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Frequent Contributor
oscar_actuary
Posts: 293
Registered: ‎03-25-2013
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Terms and Conditions

[ Edited ]

I never read them

Do any of the CC sneak anything in that would raise the hair on my back ?

 

My attitude towards these things is "they're not allowed to put some ridiculous item in there such "We can add a $100 annual fee to your statement without warning"

 

Does anyone read them?

 

I do read my mortgage docs when they send them in advance

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myjourney
Posts: 26,602
Registered: ‎02-07-2013
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Re: Terms and Conditions

Sad to say but yes in fact read the new one today.

I like to know all the in's and out's of anything financial especially if I enter into an agreement with them.

 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


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09Lexie
Posts: 25,913
Registered: ‎09-13-2012
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Re: Terms and Conditions

You should - never know what might be lurking in the fine print.
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HiLine
Posts: 2,949
Registered: ‎10-19-2012
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Re: Terms and Conditions

You don't read the Terms and Conditions? What? Really? 

 

 

 


J/k :robotvery-happy:

 

 

I usually glance at the T&C of my new cards once, and then when I write a credit card review on my blog I would pull out the T&C and read between the lines. :smileyhappy:

Valued Contributor
FinStar
Posts: 5,956
Registered: ‎10-21-2012
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Re: Terms and Conditions


myjourney wrote:

Sad to say but yes in fact read the new one today.

I like to know all the in's and out's of anything financial especially if I enter into an agreement with them.

 


+1

Since it is considered a financial contract/agreement between you and the lender, and for obvious reasons, you should be familiar with their T&C.   It's actually amusing to hear when folks complain or learn about the T&C if something adversely impacts their accounts...comments like "Oh, I didn't know there was an arbitration clause... I didn't know there was a residual interest charge... How come my credit limit was reduced?!?  ...Are you sure those late fees aren't a violation of the Credit Act?"

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HiLine
Posts: 2,949
Registered: ‎10-19-2012
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Re: Terms and Conditions


FinStar wrote:

myjourney wrote:

Sad to say but yes in fact read the new one today.

I like to know all the in's and out's of anything financial especially if I enter into an agreement with them.

 


+1

Since it is considered a financial contract/agreement between you and the lender, and for obvious reasons, you should be familiar with their T&C.   It's actually amusing to hear when folks complain or learn about the T&C if something adversely impacts their accounts...comments like "Oh, I didn't know there was an arbitration clause... I didn't know there was a residual interest charge... How come my credit limit was reduced?!?  ...Are you sure those late fees aren't a violation of the Credit Act?"


Can't blame those that are financially illiterate. I know many people that can't comprehend any legal document and it is not like the T&C's are presented in the most readable manner anyway. 

Frequent Contributor
oscar_actuary
Posts: 293
Registered: ‎03-25-2013
0

Re: Terms and Conditions

:smileyindifferent:I guess I understand there are things like penalty rates.  But, is it wrong to presume that they can't put just any arbitrary item in there and hold you accountable?  "If you charge over $200 on Sundays, we reserve the right to add a $50 surcharge".  "You must tithe using this card".

 

In other words, I'll take the risk of something biting me if I miss a payment, or run afoul; but otheriwse count on common sense and law? to keep me safe.  Plus I'm too busy posting and reading and working and eating to read all these CC terms.  :smileyindifferent:

 

On a related note, among the premium cards (or pick from my sig to personalize it for me), are there any significant differences in terms of T&C or benefits (i.e. protections, liability, warranty), or have al the majors caught up and pretty much take care of us the same?

 

thanks, I know this is a compound thread now, but I can derail my own, yes?

FICO EX 739, 2013 Jun. FICO TU08 791, 2014 Apr. FICO EQ 736, 2013 Aug.
BofA Cash Rwrds Sig V 2013 10k; Fidelity Rewards AmEx /BofA 2013 15.4k; Chase Freedom Sig V 2002 24.1k; Chase Amazon Rwrds Sig V 2011 8k; Sam's Club GE Dscvr 2002 10k; Dscvr It 2012 10k; Citi Dvdnd Plat Sel V 2013 8.9k; PenFed Plat Rwrds V 2013 20k; AmEx Blue Sky 2013 21.6k; Priceline Rwrds Sig V 2013 8.7k; PayPal Xtras GE Cap Plat MC 2012 5k; JC Penny 2011 1k

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HiLine
Posts: 2,949
Registered: ‎10-19-2012
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Re: Terms and Conditions

They are not nearly as bad as iTune's famous T&C lol. There are certain rules set by law that they have to abide by, but apart from that everything is at the bank's discretion.
Overall though, I think regulation has done a good job making sure the banks cannot legally impose nonsensical T&C on consumers. Regarding the most important items such as late fees, due date, APR and credit calculation method, they are more or less the same. 

Valued Contributor
FinStar
Posts: 5,956
Registered: ‎10-21-2012
0

Re: Terms and Conditions


HiLine wrote:

FinStar wrote:

myjourney wrote:

Sad to say but yes in fact read the new one today.

I like to know all the in's and out's of anything financial especially if I enter into an agreement with them.

 


+1

Since it is considered a financial contract/agreement between you and the lender, and for obvious reasons, you should be familiar with their T&C.   It's actually amusing to hear when folks complain or learn about the T&C if something adversely impacts their accounts...comments like "Oh, I didn't know there was an arbitration clause... I didn't know there was a residual interest charge... How come my credit limit was reduced?!?  ...Are you sure those late fees aren't a violation of the Credit Act?"


Can't blame those that are financially illiterate. I know many people that can't comprehend any legal document and it is not like the T&C's are presented in the most readable manner anyway. 


I'll be blunt - I can.  Where does individual accountability and a simple willingness to learn or be educated about financial matters come into place?  If an individual is entering into a contract, even as somewhat simple (to a certain extent) as a credit card loan... where do you draw the line?  While no financial institution is by far perfect, they are regulated frequently enough by the Feds, hence the T&C agreement and subsequent revisions that lay out all the conditions of the contract.

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HiLine
Posts: 2,949
Registered: ‎10-19-2012
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Re: Terms and Conditions


oscar_actuary wrote:

 

On a related note, among the premium cards (or pick from my sig to personalize it for me), are there any significant differences in terms of T&C or benefits (i.e. protections, liability, warranty), or have al the majors caught up and pretty much take care of us the same?

 

thanks, I know this is a compound thread now, but I can derail my own, yes?


Most cards these days have standard benefits although there are many variations in coverage. With so many cards, it'd be better for you to read the T&C of each card if you're curious about the differences. No one on this board has the T&C of all the particular cards that you have.


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