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

In Maryland, a credit card issuer is required to disclose the terms and conditions of a credit card when the cardholder applies for the credit card. The disclosure must occur before the cardholder has received the credit card and before any transaction is made. The issuer must also provide the cardholder with a written agreement that includes all the details of the credit card, including the applicable fees, interest rates, and other terms and conditions. The disclosure must provide enough information for the cardholder to make an informed decision about using the credit card. The disclosure must include the amount of the annual fee, the annual percentage rate (APR), and other applicable fees, such as for late payments, foreign transactions, and cash advances. It must also include information on the method used to calculate the balance and the terms of any grace period. The credit card issuer must also make sure that the cardholder is aware of any restrictions or limitations on the use of the card, such as geographic restrictions or limitations on the types of transactions that the cardholder can make. It must also make sure that the cardholder is aware of any late fees or penalties that may be imposed if payments are not made on time. In short, credit card issuers in Maryland must provide comprehensive disclosures of all the terms and conditions of a credit card before the cardholder can begin using the card. This ensures that the cardholder is fully informed about what they are signing up for before using the card.

Related FAQs

What is a chargeback?
How do I dispute a charge on my credit card statement?
What is a zero liability policy for credit card fraud?
What is an introductory APR?
Can I use a credit card to make purchases abroad?
What are the benefits of using a credit card?
What is a balance transfer?
How do I use a credit card responsibly?
What is the minimum monthly payment on a credit card?
What are the best ways to build credit?

Related Blog Posts

The Basics of Credit Card Law: What You Need to Know - July 31, 2023
The Pros and Cons of Credit Card Use - August 7, 2023
What Is the CARD Act and How Does It Impact You? - August 14, 2023
5 Tips for Understanding Credit Card Law - August 21, 2023
Understanding the FDCPA and Its Impact on Credit Card Law - August 28, 2023