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Contract X-Ray — what's buried in the fine print
4 red flags · 2 filed docs
Detected in the CFPB-filed cardholder agreements from Farm Bureau Bank Fsb. 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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“…ry provisions or any other source of law and (except as otherwise specifically provided in this Agreement) Claims regarding the applicability of this arbitration provision or the validity of the entire Agreement, shall be resolved exclusively by arbitration. For purposes of this provision, you includes yourself, any aut…”
You can't band together with other cardholders in a class action.
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“…and marketing partners. Any Claims sought to be made or remedies sought to be obtained as part of any class action, private attorney general or other representative action (hereafter all included in the term class action ) shall be subject to arbitration and arbitrated on an individual basis between you and us, not on a…”
“No interest if paid in full” — miss the deadline and you're billed interest back to day one.
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“…f the New Balance, Any interest charges billed on the monthly statement (excluding any interest charges that accrued during prior billing cycles on a deferred interest balance that ended during the billing cycle covered by the statement), Any Minimum Interest Charge, and Any unpaid Late Payment, Returned Payment, Ca…”
Slip up and your rate can jump to a much higher penalty APR.
Jumps to ~29.99%
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“…th of the sum of 1) the applicable Prime Rate, 2) plus the margin(s) listed below for each Purchase, Balance Transfer, or Cash Advance balance or the Penalty APR if it applies. The Prime Rate used to determine the Annual Percentage Rates (APRs) for each billing cycle will be the rate published in the Money Rat…”
“….49% APR based on your credit worthiness. APR for Balance Transfers This APR will vary with the market based on the Prime Rate. Fixed 29.99% APR. The Penalty APR will be applied to your account if you make a late payment. Penalty APR and When It Applies How Long Will the Penalty APR Apply? If your APRs are inc…”