Group 6

Assignment # 3

4-3-2012

Royce Rapacchietta Paul Silverstone Jamie Harding James Williams Dominic Ciotti Camilie OMalley Braydan Benedetti 1. Outline the entire agreement by paragraph, providing just a 2-3 word summary of each paragraph.
- Card Agreement Contract

Your Account
Abide by this agreement Authorized Users: Responsible for Authorized Users Revolving Credit Limit: Fluctuating credit limit Balance Transfers: Subject to Standard APR Checks: Use to transfer Billing Statement: Amount you owe

APRs:
Account APRs: see Pricing information table Variable APRs Based on Prime: Fluctuating APR Penalty APR: Penalty for late payments Effect of APR Increases: APR may increase

Interest Charges Based on APRs

Interest Charges: Impose interest charges When Interest Charges Begin: Charges begin 1st day Grace Period on Purchases: Payment in full Calculation of Interest Charges Daily Balance Method (Including Current Transactions): Calculation of interest Balance Subject to Interest Rate: Daily Balance

Fees
Annual Membership Fee: Yearly Membership Fee Transaction Fee for Balance Transfers: Fee for Balance Transfers Transaction Fee for Cash Advances: Fee for Cash Advances Transaction Fee for Foreign Purchases: Fee International Purchases Late Fee: Fee for Late Payment Returned Payment Fee: Fee for returned Payment

Group 6

Assignment # 3

4-3-2012

Stop Payment on Case Convenience Check Fee: Stop Payment Fee

Information on Foreign Currency Conversion: Currency rates vary

Payments: Must Pay Minimum Due

Application of Payments: Higher APR gets payment Payment Instructions: Rights to accepting payments Optional Pay by Phone Service: Payment by Phone

Credit Reporting: Report to Credit Agencies Information Sharing: Sharing your information Changes to this Agreement: Right to change agreement Default: Failure to comply Refusal of the Card, Closed Accounts, and Related Provisions
Refusal of the Card: No transaction is guaranteed Preauthorized Charges: No transaction is guaranteed Lost or Stolen Cards, Account Numbers, or Cash Convenience and Balance Transfer Checks: Contact if Stolen information Closing Your Account: Must repay balance Closing Secured Accounts: Certificate of Deposit

Arbitration: Dispute Binding Arbitration Agreement to Arbitrate: Binding arbitration claims Claims Covered
What claims are subject to arbitration: Claims subject to arbitration Whose claims are subject to arbitration: All claims subject to arbitration What time frame applies to Claims subject to arbitration: Past, Present or Future Broadest Interpretation: Interpretation of arbitration provision What about claims filed in small claims court: Not subject to arbitration What about debt collections: No arbitration needed

How Arbitration Works

Group 6

Assignment # 3

4-3-2012

How does a party initiate arbitration: Pick a firm What procedures and law are applicable in arbitration: Card Agreement prevails Who pays: Person files pays Who can be a party: Any individual or entity When is an arbitration award final: Arbitrator declares final

Survival and Severability of Terms: Life of Terms Governing Law and Enforcing our Rights
Governing Law: Federal law prevails Enforcing this agreement: We enforce rights Collection Costs: Liable for collection costs Assignment: May assign rights

For Further Information: Contact them What to do if you find a mistake on your statement: Write a letter What will happen after we receive your letter
When we receive your letter, we must do two things: Must correct errors While we investigate whether or not there has been an error: Cannot collect amount After we finish our investigation, one of two things will happen: Payment may/may not be due

Your Rights if you are dissatisfied with your credit card purchases: May dispute
purchase

2. Explain how Citibank may make a report on your credit under this agreement. Where is that found? - This information is found under the credit reporting section on page 8. Citibank may make a report to credit bureaus if you have late payments, missed payments or other defaults on your account. This could reflect on your credit report. 3. Explain the most surprising aspect of this agreement and state why. -The most surprising aspect of this credit card agreement would be all the hidden fees. These are of a surprise to me because I would not think of a credit card having fees for such things as Transaction Fee for Foreign Purchases or Returned Payment Fee. I think it an outrage that a credit card company would have such ridiculous charges.