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Credit and Charge Cards

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30 days but no later than the delivery of the card. What Must Be Disclosed. When you apply for a credit or charge card a card issuer must either disclose ...

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Credit and Charge CardsPage 1Credit andCharge CardsPage 2Credit and Charge Cards2Credit andCharge CardsWhat Consumers Should Know about the Cost and Terms of CreditUsing credit and charge cards to pay for purchases is a fact of life for consumers today. Many people have atleast one credit card if not more than one card.Applications and solicitations for credit and charge cards are readily available. You may find them in takeone racks in stores and restaurants in some magazines or catalogs or in your mail at home even if youhavent asked for an application.Credit Cards vs. Charge CardsMany people use the terms credit card and charge card interchangeably but there are important differences. Ingeneral a credit card lets you make purchases for which you are billed later. Most credit card accounts allowyou to carry a balance from one billing cycle to the next; however you have to pay interest on that balance.Usually you have to pay at least a certain amount of your balance each time you receive a bill.A charge card is a specific kind of credit card. The balance on a charge card account is payable in full when thestatement is received and cannot be rolled over from one billing to the next. Because you cannot carry abalance a charge card doesnt have a periodic or annual percentage rate so there is no rate for a charge cardissuer to disclose.Uniform DisclosuresTo make sure that consumers receive detailed and uniform disclosures of rates and other cost informationrelated to credit and charge card accounts Congress passed the Fair Credit and Charge Card Disclosure Act in1988. To implement the law the Federal Reserve amended its Truth in Lending regulation (Regulation Z).Truth in Lending is designed to help consumers know the cost and terms of credit. The regulation requirescredit and charge card issuers to reveal important information in a clear easytoread and easytocomparemanner so that consumers can shop for the credit terms that work best for them. This pamphlet summarizess ...

Source: www.frbsf.org

 

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