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Contract X-Ray — what's buried in the fine print
2 red flags · 39 filed docs
Detected in the CFPB-filed cardholder agreements from Td Bank, National Association. Verbatim quotes below — CardSleuth flags the language; this isn't legal advice.
Deferred interest
“No interest if paid in full” — miss the deadline and you're billed interest back to day one.
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“…ement will apply to the Promotional Offer. b. Examples of Promotional Offers that May be Available for Eligible Transactions: Promotional Offers with Deferred Interest and with Standard Payment Terms: For this type of Promotional Offer, deferred interest charges are computed at the APR for standard Purchases listed…”
“…Fees None Transaction Fees $50 for 0% APR promotions with a minimum purchase of $500 and with a duration of 12 Promotional Fee* to 18 months. $50 for Deferred Interest / No Interest if Paid in Full promotions with a minimum purchase of $500 and with a duration of 12 to 24 months. $150 for 0% APR and Reduced APR prom…”
“…t is 60 days past due. This means that a 0% or reduced APR balance may be moved to your standard Purchase APR, and any interest that has accrued on a deferred interest Promotional Offer may be added to your balance. b. Examples of Promotional Offers that May be Available for Eligible Transactions: Promotional Offers…”
The issuer reserves the right to change your rates, fees and terms at any time.
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“…of our rights under the Agreement will not preclude us from later exercising those rights. 23. Changing This Agreement: Subject to applicable law, we may change this Agreement at any time or from time to time. For example, we may change fees, add new fees, change the interest rates or rate formulas that apply to your Account, increase…”
The contract lets you reject arbitration (usually within a short deadline) and keep your right to sue.
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“…d in your Cardholder Agreement. Right to Reject: If you made a phone purchase with the account before receiving your Cardholder Agreement in writing, you may reject the account. To reject the account, you must call TD Bank at 1-800-252-2551 within 45 days of opening the account. If you do so, the account will be…”
“…d in your Cardholder Agreement. Right to Reject: If you made a phone purchase with the account before receiving your Cardholder Agreement in writing, you may reject the account. To reject the account, you must call TD Bank at 1-800-434-0050 within 45 days of opening the account. If you do so, the account will be…”