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Contract X-Ray — what's buried in the fine print
3 red flags · 1 filed doc
Detected in the CFPB-filed cardholder agreements from Palmetto Citizens 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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“…etto Citizens FCU: Visa Credit Card Agreement & Disclosure Statement Visa?? Credit Card Agreement & Disclosure Statement THIS AGREEMENT IS SUBJECT TO BINDING ARBITRATION PURSUANT TO EITHER THE FEDERAL ARBITRATION ACT AT 9 USC ??1 ET SEQ., OR S.C. CODE ??15??48??10 ET SEQ., (See, Paragraph 2 of the Cardholder Agreement…”
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. Arbitration is a method of deciding disputes outside the court system. The parties agree and understand that they choose arbitration instead of liti…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…or others with regard to any claim of unauthorized use or any other defense to payment under applicable law. Changing This Agreement The Credit Union may change the terms of this Agreement, including the Annual Percentage Rate, 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…”