Reply
Regular Contributor
hyprble
Posts: 170
Registered: ‎11-05-2008
0

deciphering National City/PNC Changes to Agreement

Hi,

I just received a "Changes to Agreement" on my National City/PNC credit card and was wondering what they are trying to say here... are they trying to say that unless I close my account then I agree they can change the APR at any given moment to any given rate without warning?  Will the new laws require them to tell me my APR is changing and give me a chance to opt out of the rate change or is this statement telling me that I waive all my rights and they'll rate jack arbitrarily?

 

"You agree that we may change at any time any of teh terms of this Agreement, including, but not limited to, the fees, finance charges, default rates, whether the rates are fixed or variable, and annual percentage rates.

We will notify you of any Change if required by applicable law.  The Changes will be effective at the time stated in our notice.  Unless we state otherwise, any Change will apply to the unpaid balances on your Account and to new transactions.  "Change" or "Changes" as used herein, means any modifications of, or additions or deletions to, the Agreement."


Starting Score: 557 (2005)
Current Score: 803
Goal Score: 805


Take the FICO Fitness Challenge
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: deciphering National City/PNC Changes to Agreement


hyprble wrote:

Hi,

I just received a "Changes to Agreement" on my National City/PNC credit card and was wondering what they are trying to say here... are they trying to say that unless I close my account then I agree they can change the APR at any given moment to any given rate without warning?  Will the new laws require them to tell me my APR is changing and give me a chance to opt out of the rate change or is this statement telling me that I waive all my rights and they'll rate jack arbitrarily?

 

"You agree that we may change at any time any of teh terms of this Agreement, including, but not limited to, the fees, finance charges, default rates, whether the rates are fixed or variable, and annual percentage rates.

We will notify you of any Change if required by applicable law.  The Changes will be effective at the time stated in our notice.  Unless we state otherwise, any Change will apply to the unpaid balances on your Account and to new transactions.  "Change" or "Changes" as used herein, means any modifications of, or additions or deletions to, the Agreement."


What is legal today will not be legal tomorrow. They will conform to what they have to when they have to. The when is FEB2010.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}