When is a credit card issuer required to disclose the terms and conditions of a credit card?

In Delaware, credit card issuers are required to disclose the terms and conditions of a credit card before they offer or execute a credit card agreement. This disclosure must be made prominently and must include basic information, such as the annual percentage rate, any annual fee, any transaction fees, the grace period, the method of computing the balance for purchases, cash advances, and any additional fees and charges. The issuer must also provide a clear explanation of how to obtain a copy of the agreement. Once the credit card is issued, credit card issuers must provide an additional disclosure of the terms and conditions when a customer first uses the card, as well as on all subsequent documents, such as statements and solicitation materials. The disclosure should include the same basic information as the initial disclosure. Credit card issuers are also required to notify customers of any change to the terms and conditions of a credit card at least 45 days before the effective date of the change. The credit card issuer must provide the customer with a notice that explains the change in detail and how it will affect the customer. This notice must be sent in writing or through electronic communication.

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When is a credit card issuer required to disclose the terms and conditions of a credit card?

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