@MakingProgressconfirming that most of the lenders I use have put in place similar language. The best part is that lenders very seldom loose in Arbitration (isn't that just fine).
There used to be a saying to never sign a contract without reading it. In today's society that sould be never click agree to Terms and Conditions without reading them. Unfortunatly no one reads T&C, we just click and go on our merry way.
I'm not convinced that reading and accepting the terms really even matters anymore. The T&Cs aren't up for negotiation, and in some cases the particular applications are either essential or useful enough that saying no really isn't an option. Everything from smartphones to your television now come with T&Cs that you must accept, or contain language stating that usage of the product is considered acceptance.
Don't like it? Return that TV and buy another one only to find it has similar T&Cs. The only choice you're going to have in the matter is which company owns your information and can use it for any (legal) reason they see fit.
Honestly, at this point, the only real recourse is to get the government involved in the form of consumer protection legislation and regulation, but good luck convincing enough people to get on board for that. The only thing half this country hates more than some company they have no say in taking their freedoms and telling them what to do is having the very government they help elect take their freedoms and tell them what to do.
I agree it is almost impossible to avoid accepting T&C for things that really sould't even have T&C, but that dosen't mean that we souldn't read them and be informed about what we are agreeing to accept.
Got my notices in the mail on my AARP and Freedom yesterday, will be be closing the AARP and opting out of arbitration on the Freedom. I see they also are raising mins to 35. This is the main reason I have decided to can the AARP as its also no longer anything I need reward wise for the 3% gas/restaurants, have equal or better on other cards. I have no need to transfer the limit to Freedom either so it will be 6K gone.