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Credit Card Agreement Law
Credit card companies are now required under the Credit CARD Act to make copies of all credit card agreements available to the public.
The Card Member Agreement is a contract that defines the terms and conditions of using the particular credit card, as well as penalties that may apply for missing payments or violations of other terms of the agreement. Credit card companies mail these agreements to customers when they first issue the credit card.
Unfortuneately, many cardholders trash or lose the agreement and then only receive notifications when the issuer makes changes in terms. While this helps save the environment by not having to print and resend the entire agreement, those cardholders no longer have a full copy of the terms. The new credit card reform law solves that problem, plus allows consumers to access the full agreements even if they aren't current accountholders -- something that was not possible before the CARD Act.
According to the Fed: "The Board continues to believe that, to enable consumers to shop for credit cards and compare information about various credit card plans in an effective manner, it is necessary that the credit card agreements posted on the Board's Web site include rates, fees and other pricing information."
Some credit card issuers have posted agreements that include a range of interest rates. If you are a current account holder and want a copy of your specific agreement, you can request one on the issuer's site or call the toll-free customer service number listed on the back of your credit card.
The larger credit card issuers offer a wide variety of credit cards. In trying to find the credit card agreement for your particular account, you may have to search through the list for the type of card you have (for example, a gas card or rewards card) and then the specific card.
Here are links to credit card agreements:
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