Description
The Card Information Box and Disclosure Statement is a document that outlines all the key rates, fees, and terms for using a credit card account. It serves as a summary box containing the important details a customer needs to understand the costs and conditions of the credit card.
Some of the main sections included are:
Interest Rates:
- Annual interest rates for purchases, cash advances, promotional rates, and any introductory rates
- How interest rates may increase after account opening due to missed payments
- Any interest-free grace periods for different transaction types
Minimum Payment:
- How the minimum payment amount is calculated
- What amounts are included in the minimum payment (e.g. interest, fees, installment plans)
- Special minimum payment calculations based on region/province
Foreign Currency Conversion:
- Rates and fees for transactions made in foreign currencies
Fees:
- Annual fees, if applicable
- Cash advance fees
- Balance transfer fees
- Fees for going over the credit limit
- Fees for dishonored payments or requesting additional documentation
It also covers other terms like:
– How payments are allocated to different balances
– Conditions around special introductory rates on cash advances or balance transfers
– Rules around installment/promotional plans
– General rights of the issuer to make changes
The template allows the issuing bank to insert their specific interest rates, fees, and credit card account terms and conditions. It provides customers with a standardized format to disclose and explain the costs and terms associated with using that particular credit card product.
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