Private Label Credit Card Program Agreement

1. Open account settled. The definition of an open account includes a credit card account as part of an open consumer credit plan (not secured by the home) when (i) the cardholder can obtain credit renewals on the account; or (ii) there is a balance on the account that has not been paid. According to this definition, an account that meets one of these criteria is deemed open, even if the account is inactive. If an account has been closed for new activities (for example. B due to the cardholder`s failure) but the cardholder continues to make payments to repay the outstanding balance, the account is deemed open. 6. Several agreements for a private label credit card plan. The private label credit card exception also applies when a card issuer offers more than one agreement in connection with a private label credit card plan. For example, a card issuer has 5,000 private label credit card accounts opened with credit cards that can only be used for A resellers. The card issuer offers the public three separate agreements, which can be used in credit card accounts with private label accounts, for which credit cards can only be used in the case of Merchant A.

Agreements are not available for any other type of credit card account. The card issuer is not required to submit to the Bureau any of the three agreements covered by section 1026.58 (c) (1), each being used for a credit card plan with a private label of less than 10,000 accounts opened and none of the three accounts being offered to the public, except for accounts under such a plan. 4. Change instructions are not allowed. Section 1026.58 (c) (3) requires the card issuer to submit the entire revised agreement to the Bureau when an agreement previously submitted to the Bureau is amended. A card issuer may not be able to meet this requirement by filing a similar change or notification that only covers the amended conditions. In addition, amendments should be included in the text of the contract (or the complementary form described in the provisions of Directive S. 1026.58 (c) (8)) which are not intended as separate drivers.

For example, a card issuer changes the purchase RPA, which is associated with an agreement that the issuer has previously forwarded to the office.