Applied Bank
2 cardholder agreements · 830 KB
- Starting score100
- Forced arbitration (opt-out available)-12
- Class-action waiver-12
- Change-anytime clause-8
- Fair Terms score68 · grade C
See the exact wording behind each below.
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You can opt out of this issuer's forced arbitration
Applied Bank's agreement lets you reject arbitration and keep your right to sue — usually within a short window after opening the account. You have to send it in writing. Here's the language from the filed agreement:
“…not approve you for an Account. Refund Disclosure. We will refund your Processing Fee if we do not approve you for an account. Furthermore, you may reject this account, provided you have not yet used the Account or paid a fee after receiving a billing statement. If you do reject the plan, you are not responsible for any fees or charges, including any Processing Fee(s) paid prior to opening your account. Any such Processing Fee(s) previously paid will be refunded within thirty days upon either 1) receipt of notice to us of your rejection of the plan or 2) notice to you that your application was not approved. Our Charges. You agree to pay us the following fees in connection with your Account as disclosed in the Schedule of Rates and Fees enclosed with this Agreement. All Purchases and Charges will reduce credit availability at the time they are charged to your Account. The amounts of these…”
Read the exact mailing address in the clause above, then use our opt-out letter template and full guide →
Contract X-Ray — what's buried in the fine print
3 red flags · 2 filed docsDetected in the CFPB-filed cardholder agreements from Applied Bank. Verbatim quotes below — CardSleuth flags the language; this isn't legal advice.
You give up your right to sue in court — disputes are pushed into private arbitration.
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“…Account for any fees or Interest Charges we assess and charges for goods or services provided by our affiliated companies. THIS AGREEMENT CONTAINS AN ARBITRATION PROVISION THAT MAY SUBSTANTIALLY LIMIT OR AFFECT YOUR RIGHTS. AS SET FORTH IN THE ARBITRATION PROVISION, YOU MAY EXCLUDE YOURSELF FROM THE ARBITRATION PROVISIO…”
You can't band together with other cardholders in a class action.
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“…bitration Provision. Notwithstanding the foregoing, any dispute concerning the validity or effect of the part of this Arbitration Provision captioned NO CLASS ACTIONS OR SIMILAR PROCEEDINGS shall not be subject to this Arbitration Provision and shall be resolved by a court and not an arbitrator. Administrator means…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…provision of this Agreement. We may delay or waive enforcing any of our rights under this Agreement without losing them. Changing This Agreement. We may change the terms of this Agreement at any time and from time to time and including, without limitation, by increasing existing annual or other fees, adding new fees, adding other new terms or dele…”
The contract lets you reject arbitration (usually within a short deadline) and keep your right to sue.
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“…if we do not approve you for an Account. Refund Disclosure. We will refund your Processing Fee if we do not approve you for an account. Furthermore, you may reject this account, provided you have not yet used the Account or paid a fee after receiving a billing statement. If you do reject the plan, you are not re…”
Checked & clear: Jury-trial waiver · Deferred interest · Penalty APR
Cardholder agreements
Filed with the CFPB in the 2026 Q1 bulk submission. Opens the original PDF.