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220. I got an application for a credit card that didn't state interest rate and fees. Is this legal?




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This article is from the Credit cards and Consumer Credit FAQ, by adams@spss.com (Steve Adams) with numerous contributions by others.

220. I got an application for a credit card that didn't state interest rate and fees. Is this legal?

No. The U.S. Fair Credit and Charge Card Disclosure Act requires
issuers of charge or credit cards (including retail stores) to
reveal certain basic information in tabular form with the applica-
tion or the "preapproved" solicitation. This basic information
includes interest rate (APR), annual fee, and grace period.
Disclosures must also be provided before annual renewal if the card
issuer imposes an annual fee.

Source: {Consumer Rights} pamphlet, mentioned in part 1 of this FAQ
list. If you have a problem, the agency to complain to depends on
the nature of the card issuer (Federal Savings Bank, National Bank,
credit union, etc.); see the pamphlet.


 

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previous page: 219. I saw an ad for a credit card I've never heard of. What's the story?
  
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next page: 300. Lists of Good Credit Cards