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Contract X-Ray — what's buried in the fine print
4 red flags · 3 filed docs
Detected in the CFPB-filed cardholder agreements from Cadence Bank. 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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“…ARD CARDHOLDER AGREEMENT rate inconversion effect the rate day in theeffect card on association processes the transaction. THIS AGREEMENT CONTAINS AN ARBITRATION PROVISION asitself, provided paymentsby lawmust and be thisreceived Agreement. On the by 5:00 PAYMENT p.m. Central Time DUE at DATEthe then-current Checks are…”
“CADENCE BANK CARDHOLDER AGREEMENT THIS AGREEMENT CONTAINS AN ARBITRATION PROVISION READ THIS AGREEMENT IN ITS ENTIRETY AGREEMENT TO TERMS-USE OF YOUR ACCOUNT-DEFINITION OF PARTIES This cardholder agreement governs your credit card a…”
“…ion onfor processing international transactions by Visa or MasterCard or expenses of collection, including any reasonable attorney s fees, THROUGH If either you or we choose or elect arbitration of any claim, ARBITRATION. national arbitration organizations to administer the arbitration of or binding on Military Lending Act Covered Borrower…”
You can't band together with other cardholders in a class action.
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“…payment paymentis for made 7 will bankingcontinue days.toAny be credit availablelimits for HAD A RIGHTAGREEMENT, HAVEARBITRATION OR OPPORTUNITY other representative proceeding. You basis.and we do not agree to any arbitration on a class action or Account or any card (or contact your enabling information (addressany andperso…”
“…ESOLVED BY BINDING ARBITRATION IF EITHER YOU OR WE CHOOSE ARBITRATION. IF ARBITRATION IS CHOSEN, THIS WILL REPLACE THE RIGHT TO GO TO COURT. YOU WILL NOT BE ABLE TO BRING A CLASS ACTION OR SIMILAR PROCEEDING IN COURT, NOR WILL YOU BE ABLE TO BRING ANY CLAIM IN ARBITRATION AS A CLASS ACTION OR SIMILAR PROCEEDING. YOU WILL NOT B…”
“…ill applicationshall(hereafter be resolved Claim or Claims ), exclusively and finally including by binding Claimsarbitration. a class action or other representative basis. mightthisbe paragraph, a Covereda Borrower , Covered Borrower please askmeans your any loanperson officerwho, call us, but if you do we are not requ…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…your card and close your Account at that time for any reason. CHANGES TO THIS AGREEMENT Subject to any advance notice requirements imposed by law, we can change this Agreement at any time, regardless of whether you have access to your Account, by adding, deleting, or modifying any provision, including making any appropriate changes in…”
“…ments the and terms for otherterms special promotions may or differ amount availableof your of your Credit TotalLimit the and Limit thedate available can change Agreement at any time, regardless of whether credit reporting agencies others who properly receive While Forms Other may Advances of Cash Cash Advances transactions drawn…”
Slip up and your rate can jump to a much higher penalty APR.
Jumps to ~21%
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“…heck should be completed and signed in the same manner TRANSACTION FEES overlimit transactions. If an Overlimit Fee is added to your Account, it will PENALTY RATE become part of your revolving balance. Cash Advance Limit when your Account was opened. Thereafter, your a requested change to your Account, a change…”
“…or otherwise provided to you by us. If your Account is designated as fixed rate, except for your non-compliance with this Agreement, i.e., incurring Penalty Rate pricing, and absent a change in terms by us, the APR will not change from the APR disclosed to you in your then-current Rates and Fees Table. Variabl…”
“…Cash Advances ). If a not be returned to you. Images of Convenience Checks of your account each day, add any new transactions and fees, becoming the Penalty Rate as provided below.) The basis and in the then-current Rates and Fees Table, we reserve our right to overlimit transactions. If an Overlimit Fee is ad…”