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Contract X-Ray — what's buried in the fine print
3 red flags · 16 filed docs
Detected in the CFPB-filed cardholder agreements from Florida Credit Union. 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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“…final expression of the agreement between you and the Credit Union. This written Agreement may not be contradicted by evidence of any oral agreement. BINDING ARBITRATION: EXCEPT AS SPECIFICALLY PROVIDED IN BORROWER'S MEMBERSHIP AGREEMENT, WHICH IS INCORPORATED HEREIN BY REFERENCE, BORROWER ACKNOWLEDGES AND AGREES THAT…”
You can't band together with other cardholders in a class action.
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“…THE ABILITY TO APPEAL IS LIMITED IN AN ARBITRATED MATTER. FURTHER NEITHER PARTY OR ANYONE ON THEIR BEHALF CAN PURSUE A CLAIM OR DISPUTE IN A CLASS OR REPRESENTATIVE ACTION. STATE NOTICES: Maryland Cardholders: ELECTION OF CREDIT GRANTOR OPEN END CREDIT PROVISIONS: Credit Union elects to make this loan pursuant to Subtit…”
Slip up and your rate can jump to a much higher penalty APR.
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“…our creditworthiness. creditworthiness. This APR will vary with the market based on the Prime Rate. APR for Cash Advances 17.90% 17.90% 17.90% 23.99% Penalty APR and When None it Applies Paying Interest Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on…”
“…creditworthiness. Purchases APR for Balance Transfers 17.90% when you open your account, based on your creditworthiness. APR for Cash Advances 17.90% Penalty APR and None When it Applies Your due date is at least 25 days after How to Avoid the close of each billing cycle. We will not Paying Interest charge you…”
“…creditworthiness. APR for Balance Transfers 11.90% to 17.90% when you open your account, based on your creditworthiness. APR for Cash Advances 17.90% Penalty APR and None When it Applies Your due date is at least 25 days after the close of How to Avoid each billing cycle. We will not charge you interest on Pay…”