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Credit Cards > Credit Card Bill of Rights > Flashcards

Credit Card Bill of Rights Flashcards

1
Q

What are the 5 circumstances an interest rate on a credit card can change?

A
  1. Becoming 60-days delinquent
  2. After 12 months of account opening with 45 days’ notice
  3. Interest rate is tied to a variable index
  4. Introductory rate concludes
  5. Not following terms of debt management agreement
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2
Q

When can you request your interest rate to be lowered after it was raised due to delinquency?

A

You can request a reduction after making 6 consecutive payments on-time

This request must be evaluated within 45 days

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3
Q

You cannot be subject to fees (excluding penalty fees) totaling more than ____ % of your credit card’s initial limit during the first year your account is open?

A

25%

This cap does not apply to fees assessed before an account is opened

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4
Q

You cannot be charged a penalty fee in excess of $___ unless one of your last ___ payments was late (in which case a fee of up to $___ may apply)?

A

$29
6 payments
$40

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5
Q

A late fee cannot exceed your ____ payment?

A

Minimum payment

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6
Q

You cannot be charged with an over-limit fee that is more than the ____ by which you exceeded the limit?

A

Amount

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7
Q

You cannot be charged more than ___ fee for any single event or transaction that warrants a penalty?

A

One

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8
Q

You cannot be assessed fees for account ____?

A

Inactivity

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9
Q

You are liable for, at most, $____ if your card is lost or stolen?

A

$50

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10
Q

Credit card companies must disclose a card’s ____ in writing?

A

Terms

  1. APR
  2. Annual fee
  3. Interest-free periods
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11
Q

Credit card companies must provide at least ____ days’ notice before changing your account’s fee structure or interest rate and prior to making other significant changes to your terms?

A

45

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12
Q

What circumstances does a credit card company not have to notify you in writing?

A
  1. Variable interest rate changes
  2. Introductory rate concludes
  3. Regular rate begins
  4. rate increases due to not following terms of debt management agreement
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13
Q

Your credit card company must explain the reasoning behind any ____ ?

A

Interest rate increases

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14
Q

Credit card companies must denote clearly on your bill how long it will take to pay off your balance when ____ and how much you would have to pay monthly in order to be at a zero balance within ____ years?

A

Minimum payment

3 years

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15
Q

Lenders must use ____ to calculate the cost of credit and must ____ this cost?

A

Uniform methods

Disclose

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16
Q

You have the right to dispute payments within ____ days of the date on the account statement that included the initial potential error.

Your credit card company must acknowledge the dispute within ____ days and either correct the mistake or send a letter explaining why there was no error within ____ days.

A

60 days
30 days
90 days

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17
Q

You must ______ to allow purchases that exceed your credit limit?

A

Expressly agree

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18
Q

The amount of your payment above the minimum payment must be applied to the balance with the ____ interest rate?

A

Highest

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19
Q

The minimum payment amount is applied to the balance with the ____ interest rate?

A

Lowest

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20
Q

If you made a purchase with a ____ interest rate you may be given the choice of applying your monthly payments to this balance before the interest kicks in?

A

Deferred

If not given the option, the payments for the two billing periods prior to the end of the no-interest period will be applied to this balance.

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21
Q

Your credit card company must mail your bill at least ____ days before it is due?

A

21

22
Q

Payment cannot be required to be placed prior to ___ p.m.

A

5 p.m.

23
Q

If your payment date falls on a ____, you have until the ____ following the holiday to make payment?

A

Holiday

Day following the holiday

24
Q

Mistakes on your bill must be ____ and may not ____ your credit score?

A

Corrected

Damage

25
Q

If you are under ___ years old, you must exhibit ____ ability or have a ____ in order to open a credit card?

A

21 years old
Payment ability
Co-signer

26
Q

Credit card companies must _______ before issuing you a credit card?

A

Evaluate your income

27
Q

You may not be discriminated upon based on the following 6 reasons?

A
  1. Sex
  2. Race
  3. Religion
  4. Marital Status
  5. Age
  6. National Origin
28
Q

You cannot be discriminated against because you receive _______?

A

Public Assistance

29
Q

You cannot be issued an ______ credit card?

A

Unsolicited

29
Q

Debt collectors must _____ themselves in every communication?

A

Identify

30
Q

Debt collectors must apprise you of your right to ____ your debt?

A

Dispute

31
Q

Debt collectors must provide ______ for the creditor from whom the debt originates within ____ days of receiving a request for such information?

A

Contact information

30 days

32
Q

Debt collectors must mail you ____ of your debt or stop the collections process within _____ days of receiving a dispute or request for debt verification?

A

Verification of your debt

30 Days

33
Q

Debt collectors may only call you between ____ a.m. and ____ p.m.

A

8 a.m.

9 p.m.

34
Q

Debt collectors may not use the telephone to intentionally _______ you?

A

Annoy or harass

35
Q

Debt collectors may not attempt to contact you at ____ if your _____ has forbidden the practice?

A

Work

Employer

36
Q

Debt collectors may not use ______ language?

A

Abusive or profane

37
Q

Debt collectors may not ____ you after you have requested in writing that they not do so?

A

Contact

Commu expressing the conclusion of collections efforts, or the filing of a lawsuit are permitted.

38
Q

Debt collectors may not contact you if you have made it known that you are represented by an _____?

A

Attorney

39
Q

Det collectors may not _____ themselves or the _____ of your debt?

A

Misrepresent

Extent

40
Q

Debt collectors may not publish your ____ or ____?

A

Name

Address

41
Q

Debt collectors may not threaten _____ if it is not actually being contemplated?

A

Legal Action

42
Q

Debt collectors may not share information about your debt with ____, excluding ____ and ____?

A

Third-parties
Attorneys
Your Spouse

43
Q

Debt collectors may not send you mail with any _____ or _____ indicating that you are in debt collections?

A

Symbols

Writing

44
Q

Debt collectors cannot relay or threaten to relay _____ to credit reporting agencies?

A

False information

45
Q

You have the right to ____ debt collectors in state or federal court?

A

Sue

46
Q

Consumers have the right to _____ of their credit reports from the ____ major credit reporting agencies every ____ months?

A

Free Copies
Three
12 Months

47
Q

Negative information must be removed from your credit reports within ___ - ___ years?

A

7 to 10 years

48
Q

If the information on a credit report leads to _____ action against a consumer, the organization that used the information must notify the consumer of this fact and identify the source of the information?

A

adverse (negative)

49
Q

List the limitations for credit card fees?

A

You cannot be subject to fees (excluding penalty fees) totaling more than 25% of your credit card’s initial limit during the first year your account is open. This cap does not apply to fees assessed before the account was opened.

You cannot be charged a penalty fee in excess of $29 unless one of your last 6 payments was late (in which case a fee of up to $40 may apply).

A late fee cannot exceed your minimum payment amount.

You cannot be charged with an over-limit fee that is more than the amount by which you exceeded the limit.

You cannot be charged more than one fee for any single event or transaction that warrants a penalty.

You cannot be assessed fees for account inactivity.

You are liable for, at most, $50 if your card is lost or stolen.

Credit Cards (9 decks)

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