The terms and conditions for a credit card are known as the card member agreement. This is required by federal law and it represents a binding contract between the card issuer and the card member. The card member agreement will include the following information: annual percentage rate (APR), the formula for calculating the minimum payments per month, any annual fees, and the dispute resolution processes. The card member agreement can be changed at any time by the card issuer and the consumer must be informed in advance with a written notice.
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