Answers About Credit Cards

Select from the following questions about credit cards.


I was receiving my monthly credit card statement, but now I am not. What can I do?

Notify your credit card company that you are not receiving your monthly statements. You should also file a written billing error dispute with the bank. (Send this to the address specified after "Send Billing Inquiries to:" on the statement. This address is usually different from where you send your payment.)

File your dispute within 60 days of the date you should have received your statement. If you are waiting for your statements to arrive before making your payments, then you could be incurring late fees or interest charges.

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Can the bank change my credit card from a MasterCard to a Visa—or from a gas card/department store card to a MasterCard?

Yes. The bank can substitute one credit card for another credit card, as long as the cardholder requested or applied for and received the original credit card. Substitution is permissible as long as only one account remains active for use. Substitution may occur because there is a change in the account relationship, such as a change in the bank name, the name of the card, or the features of the card.

The law does not permit the mailing of unsolicited credit cards. However, the law does permit the bank to convert a credit card from a MasterCard to a Visa, or a gas card to a MasterCard or Visa, and to send renewal credit cards.

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My new credit card won't work. What should I do?

Most new credit cards are sent in a de-activated state to the mailing address you provided on your application. This is to prevent unauthorized use should the card be stolen in the mail before you receive it.

Instructions on how to activate the card will be enclosed. If you don't see them, call your credit card company.

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Does the Truth in Lending Act apply to credit cards issued for business purposes?

The Truth in Lending Act does not apply to credit extended for business purposes unless a credit card is involved. If a credit card is involved, the requirements of the regulation that govern the issuance of and liability for unauthorized use do apply.

Credit cards for business purposes can't be issued on an unsolicited basis. Also, if the card is lost or stolen, the cardholder must not be held liable for more than $50 for the unauthorized use of the card.

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When I apply for a loan/credit card, can the bank request income information?

Yes. Your income is one measure of your ability to repay the loan you requested. The request of this information is a safe and sound banking practice.

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Which States' usury laws apply to credit card accounts?

Federal banking laws and regulations do not determine the rate of interest national banks may charge on credit cards and other types of loan accounts. The maximum interest rate that may be charged is controlled by State law—in the State where the banks' headquarters are located. Moreover, national banks can export the interest rates of the respective State to any other State where the consumer resides.

For credit card accounts, the applicable State is named in your Account Agreement.

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