INTEREST CHARGES for purchases and cash advances are
calculated at a monthly periodic rate of «Unavailable», which is equivalent to
an ANNUAL PERCENTAGE RATE (“APR”) of «Unavailable».
The APR may increase or decrease on the first
day of the subsequent monthly Billing Cycle based on changes in
the prime rate (“Index”). The APR is calculated by adding the
amount of margin stated below to the Index. The Index is the
prime rate published in the Money Rates section of The Wall
Street Journal on the 25th day of each month. If the Index is not
published on that day, the Index on the next business day will be
used. Any increase in the APR may take the form of an increase in
the monthly Minimum Payment. If the Index is no longer available,
we will choose a new index that is based upon comparable
information. The APR for purchases and cash advances will be
determined by adding a margin of «Unavailable»
to the Index. INTEREST CHARGES are imposed on purchases
beginning on the date a purchase is posted to your Account.
However, INTEREST CHARGES will not be imposed on purchases
made in any Billing Cycle in which the previous balance shown on
your Monthly Billing Statement is zero and you pay your new
balance in full by the payment due date shown on your Monthly
Billing Statement. INTEREST CHARGES are imposed on cash
advances beginning on the date a cash advance is obtained and
continuing until the balance of your Account is paid in full.
There is no time in which you can pay the balance of cash
advances in order to completely avoid INTEREST CHARGES.
INTEREST CHARGES for a Billing Cycle are calculated
separately for purchases and cash advances. There is no minimum INTEREST
CHARGE. The INTEREST CHARGE calculation begins on the
date the transaction is posted to your Account.
purchases, the INTEREST CHARGE is computed by multiplying
the monthly periodic rate by the average daily balance of
purchases. To determine the average daily balance of purchases,
we take the beginning outstanding balance of purchases each day,
add any new purchases, and subtract any payments and/or credits.
This gives us the daily balance of purchases. (Any daily balance
that is a credit balance is treated as zero ($0.00) balance.)
Then, we add all the daily balances of purchases for the Billing
Cycle together and divide the total by the number of days in the
Billing Cycle. This gives us the average daily balance of
For cash advances, the INTEREST CHARGE
is computed by multiplying the monthly periodic rate by the
average daily balance of cash advances. To get the average daily
balance of cash advances, we take the beginning outstanding
balance of cash advances each day, add in any new cash advances,
and subtract any payments and/or credits that we apply to the
cash advance balance. This gives us the daily balance of cash
advances. (Any daily balance that is a credit balance is treated
as zero ($0.00) balance.) Then, we add all the daily balances of
cash advances for the Billing Cycle together and divide the total
by the number of days in the Billing Cycle. This gives us the
average daily balance of cash advances.
FEES AND OTHER CHARGES
Your Account is subject to the following fees and charges,
each of which may be charged to your Account:
Cash Advance Fee. In addition to the INTEREST
CHARGE on cash advances, there is a fee of 5% or $5.00,
whichever is greater, for each cash advance posted to your
Account that month (“Cash Advance Fee”). NO CASH ADVANCES ARE
PERMITTED DURING THE FIRST 95 DAYS AN ACCOUNT IS OPEN.
Additional Card Fee. Your Account will be assessed a
one-time additional card fee of «Unavailable»
for each authorized user you add to your Account.
Foreign Currency Transaction Fee. Your Account will be
assessed a foreign currency transaction fee equal to 3% of any
transaction made in a foreign currency that is converted to
Annual Fee. Your Account will be assessed an Annual Fee of
«Unavailable» (“Annual Fee”) for
the first year and each
subsequent year. The Annual Fee will be billed to your Account
once the Account is opened, and on or about your anniversary date
each year. Your payment of the Annual Fee does not affect our
right to close your Account or our ability to limit transactions
on your Account.
Annual Fee Renewal Refund Disclosure. We will refund the
Annual Fee charged to your Account if you notify us, within 30
days from the date of the Monthly Billing Statement on which it
appears, that you wish to close your Account.
Monthly Maintenance Fee. Your Account will be assessed a
monthly maintenance fee, which will be billed at «Unavailable» per month to your
Account (“Monthly Maintenance Fee”). The Monthly Maintenance Fee
will not be billed in the first 12 months your Account is open.
Your payment of the Monthly Maintenance Fee does not affect our
right to close your Account or our ability to limit transactions
on your Account.
Late Payment Fee. If we do not receive a payment from you
in at least the amount of the minimum payment due (“Minimum
Payment”) by the Payment Due Date shown on your Monthly Billing
Statement, you will be charged a Late Payment Fee equal to the
lesser of «Unavailable» or your
Minimum Payment (“Late Payment Fee”) in accordance with law.If
you fail to make a timely payment in any of the six (6) Billing
Cycles after the initial late payment, you will be charged «Unavailable» or the amount of the
required Minimum Payment, whichever is less. We may refer to this
fee as the “Late Fee” or “Late Charge”.
Returned Payment Fee. If you make a payment on your
Account and your check or other payment instrument (including an
electronic funds transfer or a telephone authorized draft) is not
honored for any reason or cannot be processed, we will charge a
Returned Payment Fee equal to the lesser of «Unavailable» or your Minimum Payment
(“Returned Payment Fee”). In the event a payment is returned in
any of the six (6) Billing Cycles after the initial returned
payment, you will be charged the lesser of «Unavailable» or the amount of the
required Minimum Payment, whichever is less. The charge may be
imposed even if we elect to re-present the item and it is paid
upon our re-presentment. We will not charge both a Late Payment
Fee and a Returned Payment Fee based upon a single payment.
Expedited Phone Pay Fee. Each time you contact us to
arrange a payment by a draft on your deposit account or by debit
card using an expedited service by a customer service
representative an Expedited Phone Pay Fee of $10.95 will be
imposed by a third-party money transfer agent, such as Western
Union Speedpay. This fee, along with the payment amount, will
appear on your deposit account. For clarity, expedited means
crediting a payment to your Account the same day, or if the
payment is received after the payment cut-off time (5:00 pm EST),
the next business day. You can avoid paying an Expedited Phone
Pay Fee by (i) mailing your payment to the address listed on your
Monthly Billing Statement, (ii) paying online, or (iii)
scheduling a future-dated payment via a customer service
representative that is not otherwise classified as an expedited
OTHER IMPORTANT DISCLOSURES
Available Credit Limits. Once the entire security deposit,
if applicable, is paid in full, your Account will be opened and
you will have access to your initial available credit. Funds
received in connection with a security deposit may be held up to
10 days before an Account is opened.
Authorization. You certify that all the information given
in this application is true and correct and you are giving this
information in order to obtain credit and authorize us to obtain
information concerning any statements herein. You agree to
furnish us with all requested information. You authorize us to
charge the Annual Fee, Monthly Maintenance Fee and Additional
Card Fee (if applicable) to your Account.
Applicable Law. This Agreement and your Account, and any
claim, dispute or controversy (whether in contract, tort, or
otherwise) at any time arising from or related to your Account,
this Agreement or any transferred balances, are governed by and
construed in accordance with applicable federal law and, to the
extent not preempted by federal law, by the laws of Utah (without
applying its choice-of-law rules). The formation, legality,
enforceability, and interpretation of this Agreement, and any
amounts contracted for, charged and received under this
Agreement, will be governed by such laws. This Agreement is
entered into between you and us in Utah, regardless of the state
of your residence or whether or not your Account or Card is used
in Utah. Our decisions regarding the extension of credit to you
are made in the State of Utah. Federal and Utah law will also
apply to any controversy, claim, or dispute arising from or
relating in any way to the subject matter of this Agreement and
your Account, including, without limitation, statutory,
equitable, and tort claims.
Availability of Credit and Payment Holds. Generally,
payments are credited to your Account on the day they are
received. Available credit created as a result of payments posted
to your Account may not be available for up to seven (7) days, or
longer if circumstances warrant an additional hold, or if we deem
ourselves at risk for any reason. If you use a payment service
provided by a third party to deliver your payment to us, that
third party may charge you a fee for such service; such third
party fees will not be billed to your Account. Credit to your
Account may be delayed up to five (5) days if payment is (a) not
received at the Payment Address or (b) not accompanied by the
payment coupon portion of your Monthly Billing Statement. Delayed
crediting may result in Late Fee and additional INTEREST
CHARGE and Fees being applied to your Card
Your Consent to Automated-Dialer and Pre-recorded Calls
and Text Messages. By providing us with a telephone number(s),
at any time, you consent and authorize us to contact you
regarding your Account at such number(s) using any lawful means
of communication, including, but not limited to calls placed to
your cell, mobile or other phone using an automated dialing
service, pre-recorded messages or text messages. Standard text
messaging and/or calling charges imposed by your provider may
apply. You do have the option to opt out of receiving
communications at that number any time thereafter by contacting
us at [the customer service telephone number provided on your
statement], or sending written notice to us to the following
address: [Celtic Bank, c/o
Continental Finance Company, P.O. Box 3220, Buffalo, NY
14240-3220]. You must retain proof of delivery. If you send
communications to any other address, we may not process your
TERMS AND CONDITIONS OF YOUR DEPOSIT ACCOUNT
The following additional terms apply in connection with
your Deposit Account.
Security Deposit (if applicable). We may require a
collateral deposit in the form of a security deposit, up to the
full amount of the Credit Limit to be paid in full before the
Account is opened to secure your obligations under this
Agreement and to offset the risk associated with the Account.
You understand and agree that if we require a security deposit,
we may use any or all amounts of the deposit to pay amounts you
owe under this Agreement if you are in default or you or we
close or cancel your Account. Refer to the “Terms and Conditions
of Your Deposit Account” and “Truth in Savings Disclosure –
Deposit Account” section of this Agreement for more information.
Deposit. An initial Deposit Account balance is needed to
open your Account. This amount is printed in the application
decision letter and must be paid by one of the payment methods
contained in such letter. You may make additional deposits to
your Deposit Account up to a maximum Deposit Account balance of
$2,000. After the Account has been open for 90 days and we have
received at least three timely Minimum Payments, we will
increase your Credit Limit to the amount of your Deposit Account
balance. Any non-cash items tendered for deposit will be given
only provisional credit until collection is final. Deposit funds
may be held up to 10 days. We are not responsible for
transactions initiated by mail or outside depository
institutions until we actually receive them. We will treat and
record all security deposit funds received after our “daily
cutoff time” on a Business Day we are open, or received on a day
that we are not open for business, as if initiated on the
following Business Day that we are open.
Withdrawals. Since this Deposit Account is collateral for
your Account and not a Fee, withdrawals are not permitted from
this Deposit Account while there remains an outstanding balance
on your Account or while you retain possession of any Card.
Applicable Law. Your Deposit Account and any claim,
dispute, or controversy arising from or relating to this
Agreement or your Deposit Account, are governed by and
interpreted under federal law and construed in accordance with
the laws of the State of Utah (without applying its
choice-of-law rules). The formation, legality, enforceability,
and interpretation of this Agreement, and any amounts contracted
for, charged and received under this Agreement, will be governed
by such laws. This Agreement is entered into between you and us
in Utah, regardless of the state of your residence. Our
decisions regarding the Deposit Account are made in the State of
Utah. Federal and Utah law will also apply to any controversy,
claim, or dispute arising from or relating in any way to the
subject matter of this Agreement and your Deposit Account,
including, without limitation, statutory, equitable, and tort
Bankruptcy. If you become a debtor in any proceeding
under the United States Bankruptcy Code, you agree that you will
recognize us as a perfected secured creditor with respect to the
Deposit Account and that you will declare the Deposit Account as
exempt property pursuant to the provisions of the United States
Bankruptcy Code or applicable State exemption laws.
Amendments. We may amend the terms and conditions
applicable to your Deposit Account separately from the remainder
of this Agreement at any time with reasonable written notice to
you, as required by law.
Assignments Prohibited. You may not assign the Deposit
Account to anyone other than us without our prior written
Pledge Agreement. As a security for the payment of all
credit extended through your Account, you pledge to, and grant
Continental Finance, its successors and assigns, a security
interest in all funds now and hereafter deposited in your
Deposit Account. You authorize us to unconditionally restrict
withdrawals from your Deposit Account. If your Account is in
default or if your Account is terminated for any reason, we may
at any time thereafter, and without notice to you (unless
otherwise required by law), apply all or part of the funds in
your Deposit Account as a credit toward any and all amounts owed
on your Account. We may also exercise any other remedies under
the terms of this Agreement or otherwise legally available. If
your Account is cancelled or closed either by you or us, we have
(unless otherwise required by law) ninety (90) days from the
date of such Account closure to allow for all charges made on
the Card to clear. After the expiration of this period, we will
remit to you the full amount remaining in your Deposit Account,
if any, after the application of the security deposit to any
outstanding balances that remain on your Card.
TRUTH IN SAVINGS DISCLOSURE – DEPOSIT ACCOUNT
Security Deposit Insurance. This Deposit Account will be
held at an FDIC or NCUA insured financial institution and will
receive the benefit of FDIC, NCUA or other depository insurance.
Rate Information. This is a non-interest bearing Deposit
Account. The Interest Rate and Annual Percentage Yield is 0%. No
interest accrues on the Deposit Account.
Minimum Balance Limitations. The minimum balance to open
the Deposit Account is the amount printed in the application
decision letter. Once your balance reaches the required amount,
your Account will be opened. We must receive the entire amount
within 30 days from the date we received your application, or
any money applied to your Deposit Account will be refunded.
Transaction Limitations. No withdrawals will be permitted
from your Deposit Account while there remains a balance on your
Account or while you retain possession of the Card. The maximum
amount of funds that may be deposited into this Deposit Account
is $2,000.00. Deposit amounts and the corresponding methods of
payment will be disclosed in the application decision letter.
Deposit funds may be held for up to 10 days, which will delay
the opening of your Account.
Fees. No fees are charged in connection with the Deposit
CARDHOLDER AGREEMENT AND DEPOSIT ACCOUNT CONTRACT
General Terms. This Agreement covers the terms and
conditions of the Card Account (“Account“). Celtic Bank is the
Card issuer and assigns its rights for servicing and other
rights to Continental Finance Company (“Continental Finance“)
after Card issuance.
YOUR BILLING RIGHTS
KEEP THIS NOTICE FOR FUTURE USE
This notice tells you about your rights and our
responsibilities under the Fair Credit Billing Act.
What To Do If You Find A Mistake On Your Monthly Billing
If you think there is an error on your
Monthly Billing Statement, write to us at:
P.O. Box 3220
In your letter, give us the following information:
- Account information: Your name and Account number.
- Dollar amount: The dollar amount of the suspected error.
- Description of problem: If you think there is an error
on your Monthly Billing Statement, describe what you believe is
wrong and why you believe it is a mistake.
You must contact us:
- Within 60 days after the error appeared on your Monthly
- At least 3 business days before an automated payment is
scheduled, if you want to stop payment on the amount you think
You must notify us of any potential errors in writing. You
may call us, but if you do we are not required to investigate any
potential errors and you may have to pay the amount in question.
What Will Happen After We Receive Your Letter.
When we receive your letter, we must do two things
- Within 30 days of receiving your letter, we must tell
you that we received your letter. We will also tell you if we
have already corrected the error.
- Within 90 days of receiving your letter, we must either
correct the error or explain to you why we believe the Monthly
Billing Statement is correct.
While we investigate whether or not there has been an
- We cannot try to collect the amount in question, or
report you as delinquent on that amount.
- The charge in question may remain on your Monthly
Billing Statement, and we may continue to charge you
on that amount.
- While you do not have to pay the amount in question, you
are responsible for the remainder of your Account balance.
- We can apply any unpaid amount against your Credit
After we finish our investigation, one of two things will
If we made a mistake: You will not have to pay
the amount in question or any INTEREST CHARGES, Fees or
Other Charges related to that amount.
If we do not believe there was a mistake: You
will have to pay the amount in question, along with applicable
INTEREST CHARGES, Fees or Other Charges. We will send
you a Monthly Billing Statement of the amount you owe and the
date payment is due. We may then report you as delinquent if
you do not pay the amount we think you owe.
If you receive our explanation but still believe your
Monthly Billing Statement is wrong, you must write to us within
10 days telling us that you still refuse to pay. If you do so, we
cannot report you as delinquent without also reporting that you
are questioning your Monthly Billing Statement. We must tell you
the name of anyone to whom we reported you as delinquent, and we
must let those organizations know when the matter has been
settled between us.
If we do not follow all of the rules above, you do not have
to pay the first $50 of the amount you question even if your
Monthly Billing Statement is correct.
Your Rights if You Are Dissatisfied With Your Credit Card
If you are dissatisfied with the goods or services that you
have purchased with your Card and you have tried in good faith to
correct the problem with the merchant, you may have the right not
to pay the remaining amount due on the purchase.
To use this right, all of the following must be true:
- The purchase must have been made in your home state or
within 100 miles of your current mailing address, and the
purchase price must have been more than $50. (Note: Neither of
these are necessary if your purchase was based on an
advertisement we mailed to you, or if we own the company that
sold you the goods or services.)
- You must have used your Card for the purchase. Purchases
made with cash advances from an ATM or with a check that
accesses your Account do not qualify.
- You must not yet have fully paid for the purchase.
If all of the criteria above are met and you are still
dissatisfied with the purchase, contact us in writing at:
P.O. Box 3220
While we investigate, the same rules apply to the disputed
amount as discussed above. After we finish our investigation, we
will tell you our decision. At that point, if we think you owe an
amount and you do not pay, we may report you as delinquent.
California Residents. A married applicant may apply for a
separate Account. As required by law, you are hereby notified
that a negative credit reporting reflecting on your credit record
may be submitted to a Consumer Reporting Agency if you fail to
fulfill the terms of your credit obligations. After credit
approval, each applicant shall have the right to use the Account
up to the limit of the Account. Each applicant may be liable for
amounts extended under the plan to any joint applicant.
Delaware Residents. Service charges not in excess of those
permitted by law will be charged on the outstanding Account
balances from month to month.
Kentucky Residents. You may pay the unpaid balance of your
Account in whole or in part at any time.
Missouri Residents. Credit card fees are governed by
MO.Rev.Stat § 408.145.
New York and Vermont Residents. We may obtain a consumer
report for any legitimate purpose in connection with your Account
or your application, including but not limited to reviewing,
modifying, renewing and collecting on your Account. Upon your
request, we will inform you of the names and addresses of any
Consumer Reporting Agencies that have furnished the reports. New
York residents may contact the New York State Banking Department
(1-877-226-5697) to obtain a comparative list of credit card
rates, fees and grace periods.
Ohio Residents. The Ohio laws against discrimination
require that all creditors make credit equally available to all
credit worthy customers, and that Consumer Reporting Agencies
maintain separate credit histories on each individual upon
request. The Ohio Civil Rights Commission administers compliance
with this law.
Married Wisconsin Residents. No provision of any marital
property agreement, unilateral statement, or court order applying
to marital property will adversely affect a creditor's interests
unless prior to the time credit is granted, the creditor is
furnished with a copy of the agreement, statement, or court
order, or has actual knowledge of that provision.
Arbitration Notice. If you are issued a credit
Card, your Cardholder Agreement will contain a binding
Arbitration Provision. In the event of any dispute relating to
your Agreement, the dispute will be resolved by binding
arbitration pursuant to the rules of the American Arbitration
Association or an arbitration organization mutually agreed upon
by the parties. Both you and we agree to waive the right to go to
court or to have the dispute heard by a jury (except in regard to
any collection activities on your Account). You and we will be
waiving any right to a jury trial and you also would not have the
right to participate as part of a class of claimants relating to
any dispute with us. Other rights available to you in court may
also be unavailable in arbitration. When you receive your
Agreement you should read the Arbitration Provision in your
agreement carefully and not accept or use the Card unless you
agree to be bound by the Arbitration Provision.