records. In the event of any inconsistency between the terms of the condensed revolving credit agreement and the full disclosure statement, the terms of the full disclosure statement will control. In this Agreement the words "you", "your", and "Cardholder" mean each and every person who was issued a card and/or, signed the application and is contractually liable. The words "we", "us", "our" and Bank One mean BANK ONE, NA, in Dayton, Ohio. The words "Card" or "Cards" means the credit card(s) issued by Bank One. The word "Account" means a sole or joint credit card account with us.
1. Fees and Charges:
A. Returned Payment - Should a check which was sent to us and credited to your Account be returned to us for any reason, a $25.00 Returned Check Fee will be charged to your Account.
B. Late Payment - If we do not receive the minimum periodic payment by the payment due date shown on your periodic billing statement, we will charge the Account $25.00.
C. Over the Credit Limit - We will charge the Account $22.00 for each billing cycle in which your "New Balance" exceeds your credit limit.
D. Minimum Finance Charge - A minimum finance charge of fifty cents ($.50) will be charge to the Account for any billing period in which a finance charge is due.
E. Issuance - We reserve the right to institute a charge for the issuance or reissuance of any card for the reinstatement of any privilege which has been suspended.
F. Processing of Non-U.S. Dollar Payments - If a payment is not made in U.S. Dollars, we may charge the Account $10.00.
G. Update Fee - If we agree to update the Account from a delinquent status to a current status, we will charge the Account $5.00.
H. Document Fee - If a copy of any statement, sales draft or similar document is provided by us at your request (except in connection with billing error inquiries or resolution), we will charge the Account the following fee(s): (i) Statement copy - $6.00 (ii) Sales/Credit Draft copy - $6.00 (iii) Research fee - $15.00 per hour (only applicable if extensive investigation is required)
I. Miscellaneous Charges - You agree to pay any other amount incident to the application for and the opening, administration, and termination of the Account, including, but not limited to, taxes, charges or fees and any penalties or interest thereon for you and add said amount to the Account balance.
2.Balance Computation Method: Currently, we figure Finance Charges on you Account at the end of each billing cycle by effectively applying a monthly periodic rate to the Average Daily Balance on your Account for each day of the current billing cycle. Effective with your June, 1998 Billing Cycle: We figure Finance Charges on your Account at the end of each billing cycle by effectively applying a daily periodic rate to the Average Daily Balance on your Account for each day of the current billing cycle. We calculate the Average Daily Balance on your Account using a Two Cycle Average Daily Balance method.
The Average Daily Balance is calculated separately for Current Rate purchases and for each Special Purchase program. "Current Rate" purchases are regular revolving rate purchases which are not made under a Special Purchase Program. The Average Daily Balance for Current Rate purchases and/or each Special Purchase Program is the sum of the Daily Balances during the current billing cycle divided by the total number of days in the current billing cycle. Additionally, effective with your June, 1998 Billing Cycle, if no Finance Charges were imposed on new purchases in the previous billing cycle, the sum of the Daily Balances during the previous cycle divided by the total number of days in the previous billing cycle will be added to the Average Daily Balance.
The Daily Balance for Current Rate purchases and for purchases made under a Special Purchase program is calculated by (i) taking the beginning balance each day (including unpaid Finance Charges, fees and insurance premiums, as applicable), (ii) subtracting any payments, or credit adjustments, then (iii) adding new purchases, Finance Charges, fees, debit adjustments and insurance premiums, (as applicable). We will also add periodic Finance Charges calculated on the prior day's Daily Balance.
3. Computation of Finance Charges: Finance Charge Calculation: You will receive 90 days deferred interest on the first transaction made on this Account. No Finance Charges will be incurred if you pay the amount of your first purchase in full on or before three (3) monthly billing cycles from the date of purchase. The minimum periodic payment amount must still be made each month. If the first purchase amount is not paid in full by the payment due date set forth in the third (3rd) monthly billing statement, Finance Charges on the "Average Daily Balance" amount shown on the periodic statement will be calculated from the date of the purchase until paid in full. Finance Charges which accrue after the "Statement Date" will appear on the next periodic statement. Following the first purchase, no Finance Charges on purchases charged to the Account will be calculated if the "New Balance" shown on the periodic statement is paid in full on or before the "Payment Due Date" shown on the periodic statement. However, if you have a promotional balance from a Special Purchase Program described in paragraph 12 of your full Agreement you receive with your credit card, payments made by you during the promotional period will be applied to any promotional balance on your Account before being applied to any portion of your "New Balance" from Current Rate purchases. In this case, you must pay your entire outstanding balance, including any promotional balance, during the first billing cycle following the promotional purchase in order to avoid Finance Charges on Current Rate purchases. If you do not pay the full amount of the "New Balance" on or before the "Payment Due Date", Finance Charges are calculated on the "Average Daily Balance" shown on the periodic statement from the transaction date until paid in full. "Finance Charge" which accrue after the "Statement Date" will appear on the next periodic statement.
Your Finance Charges will be a total of each days "Average Daily Balance" multiplied by the Monthly Periodic Rate. The Monthly Periodic Rate is equal to 1/12th of the Annual Percentage Rate. The Monthly Periodic Rate and corresponding Annual Percentage Rate use to compute the Finance Charge will be a variable rate. This means that the Monthly Periodic Rate and Annual Percentage Rate may vary monthly. The change will be effective as of the day after the last periodic statement of each calendar month and will be calculated by adding Fourteen and 73/100 percent (14.73%) to the "Prime Rate" published in the "Money Rates" section of the Wall Street Journal ("Index") on the fifteenth (15th) day of each calendar month (or the next business day if the 15th day falls on a weekend or holiday). If the index is no longer published or if there is a material change in the index, Bank One may choose and alternative interest rate index which is based on comparable information. Bank One will notify you in writing of such alternative Index. At no time will the Annual Percentage Rate be less than 21.98% (monthly periodic rate of 1.831% daily periodic rate of .0602% or more than 23.98%(monthly periodic rate of 1.998%, daily periodic rate of .0657%) for all transaction amounts except as provided for delinquent Accounts in Paragraph 11B of your full disclosure statement you'll receive with your credit card, Annual Percentage Rate means that you may pay a larger Finance Charge and minimum payment and a decrease means you may pay a smaller Finance Charge and minimum payment. Each change in the periodic rate or the corresponding Annual Percentage Rate will apply to any outstanding balance on the effective date as well as to future transactions. As of January 1, 1998, the Monthly Periodic Rate was 1.936%, the Daily Periodic Rate was .0636% and the Annual Percentage Rate was 23.23%.
Effective with your June, 1998 billing cycle you will receive 90 days deferred interest on all purchases of $300.00 or greater. No Finance Charges will be incurred if you pay the amount of a purchase $300.00 or greater in full on or before three (3) monthly billing cycles from the date of purchase. The minimum periodic payment amount must still be made each month. Finance Charges will be calculated in accordance with the methodology set forth in paragraphs 3 above, except that wherever the words "Monthly Periodic Rate" appear, they are replaced with the words "Daily Periodic Rate." The Daily Periodic Rate is equal to 1/365th of the Annual Percentage Rate. All Daily Periodic Rates that apply to your Account are stated in the above paragraphs.
4. Credit Investigation/Credit Report: You authorize us at any time to make whatever credit investigation we feel is proper to evaluate your credit, financial standing and employment, including but not limited to, obtaining a credit report from consumer reporting agencies.You authorize your employer (past, present or future) and other references to release and/or to verify information to us at any time. You agree that we may furnish information concerning your Account to consumer reporting agencies and other proper parties..
5. Change of Terms: You agree that we may change or amend the terms of this Agreement at any time including the Finance Charge, Annual Percentage Rate, or minimum payment amount, whether increased or decreased, may be effective to both the outstanding account Balance and future transactions.
6.Minimum Monthly Payment: You must make at least the Minimum Monthly Payment each month.The Minimum Payment will be the total of your payments required by your Current Rate purchases and any purchase made under a Special Purchase Program which requires a Minimum Payment. The Minimum Payment will be 3% (rounded to the nearest whole dollar) of the outstanding "Balance" on the Account as shown on the periodic statement, or $10.00 whichever amount is greater. You may make payments greater than the minimum amount or additional payments at any time without a prepayment penalty, but doing so will not relieve you of your obligation to pay any future payment(s). We can accept late or partial payments, as well as payments that are marked "paid in full" or with other restrictive endorsements, without losing any of our rights under this Agreement. Payment must be received by us at our address stated on your billing statement on or before the payment due date stated on that billing statement.. Your statement will indicate how much your total Minimum Payment must be.
7. Lost or Stolen Cards: If you believe that your Card is lost, stolen, or is being used in an unauthorized manner, you agree to notify us immediately, either orally or in writing (if by telephone, please confirm the telephone call in writing). You can call us at 1-800-333-1071 and/or write us at: BANK ONE, NA/CareCredit, P.O. Box 276, Dayton, Ohio 45401. Your liability will not exceed the lesser of $50.00 or the amount of money, property or services obtained by such use prior to notification. You will not be liable for unauthorized use of your Card which occurs after notifying us.
8. Security Interest in Purchases: You have granted us a purchase money security interest under the Uniform Commercial Code in all merchandise charged to the Account, including but not limited to: furniture (bedding, mattresses, box springs, tables, dinettes, couches, chairs, etc.) satellite dishes (including any related equipment), jewelry (rings, bracelets, necklaces, watches, porcelain, figurines, precious gems and metals, including gold and silver, etc.), home improvement materials (cabinets, etc.), outdoor power equipment (lawnmowers, chainsaws, etc.). If an event of default occurs, this security interest allows us or our assignee to repossess only the merchandise which you have not paid in full. You are responsible for any loss or damage to the purchased merchandise until the price is fully paid. If you default, we may take possession of the merchandise charged to the Account, sell it and apply the proceeds to the unpaid Account balance. You will pay our expenses in taking possession of and selling the merchandise. If the proceeds are not enough to pay those expenses, along with the unpaid Account balance, you remain liable for and must pay the difference. You are entitled to any excess if the proceeds are more than you owe us.
9. Controlling Law: This Agreement shall be governed solely by and interpreted in accordance with the laws of the State of Ohio or, to the extent such laws are superseded because we are a national banking association, by the banking laws of the United States regardless of where you reside. We will process the Account application, make the decision to open the Account, approve the Account and advance credit to you from our Ohio offices. You agree that all terms, conditions, and other provisions relating to the method of determining the balance upon which the interest rate of Finance Charges are applied, and other terms of this Agreement, shall be deemed to be material to the determination of the interest rate.
FAIR CREDIT BILLING ACT DISCLOSURES YOUR BILLING RIGHTS - KEEP THIS NOTICE FOR FUTURE USE
This notice contains important information about your rights and our (BANK ONE, N.A.) responsibility under the Fair Credit Billing Act.
Notify Us In Case of Errors or Questions About Your Bill: If you think your bill is wrong, or if you need information about a transaction on your bill, write us on a separate sheet at the address listed on you bill. Write to us as soon as possible. We must hear from you no later than 60 days after we sent you the first bill on which the error or problem appeared. You can telephone us, but doing so will not preserve your rights.
In your letter, give us the following information: 1. Your name and account number. 2. The dollar amount of the suspected error. 3. Describe the error and explain, if you can, why you believe there is an error. If you need more information, describe the item you are not sure about.
If you have authorized us to pay your credit card bill automatically from your savings or checking account, you can stop the payment on any amount you think is wrong. To stop payment your letter must apply any unpaid amount against your Credit Limit. You do not have to pay any questioned amount while we are investigating, but you are still obligated to pay the parts of your bill that are not in question.
If we find that we made a mistake on your bill, you will not have to pay any finance charges related to any questioned amount. If we did not make a mistake you may have to pay finance charges, and you will be required to make up any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date that it is due.
If you fail to pay the amount that we think you owe, we may report you as delinquent. However, if our explanation does not satisfy you and you write to us within ten (10) days telling us that you still refuse to pay, we must tell anyone we report you to that you have a question about your bill. And, we must tell you the name of anyone we reported you to. We must tell anyone we report you to that the matter has been settled between us when it finally is. If we do not follow these rules, we cannot collect the first $50 of the questioned amount, even if your bill was correct.
Special Rule For Credit Card Purchases: If you have a problem with the quality of property or services that you purchased with a credit card, and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount due on the property or service. There are two limitations on this right: (a) You must have made the purchase in your home state or, if not within you home state, within 100 miles of your current mailing address; and (b) The purchase price must have been more than $50. These limitations do not apply if we own or operate the merchant, or if we mailed you the advertisement for the property or services.
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