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Contract X-Ray — what's buried in the fine print
2 red flags · 1 filed doc
Detected in the CFPB-filed cardholder agreements from First Interstate Bank - Sioux Falls Downtown Branch. 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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“…Agreement and the Credit Disclosures in the enclosed letter/card carrier, as the same may be revised from time to time as provided in this Agreement. BINDING ARBITRATION: THIS ACCOUNT AGREEMENT CONTAINS AN ARBITRATION PROVISION THAT SUBSTANTIALLY LIMITS YOUR RIGHT TO BRING A LEGAL ACTION, INCLUDING CLASS ACTIONS, IN A…”
Slip up and your rate can jump to a much higher penalty APR.
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“…g of the defaults under any agreement that you have with us, and other indications of the Account usage and performance. We currently do not charge a penalty APR, and we will give you the written notice of any such change in the manner required by law if we should add a penalty APR. Any Agreement changes to AP…”