I have recently read that the credit card companies have fine print that says they can change the terms of the

Question

agreement at any time. How can this be a binding contract since there is no meeting of the minds on the actual fees involved?

Answer 1

It is true that credit card companies generally reserve the right to change fees and terms at any time (just like banks can change the terms of deposit accounts); however, they do have to notity you in advance (usually 30 - 60 days). There is also usually a provision that the consumer has the right to close the account. Generally, if there are no new charges to the account, this indicates that the consumer has not accepted the new terms and they may repay the account according to the original terms. Any new charge activity on the account constitutes acceptance of the new terms. So, final word of warning, shop around for the card that best suits your needs and read closely the terms and conditions AND any notices that come with your monthly billings!! Remember, only one thing is constant...that is change!

Answer 2

AN ANALYSIS OF CHANGE-OF-TERMS PROVISIONS AS USED IN CONSUMER SERVICE CONTRACTS OF ADHESION

Winter, 2006
15 U. Miami Bus. L. Rev. 75
Author
Eric Andrew Horwitz

Answer 3

There doesn't have to be a meeting of the minds; you've agreed to it in the terms and conditions. "Any time, any reason" changes are allowed; if the bank chooses to exercise that right, which can happen for any reason from your missing a payment, to them wanting to make more money, you are given an opportunity to "opt out", and cancel your account. You will be able to pay off any balances that you have at the pre-existing terms and conditions, but in order to continue using the card, you need to accept the new terms. Notably, Citi Cards has recently stopped the practice of "any time, any reason" rate changes; now, Citi will only make these types of changes in the event of a delinquency...otherwise, your terms will be guaranteed until the expiration date of the card.

Answer 4

the fees involved are in fine print on the agreement and when you sign on the dotted line..that;s all it takes. there are annual fees, late fees , overlimit fees, cash advance fees and purchase finace charges too. i am a collector for visa, aspen, emerge and aspire. our annual fee is $150.00 yearly. when you get any amount of a cash advance on these accounts you are charged a cash advance fee for as long as you have the account. these accounts were designed to help people with bad credit. it does help only if you keep the accouint up to date. don't get no cash advances on it and avoid the late fees. when your balance goes over your limit then you are over limit. that means a $35.00 fee after each due date until you pay it up. oh by the way credit cards are a money game if you don't pay you don't have credit. BE CAREFUL WITH YOUR CREDIT CARD AND ALWAYS KEEP IT PAID EVERY MONTH TO AVOID ALL THE FEES THAT THEY ADD ON. GOOD LUCK TO YOU. if you have any questions about these accounts e-mail me at [e-mail]

Answer 5

Yeah they do. It's only you that's bound. Reputable companies will notify you of the change in writing though.

Answer 6

Yes they do. And it's perfectly legal.