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Contract X-Ray — what's buried in the fine print
4 red flags · 12 filed docs
Detected in the CFPB-filed cardholder agreements from AMC FS, Inc.. Verbatim quotes below — CardSleuth flags the language; this isn't legal advice.
Forced arbitration with no opt-out found — you likely can't take this issuer to court, and there's no way to reject it.
Forced arbitration
You give up your right to sue in court — disputes are pushed into private arbitration.
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“…to or arising (iii) the indemnity provided by you in Section 23 of this out of this Agreement except to the extent such Losses solely Agreement, the arbitration provisions in Section 24, result from, arise out of or relate to the gross negligence or the waiver of jury trial provision of Section 25 and any willful misco…”
“…ring (as defined below), the Dispute may be submitted to arbitration in opened a credit account for you. Des Moines, Iowa for resolution by final and binding arbitration by a sole arbitrator under the Rules, upon written notice of demand for arbitration FOR FURTHER INFORMATION by the Party seeking arbitration, setting…”
“…ence or (iii) the indemnity provided by you in Section 23 of this willful misconduct of us, our affiliates, or our or their respective Agreement, the arbitration provisions in Section 24, shareholders, directors, officers, members, managers, the waiver of jury trial provision of Section 25 and any employees, or agents.…”
You waive your right to have a dispute heard by a jury.
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“…the extent such Losses solely Agreement, the arbitration provisions in Section 24, result from, arise out of or relate to the gross negligence or the waiver of jury trial provision of Section 25 and any willful misconduct of us, our affiliates, or our or their respective other provisions intended by their terms t…”
“…affiliates, or our or their respective Agreement, the arbitration provisions in Section 24, shareholders, directors, officers, members, managers, the waiver of jury trial provision of Section 25 and any employees, or agents. other provisions intended by their terms to survive termination. 24. Arbitration. All irr…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…ys after the error appeared on your statement. CHANGES TO THIS AGREEMENT At least 3 business days before an automated payment is scheduled, if you We may change the rates, fees and terms of this Agreement at any time for any want to stop payment on the amount you think is wrong. reason, as permitted by law. Further, we may be compelled to change the rates, fees an…”
“…is Account is closed for any reason, the CHANGES TO THIS AGREEMENT Secured Card Collateral will be used to pay off any balance on this Account. If We may change the rates, fees and terms of this Agreement at any time for there are still funds remaining in the Secured Card Collateral after doing so, any reason, as permitted by law. Further, we may be compelled to c…”
“…on the amount you think is wrong. CHANGES TO THIS AGREEMENT You must notify us of any potential errors in writing. You may call us, but if you do We may change the rates, fees and terms of this Agreement at any time for any we are not required to investigate any potential errors and you may have to pay reason, as permitted by law. Further, we may be compelled to…”
Slip up and your rate can jump to a much higher penalty APR.
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“…with the market based on the Prime Rate. Convenience Checks Prime + margin of 19.99%. This APR will vary with the market based on the Prime Rate. The Penalty APR will apply to your Account if you: fail to make any Minimum Payment by the date and time due (late payment); or Penalty APR and When It make a paymen…”
“…arges and your minimum your PIN rush-delivered to you via FedEx. Rush PIN fees do not apply to the payment may increase. following states: OK and WY. Penalty Rate: We do not charge a penalty rate. Document Copy Fee: We may add a $15.00 fee to your Account if you request a copy of a sales slip, refund slip, Cash…”
“…sfers APR will vary with the market based on the Prime Rate. APR for Cash Advances 22.49% This APR will vary with the market based on the Prime Rate. Penalty APR and When it None Applies How to Avoid Paying Your due date is at least 25 days after the close of each billing cycle. We will not charge you Interest…”