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Contract X-Ray — what's buried in the fine print
2 red flags · 1 filed doc
Detected in the CFPB-filed cardholder agreements from Southwest 66 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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“…t your obligation to repay any payments made for your Account resulting from use of the Card as well as FINANCE CHARGES and other related charges. We may change the terms of this Agreement, including the periodic rate, at any time subject to such notice as may be required by applicable law. If you use your Card or Account to make a purchase or cash advance or balance transfer a…”
Slip up and your rate can jump to a much higher penalty APR.
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“…APR may vary. The Prime Rate used to determine the APR is the rate published in The Wall Street Journal on the last business day of the prior month. Penalty APR and When It None Applies How to Avoid Paying If the balance is paid in full within the 25 day grace period there will be no Interest on Purchases fin…”