How do I know if my credit card agreement contains an arbitration clause?

Knowing if your credit card agreement contains an arbitration clause will help you better understand the terms of your agreement and the options you have in the event of a dispute. In Utah, the applicable law is the Utah Uniform Credit Card Act of 1978. By law, all credit card agreements must clearly state if the agreement contains an arbitration clause. The arbitration clause will be explicitly mentioned somewhere in the agreement. If the agreement does not mention an arbitration clause, then it does not exist in the agreement. An arbitration clause is an agreement between the cardholder and the credit card issuer to take any dispute that arises to a third-party arbitrator, who is chosen to make a decision that is binding on both parties. An arbitration clause offers an alternative to litigation. The agreement should provide a way to contact the credit card issuer in the case of a dispute. It is best to notify the issuer, in writing, of the dispute. The issuer should then provide the cardholder with information regarding the dispute resolution process, which may include an arbitration clause. The credit card issuer must deliver this information to the cardholder before the dispute can be reviewed. If an arbitration clause does exist in the agreement, the cardholder will have to abide by the terms of the agreement. Knowing if your credit card agreement contains an arbitration clause will help you understand what your best course of action should be in the event of a dispute.

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How do I know if my credit card agreement contains an arbitration clause?

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