Detected in the CFPB-filed cardholder agreements from Summit Credit Union. Verbatim quotes below — CardSleuth flags the language; this isn't legal advice.
Forced arbitration
You give up your right to sue in court — disputes are pushed into private arbitration.
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“…ND WAIVER OF JURY TRIAL NOTICE: THIS AGREEMENT CONTAINS PROVISIONS FOR BINDING (MANDATORY) ARBITRATION AND WAIVER OF JURY TRIAL. Upon the election of either You or Us, any Claim will be resolved by BINDING ARBITRATION as set forth below. In arbitration, a dispute is resolved by an arbitrator instead of a judge or jury. Arbitration procedures are simpler than cou…”
You can't band together with other cardholders in a class action.
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“…or the Account; any person responsible for paying the Account; and anyone You authorize to use, access or service the Account. ARBITRATION AGREEMENT, WAIVER OF CLASS ACTION, AND WAIVER OF JURY TRIAL NOTICE: THIS AGREEMENT CONTAINS PROVISIONS FOR BINDING (MANDATORY) ARBITRATION AND WAIVER OF JURY TRIAL. Upon the el…”
You waive your right to have a dispute heard by a jury.
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“…or the Account; any person responsible for paying the Account; and anyone You authorize to use, access or service the Account. ARBITRATION AGREEMENT, WAIVER OF CLASS ACTION, AND WAIVER OF JURY TRIAL NOTICE: THIS AGREEMENT CONTAINS PROVISIONS FOR BINDING (MANDATORY) ARBITRATION AND WAIVER OF JURY TRIAL. Upon the election of either You or Us,…”
The contract lets you reject arbitration (usually within a short deadline) and keep your right to sue.
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“…edures, but many procedures permitted in court are limited or not available in arbitration. This Arbitration Agreement provides You with the right to opt out of this Arbitration Agreement as set forth below. Should You decide not to opt out of the Arbitration Agreement, You will have agreed to the Arbitration Agreement. If…”
Balance computationAverage daily balance including new purchases
Additional fees
Returned Payment Fee$25
Card Replacement Fee$10
Document Fee$3
Rewards, benefits and features
Rewards
None reported
Services
Automobile rental insurance
Other
Features
Contactless Payments
Chip card
Mobile wallet provisioning (for example, Apple Pay)
Who can get this card
AvailabilityOne State/Territory
StatesNC
Membership requirementsYes
RequirementOther. Please Describe:
Balance transfer
This card does not offer a balance transfer rate.
Cost to carry a balance
Interest for a year at 10.95%$328.50
Annual / periodic fees$0
Total yearly cost$328.50
Simple interest on a constant balance — a plain-language upper bound rather than an amortisation schedule. Paying in full each month within the 25-day grace period avoids the interest entirely.
Cardholder agreements
44 documents filed by Summit Credit Union in the 2026 Q1 archive.