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Contract X-Ray — what's buried in the fine print
3 red flags · 7 filed docs
Detected in the CFPB-filed cardholder agreements from Michigan State University Federal 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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“…ration Agreement ), even if the Claims arise out of, affect or relate to conduct that occurred prior to the Effective Date, shall, at the election of either you or us, be resolved by binding arbitration administered by the American Arbitration Association ( AAA ) in accordance with its applicable rules and procedures for consumer disputes ( Rules…”
You can't band together with other cardholders in a class action.
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“…then you agree that any and all Claims that are threatened, made, filed or initiated after the Effective Date (defined below) of this Arbitration and Waiver of Class Action provision ( Arbitration Agreement ), even if the Claims arise out of, affect or relate to conduct that occurred prior to the Effective Date, s…”
Slip up and your rate can jump to a much higher penalty APR.
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“…thiness APRs for Balance 13.9% to 17.9% Transfers based on your creditworthiness APRs for Cash Advances 13.9% to 17.9% based on your creditworthiness Penalty APR and 17.9% When It Applies The Penalty APR is applied if your account becomes delinquent 60 days. How Long Will the Penalty APR Apply? The Penalty Ann…”
“…gan State University Federal Credit Union. This Agreement is also a Truth- decision. At that point, if we think you owe an amount and you do not pay, Penalty APR and When 17.9% in-Lending Disclosure Statement. we may report you as delinquent. It Applies The Penalty APR is applied if your account becomes delinq…”
“…ditworthiness or Cards. Card means the Visa Signature Credit Card or Cards, any duplicates and renewals, or substitutions we may issue. Account means Penalty APR and 17.9% your Visa Signature Credit Card line-of-credit loan account with us. We, When It Applies The Penalty APR is applied if your account becomes…”