Credit Cards: Fees & Terms
Fees
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Can the bank charge a fee for a cash advance on my credit card?
Yes, if it was disclosed in the account agreement, the bank can charge you a fee for a cash advance. You should review your agreement or contact the bank for an explanation.
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I closed my credit card account. Can the bank continue to charge interest and fees?
Yes. The bank may charge you for interest and fees that were assessed before you closed your account. Review your account agreement for information on how finance charges are calculated on your account, or contact your […]
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Can the bank charge me an over-the-limit fee?
The bank can only charge you an overlimit fee if you have agreed to participate in its over-the-limit coverage program. The bank must give you certain disclosures before you agree to participate in its over-the-limit […]
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Can the bank charge a fee for making payments, such as for making a payment over the phone?
Banks cannot charge fees to make payments by any method, including by telephone or if you place your payment in a branch or office mail slot. However, a bank may charge a fee if you make a payment involving an expedited […]
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Terms
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Can the bank change the account terms on my credit card account?
There are many types of changes the bank can make to your account, but there are also important protections for consumers. For example, there are limits on when the bank can raise your rate and certain fees. Also, the […]
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How must the bank notify me when it makes a significant change in account terms on my credit card account?
Banks must provide advance notice in writing when they make a significant change in account terms, including when they increase the required minimum payment on a credit card. An increase in the annual percentage rate (APR) […]
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Can I reject changes to my credit card account?
It depends on the type of change and the terms of your account agreement. If you receive a notice that states you have the right to reject the change, the notice will give you instructions on how you can do so. You can […]
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Can I reject a change to my line of credit?
The Truth in Lending regulations do not require the bank to provide you with this option. However, the bank may give you this option for other reasons. If the bank tells you that you may opt out of a change, and you wish to […]
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I was receiving my monthly credit card statement, but now I am not. What can I do?
Contact the credit card company to find out why you are not receiving your monthly statements. You should also file a billing error notice—in writing—with the credit card company. Send this to the address specified after […]
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Does the bank have to give me advance notice of changes to my credit card?
It depends. The bank must provide a written notice when there are changes to terms that the bank is required to disclose up front (such as rates and many fees), or the required minimum payment is increased. The notice […]
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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. While banks are not allowed to mail unsolicited credit cards, they can substitute one credit card for another credit card, as long as the cardholder requested or applied for and received the original credit card. […]
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Does the Truth in Lending Act apply to credit cards issued for business purposes?
Only in limited situations does the Truth in Lending Act (TILA) (and Regulation Z that implements the TILA) apply to credit cards extended for business. Specifically, the provisions regarding the issuance of credit cards […]
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Does the credit card billing cycle have to be 30 days?
No, but the payment due date for your credit card must be the same day of the month for each billing cycle. A bank may adjust the due date from time to time for certain reasons, provided that the new due date will be the […]
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