What is a credit card agreement?

A credit card agreement is a legally binding contract between the cardholder and the card issuer. It outlines the terms and conditions of using a credit card, such as the annual percentage rate (APR), fees, rights and responsibilities of both parties, and other details. In Oregon, credit card agreements must meet the requirements of state law. For example, the agreement must explain the terms of the agreement clearly and concisely. It must also be in plain language so that the cardholder can understand it. The agreement must also list out all of the fees that may be charged for using the credit card. These fees may include late fees, over-the-limit fees, balance transfer fees, and more. The agreement must also explain the grace period and the rate of interest that will be charged for purchases made after the grace period ends. Finally, the agreement must provide information about dispute resolution, including the rights and responsibilities of both parties in the event of a dispute. It should also explain the steps that the cardholder should take to resolve any disputes with the card issuer. In general, a credit card agreement serves as a legally binding document that outlines the terms and conditions associated with using a credit card. This agreement is an important part of making sure that cardholders understand their rights and responsibilities when using a credit card.

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What is a credit card agreement?

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