Summarize credit card terms and conditions
Yaoda Xie
Business Law 12
8:35--10:10am
Kellogg C D
JEWELRY ACCENTS CREDIT SUMMARY
The key credit terms of the jewelry accents credit card agreement are as follows:
1. Annual Percentage fate for purchases and cash advances: 23.99%
2. Delinquency rate: If you do not pay your payment on time, you interest percentage will up to 24.75%, until your following 12 payments pay on time, the interest percentage will be reduce to lower.
3. Variable rate information: Annual percentage rate for all accounts may vary and will equal the prime ate plus 14.73%, but in no event less than 23.99%
4. Grace period for repayment of the balance for purchases: 25 days of no previous balance and full payment is made: otherwise none.
5. Method of computing the balance for purchases: Two Cycle average daily balance (including new purchases).
6. Minimum finance charge: $1.00.
7. Late payment fee: $15 if the balance is $0-$99.99; $29 if the balance is $100.00-$999.99; and $35 if the balance is $1000 or more.
8. Over limit fee: $29.
9. Returned check fee: $29.
10.Transaction fee for cash advances: 4% of the amount of each cash advance, but not less than $5 or more than $50.
No Interest if paid within 90 days: if you pay full amount 3 months no interest, you need pay finance charge, if you do not make minimum payment, our special promotional offer will be assessed.
INTIAL DISCLOSURE STATEMENT
Read the initial disclosure statement, carefully with some” means”, and keep the jewelry accents credit card agreement for your record. The borrowers are you, your, and yours; us, we, and our refer to GE Captital Consumer Card Co. Card means that your Jewelry Accents Credits Card that can be make purchases, you have responsible and liable when you use your account.
Periodic finance charges.
A. When you see your credit card, there is a due date for the payment of the balance. The periodic finance charge is on purchases and the cash advance if you do not pay the whole amount of the balance. If you pay complete amount of your balance, there will not be imposed the finance charge on your account
B. To determine the daily periodic finance charges multiply the periodic Rate by daily balances of purchases or cash Advance and add all daily periodic finance changes together. The minimum finance charge is $1.
C. If you have made purchase under the special payment plan, periodic finance charges will be in accordance to this special deal.
Periodic rates.
A. The periodic rate for your account is the standard rate, the prime rate plus 14.73%, times 1/356, or 0.0657% (Annual percentage rate 23.99%). The standard rate can not exceed 0.0678%. (Annual percentage rate 24.75%).
B. When standard rate applies, annual percentage rate may vary. If the prime rates increase, the periodic rate and corresponding may increase too.
C. If you do not pay your payment on time, the rate will up in your statement, until 12 payment pay on time the rate will be 0.678%.
Balance subject to periodic finance charges.
A. To calculate the daily balance of purchases in the current billing, the amount will add new purchase fee, transaction fee, debt cancellation fee, and credit insurance premiums together. Also the other debits assessed that day and subtract payment or credits issued on that day.
B. To calculate the daily Balance of Cash Advances in the Current Billing period. We will take the beginning daily balance of cash advances in your current billing period, then add to cash advance and assessed on that day.
C. To calculate the daily balance of new purchases in the previous billing period, the previous billing period add to daily balance of new purchases of your account and add debits assessed on that day.
D. Daily balance less than zero will posted to your account at zero.
When periodic finance charges begin to accrue. Period finance charge accrue is from the day included daily balance of the account, until the charge is paid in full. Also, you can avoid the period finance charge on new purchases you pay on special payment plan that in full payment. Cash advances of transaction fees can not avoid periodic finance charges.
Payment. You are at least pay minimum payment first; your minimum payment will be greater of $10 or 3% of the new balance rounded to the next lowest dollar. You must pay any due amounts. We reserve the right to select the method to your account in our sole discretion. If you do not understand the payment of allocation method on your payment, your payment may affect finance charge on your account.
Fees. You agree to pay the following:
Late fee: we will charge you a late fee of $15 if your balance is under$99.99, $29 for $100 to 999.99. $35 for a balance of $1000 or more.
Returned check fee: For a check is dishonored or needs to return, the charge is $29.
Over limit fee: For exceeds your credit limit to unpaid finance charge or other fee$29.
Transaction fee: Finance charge equal to 4% of the amount of the cash advance with a minimum of $5 and a maximum $50.
A returned loan check: check is dishonored of insufficient, bankruptcy, expired, you account closed the charge is $20.
A stop payment fee: If you request us to stop payment on a check the fee $20.
Security interest: you need to grant us a purchase money security interest in each item of merchandise purchased on your account to secure its unpaid purchase price until merchandise is paid in full. In the requirement of applicable law, your payment will be allocated to finance charge, then pay the purchases of price is lower on the same day first.
Change in terms. We will change, add, and delete provisions of the agreement by applicable law
Arbitration. You have right to participate court of have a jury trial, discovery and appeal rights. Also you have right to reject the arbitration provision.
Your Billing rights-keep this notice for future use.
Notify us in case of errors or questions about your bill.
If you think the bill is wrong or need more information about transaction, you need to write us a letter including your name, account number, the dollar amount of error, and describe the error and explain. You can not notice us later 60 days.
Your right and our responsibilities after we receive your written notice.
We must acknowledge your bill within 30 days. If we did something wring, you do not need to pay any charges for that amount. Otherwise, you need to pay the charges. If you fail to pay the amount that we think you own, we may report you as delinquent. If we make mistake on your payment, you do not need to pay question amount. If we do not make mistakes, we will send a statement of the amount you own. If we do not follow these rules, we can not collect the first $50 of the questioned amount, even if your bill was correct.
Special Rule for credit card purchases. Purchase within your state or within 100 miles of your address; and purchases over $50. There two limitations do not apply is we own or operate the merchant, or if we mailed you the advertisement for the property or services.
Privacy policy. Our policy only to consumer Jewelry accents credit card accounts of GE Capital Consumer Card Co. the term refers to both jewelers of America and to every one that accepts the jewelry accents credit card.
Information we collect. Information we receive from you on applications or other form. Your transactions with us or 3rd parties though you use our services. Also online using cookies and password for you to track your website usage.
Information we share with others. We will share all information we collect subject to applicable law.
Merchant and its affiliates. In connection with Jewelry Accents Credit Card or law information they may use to answer questions about your account to assist them in activities because the perform is purposes permitted by law.
Service providers. We will prepare billing statement and promotional materials and responding to customer inquiries.
Financial institutions with whom we jointly offer financial products. Loan products of credit insurance, if your billing address is in Vermont this information will be limited to your name and contact information and transaction and experience information on your account.
Our affiliates, who are other companies in the General Electric company corporate family. You have right to opt out of sharing of credit eligibility information, from credit bureaus and application.
Third parties, two are interested in offering special products or services to you.
Subject to your right to opt out as provided in your choice section.
Others: We report account information, credit limit, balances and payment information to credit bureaus. Also, we buy and sell assets.
Please do not share information about me with companies outside the GE family, other than with merchant and its affiliates for use in connection with the jewelry accents credit card program and as otherwise permitted by law. And please do not share with companies within the GE family information you use to determine my eligibility for credit.
Important notes about your choice. We will continue to share information with the merchant associated with your account. If you have a joint, a request by one party will apply to all parties on the account. The process of your will take several weeks to ensure your preference. Even if you opt out, we will continue to provide you with new benefits.
Vermont Residents: If you billing address is in Vermont, we will code your account as if you had exercised the opt-out choice described above and you do not need to contact us in order to opt out.
Our security procedures. We limit access to personal and account information to those employees and agents who assist us in providing products and services to you.
