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

In Washington, a credit card issuer must disclose the terms and conditions of a credit card before a consumer enters into a cardholder agreement with the issuer. Credit card issuers must provide this disclosure in a clear and conspicuous way for the consumer to easily read and understand. The disclosures must include the key terms of the cardholder agreement such as the APR, annual fees, and late payment fees. It must also include a summary of the consumer’s rights and responsibilities, such as the right to dispute charges or the obligation to pay any accrued debt if the cardholder closes their account. The credit card issuer must also provide additional disclosure after a consumer has applied or requested a credit line. This includes information about the credit limit, minimum payment requirement, and other terms specific to the consumer’s account. Consumers should also be aware that credit card issuers may change the terms and conditions of the agreement at any time and are required to provide disclosure of such changes to the consumer. This disclosure should be provided in a clear and conspicuous way and must be sent to the consumer at least 45 days prior to the effective date of the change.

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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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