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Contract X-Ray — what's buried in the fine print
2 red flags · 24 filed docs
Detected in the CFPB-filed cardholder agreements from Marine Federal Credit Union. Verbatim quotes below — CardSleuth flags the language; this isn't legal advice.
Change-anytime clause
The issuer reserves the right to change your rates, fees and terms at any time.
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“…to cooperate with the Credit Union or others with regard to any claim of unauthorized use or any other defense to pay- ment under applicable law. 38. Change This Agreement. The Credit Union may change the terms of this Agreement, including the APR, at any time. Except where limited by applicable law, the new terms, including, but not limited to, increasing the finance charge or the way the Credit Union calc…”
“…ling to safe- guard any access device, creation of any credit balances by you that may increase the risk of loss or exposure of the Credit Union. 38. Change This Agreement. The Credit Union may change the terms of this Agreement, including the APR, at any time. Except where limited by applicable law, the new terms, including, but not limited to, increasing the finance charge or the way the Credit Union calc…”
Slip up and your rate can jump to a much higher penalty APR.
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“…ng cycle. 18.00% may be applied to your account if you: (1) Make a late payment (2) Go over your credit limit (3) Make a payment that is returned; or Penalty APR and (4) Do any of the above on another account you have with us When It Applies How long will the Penalty APR apply? If your APRs are increased for a…”