New laws and changes to existing regulations are changing the credit card industry. We've provided a summary of some of the key changes you may see on your Account to support these new regulations.
Consistent Payment Due Dates
- You will have the same payment due date every month, making it easier for you to plan your finances.
Timing of Statements
- Your statement will be sent a minimum of 21 days prior to when your payment is due. This provides more time for you to review your statement and schedule your payments.
Enhancements to your statement
Your billing statement has been redesigned to make managing and finding information regarding your Account even easier. The enhancements include:
- An estimate of how long it will take to pay off your balance if you make just the minimum payment each month.
- The amount you will need to pay in order to pay it off in 36 months.
- A summary of interest charges and fees paid to date is included, all designed to help you better manage your finances.
Application of Payments to Higher Interest Balances
- Any payment amount in excess of the Minimum Payment Due will be applied to balances with higher APRs before lower APRs. This means that you could pay less interest when you pay more than the Minimum Payment Due.
No Fees for Automated Payments
- There will be no fee for any payments made online or through our automated phone system. A fee only applies if you make a payment by phone with a Customer Service representative.
Crediting of Payments
- If we receive your payment at the payment address shown on your statement by 5:00 p.m. local time or if you submit a payment by phone or on-line by 5:00 p.m. PT, we will credit your payment as of the date of receipt. All payments received after these times will be credited as of the next day.
Over the Credit Limit Fees
- You will only be charged an Over the Credit Limit fee if you decide that you would like to have the ability to go over your credit limit. Unless you tell us otherwise, we may decline any transaction that causes you to go over your credit limit. If you want us to authorize these transactions, you can request Over the Credit Limit Coverage which may allow transactions that exceed your credit limit for a fee. Over the Credit Limit Coverage is not available on all accounts. To find out whether it is available on your account visit us online or call the number on the back of your credit card.
Limitations on Interest Rate Increases
- You will receive at least 45 days notice prior to the effective date of any change in terms to your Account, including any interest rate changes. The notice will include a summary of any changes, an option for you to opt-out of those changes, as well as additional information describing your right to opt-out.
- Interest rates cannot be increased on existing balances, unless; you are more than 60 days past due; your Account has a variable rate; you have an introductory or promotional rate; or your Account has a special payment arrangement that expires.
Acceptance of Change In Terms
- If you choose not to accept the new terms, you have the option of closing your Account and paying off any remaining balance under the existing terms.
Frequently Asked Questions:
What are the effective dates of the Credit CARD Act?
The new Credit CARD Act had three effective dates for various changes: August 20, 2009; February 22, 2010; and August 22, 2010.
Is the interest rate changing on my account?
If you have not received a communication from us, most likely the answer is no. If any changes are made to your Account, they will be reflected on your statement, and we also will notify you either by letter or by email, if you have agreed to receive information that way.
Is my statement going to change?
We have made several enhancements to your statement to provide more comprehensive information about your Account. You will now find an account summary, full payment information including repayment estimates, any changes to interest rates and how they are applied, and other useful information.
If I have other questions, where can I go for answers?
Information about your credit card Account can be found online at our websites, or by contacting any of our experienced Customer Service representatives at the number on the back of your card or on your statement. You may also visit the Federal Reserve Board‡ website.
