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Contract X-Ray — what's buried in the fine print
2 red flags · 4 filed docs
Detected in the CFPB-filed cardholder agreements from Red Canoe 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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“…am Agreement provided to you with this Agreement shall also apply to your Account. The Credit Union reserves the right to terminate the Program or to change the terms and conditions of the Program at any time without prior notice. This means the Credit Union may change, among other things, the rules regarding redemption of points or the restrictions on the…”
“…financial statement and/or updated credit information upon request. We may investigate your credit directly or through a credit reporting agency. 18. AMENDMENTS. We reserve the right to change any terms or conditions of this Agreement at any time, to the extent permitted by applicable law. We will notify you of the changes to this Agreement as required by law. 19. BILLING ERRORS NOTICE, YOUR C…”
Slip up and your rate can jump to a much higher penalty APR.
Jumps to ~20.9%
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“…s made during January or February of 2023. After that, and for all other balance transfers, APR will be 9.90%- 20.90% based on your creditworthiness. Penalty APR and When it Applies 20.90% This APR may be applied to your account if you make a late payment. How Long Will the Penalty APR Apply? If your APRs are…”
“…Any introductory or promotional Annual Percentage Rate will be subject to the terms of the offer and this Agreement, including but not limited to the Penalty APR described below. We will provide you with information on the offer, including the time period the introductory or promotional Annual Percentage Rate…”