This is a special agreement between us and you, in which we agree to a temporary reduction in interest rates or fees in force, in exchange for your agreement to meet a defined payment schedule. Such an agreement is concluded in writing. It may provide that after the conclusion of the training agreement or in the event of non-compliance with the terms of the training agreement, interest rates and fees may increase to the same conditions as before the training agreement. We include each fee in your account, including interest or fees, into a balance category. We use the different balances to calculate the correct interest on your account. If a type of fee has a separate interest rate, we will divide it into a separate balance. This means that your account may have separate balances for purchases, cash advances and transfers. It also means that if any commission is subject to an introductory interest rate or other promotional rate for a specified period, we count these fees in a separate balance for the period for which you are eligible for the special interest rate. For such a word or phrase highlighted, the definition below is part of your contract with your credit card issuer. “Card” means the credit card we offer you, as well as all renewal or replacement cards that we can issue from time to time in physical or electronic form to allow you to access the credit card account. Credit card agreements are not the easiest to read.
A 2018 Science Direct study found that the average credit card agreement was written on a class 8 to 9 years above the average U.S. reading level. More complex credit card agreements have been accompanied by higher financing fees. “Net purchase” refers to purchases of goods and services that each card holder debits from their credit card account for a monthly period, net of all returns and credits from the merchant. Net purchases excluding cash advances, (ii) cash transactions, (iii) interest expenses, (iv) fees, (v) insurance premiums and (vi) adjustments. Your registered address is the address you indicated on your application to open this credit card account, unless we have received and processed your written notification of a change of address indicated in accordance with the conditions indicated on the back of your invoice, in which case this new address is the registration address; or (2) if your address changes before we sent your first invoice, we have received and processed your written notification regarding an address that was sent to us at the postal payment address.