For open credit agreements, initial disclosure statements must include: the credit limit; the minimum periodic payment or the method of determining the minimum periodic payment; the initial annual interest rate and the compounding period; if the annual interest rate may change, the method of determining the annual  interest rate at any time; when interest begins to accrue on advances or different types of advances, and  the particulars of any grace period; the nature and amount, or the method of determining the amount, of any  non‐interest finance charges that may become payable under the agreement; any optional services purchased by the borrower for which payments are to be  made to or through the credit grantor, and the charges for such services; a description of the subject‐matter of any security interest; the nature of any default charges provided for by the agreement; how often the borrower will receive statements of account; if the borrower is required to pay the outstanding balance on each statement of account in full on receiving the statement: a statement to that effect, the period within which the borrower must pay the outstanding balance to avoid being in default, and; the annual interest rate that applies to any amount that is not paid when due; a telephone number at which the borrower can make inquiries about the  borrower’s account during the credit grantor’s ordinary business hours without  incurring any charges for the call; and if the open credit agreement is for a credit card, the lender must also disclose the maximum liability for unauthorized use of the credit card if it is lost or stolen Last reviewed: October 2014