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Contract X-Ray — what's buried in the fine print
1 red flag · 4 filed docs
Detected in the CFPB-filed cardholder agreements from Schoolsfirst Federal Credit Union. Verbatim quotes below — CardSleuth flags the language; this isn't legal advice.
Penalty APR
Slip up and your rate can jump to a much higher penalty APR.
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“…38675 M-139866 You agree to the following terms and conditions and any amendments thereto. Credit Information Authorizations Annual Percentage Rate - Penalty Rate Cancellation Accepting This Agreement You agree that we may re-examine and re-evaluate your creditworthiness at Most transactions require approval of…”
“…y reason, any subsequent request for a credit Rate that will apply to purchases, balance transfers and cash advances on your Annual Percentage Rate - Penalty Rate account cut in two. Cancellation of the card will end all charging privileges. limit increase will be subject to credit application and approval. You…”
“…ust be received at the payment center on or before the We reserve the right to waive a change in your Annual Percentage Rate Annual Percentage Rate - Penalty Rate You may cancel your card at any time in writing, enclosing all cards on your date. We will give you written notice of any change in your credit limit…”