Revolving Account Plan Agreement 
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Santander Mastercard® Zero Card 

This document and the terms and conditions of your credit card that are disclosed in offers thru promotional letters, telephone, Internet or 
any other means constitute its Revolving Account Plan Agreement with Banco Santander Puerto Rico (hereinafter the "Agreement"). The use 
of  the  Credit  Card  (hereinafter  the  “Card”)  which  is  issued  by  Banco  Santander  Puerto  Rico  (hereinafter  the  "Bank")  at  the  request  of  the 
person on behalf of whom the Card is issued (hereinafter the "Holder") shall be governed by the following terms, conditions and clauses: 

USE OF THE CARD: The Holder can use the Card to purchase and/or lease goods and services in those establishments where the Card is 
accepted and to obtain cash advances from the Bank or any other bank that accepts the Card, subject to those limitations that from time to 
time is established by the Bank or the associated Bank to which the Card is presented.  Similarly, the Holder may perform balance transfers 
subject  to  the  availability  of  his  credit  line.    As  a  fraud  prevention  measure  your  card  will  be  blocked  for  use  outside  of  Puerto  Rico.  The 
cardholder will be responsible to notify the Bank by calling  Banco en Casa at 787-281-2000 or 1-800-726-8263 prior to traveling outside of 
Puerto Rico. This will provide greater security on your transactions and will allow the use of your card abroad, preventing your card from being 
blocked.The holder shall owe the Bank the amount charged to his account for using the Card, plus any Interest Charges to be determined, 
which will become payable in the legal tender of the United States of America, in its entirety or in monthly installments, in accordance with 
the provisions set forth in this Agreement. 

CREDIT LIMIT: The initial credit limit granted by the Bank for the Holder’s account will be notified to him upon receipt of the Card. Also, on 
each monthly account statement the existing credit limit will appear as of the date of the statement. The Holder agrees that the Bank may 
change his credit limit from time to time based on his credit assessment. The Holder may not exceed the credit limit approved by the Bank 
and by doing so the Bank will have the right to cancel the Card, require its return or seize it and close the account. Any amount in excess of 
the limit approved by the Bank shall be paid by the Holder at sight. 

INTEREST CHARGES: The Interest Charges are computed only on the principal balance. The Holder shall pay Interest Charges monthly 
on  the  balance  of  his  account  during  the  billing  period,  as  described  below,  which  will  never  be  higher  than  the  rate  established  by  the 
corresponding  laws  and  regulations.  The  Interest  Charges  of  the  Santander  Zero  Card  for  goods  and  services  and  cash  advances  varies  in 
accordance with the applicant's credit score at the time of the credit assessment, which can range from 0.9125% up to 2.1625% (Periodic 
Rate), equivalent to an Annual Percentage Rate (APR) ranging from 10.95% up to 25.95%. If the rate disclosed in the offer that was 
made to you by Banco Santander Puerto Rico thru promotional letter, telephone, Internet or any other means is different to this, the Periodic 
Rate will be computed by dividing the Annual Percentage Rate applicable to  your account between twelve (12). An Interest Charge  will be 
imposed on purchases charged to this account by applying the specified Monthly Periodic Rate to the Average Daily Balance. This balance is 
obtained by taking the initial balance for each day in the billing period, subtracting payments and credits and adding the purchases, except 
purchases made in billing periods where the opening balance of the period is $0 or the initial balance is paid in full within the period. Then we 
add all daily balances within the billing period and divide this total by the number of days within the period. The result is the Average Daily 
Balance. No Interest Charges will be imposed for billing periods where there is no previous balance or during which payments and credits 
match or exceed the previous balance. With regard to Interest Charges for cash advances, they shall be imposed by applying the specified 
Monthly Periodic Rate to the Average Daily Balance as of the date on which the Holder and/or the persons authorized by the Holder received 
such cash advances until its total payment. 

PENALTY RATE: The Annual Percentage Rate (APR) (including promotional rates) that applies to existing balances as well as new purchases 
of  goods  and  services,  cash  advances  and  balances  transferred  to  your  account,  may  increase  to  28.99%  APR  if  one  of  the  following 
conditions occurs: 
• The minimum payment on your account is not received for two (2) consecutive billing periods. 
• If your credit score is not within the parameters established by the Bank. 
Your account will be eligible to return to the regular Annual Percentage Rate (APR) once the account is up to date and you have made six (6) 
consecutive minimum payments on or before the corresponding due dates. The Bank shall notify the increase in the penalty rate with no less 
than forty-five (45) days prior to the effective date of the increase. 

PROMOTIONAL  RATES:  If  the  Holder  has  been  granted  at  a  promotional  rate  (Annual  Percentage  Rate  (APR)  applicable  to  existing 
balances,  new  purchases  of  goods  and  services,  balance  transfers  and  cash  advances  charged  to  your  account)  the  same  will  be  in  effect 
during  the  term  specified  in  the  offer  made  by  the  Bank.  However,  if  the  Holder  decides  to  cancel  his  account  before  the  end  of  the 
promotional rate period, he will lose the benefits of the promotional rate and will be charged at the corresponding regular rate for his account 
for the existing balance as of the date of cancelling his Card. 

ANNUAL FEE:  Please refer to the “Annual Fee” section in the table included.  

MONTHLY  ACCOUNT  STATEMENT:  Every  month  the  Bank  will  send  the  Holder  an  Account  Statement  at  the  end  of  each  billing  period 
which  shall  indicate,  as  applicable,  the  following  items:  Previous  Balance,  Payments  and  Credits,  Debits,  Purchases  of  Goods  and  Services 
Cash Advances and Balance Transfers during the period in question, the Interest Charges, the Percentage Rate, expressed monthly and 
annually, the closing date of the billing period, the Average Daily Balance, the New Balance Total, the minimum payment, the due date of said 
payment, Notice about Late Payment, Notice about Minimum Payment, reference on Credit counseling and Sections of Charges and Interest 
Collected  during  the  year,  among  other  items.  The  Holder  shall  notify  in  writing  to  the  Bank  any  error  in  the  monthly  Account  Statement 
within sixty (60) days following the date on which the statement is sent. 

OTHER FEES: Returned Checks Fee – A charge of $10 will be added to the existing purchases balance for each payment made to your 
Credit Card by a check returned for the following reasons: not available or non collected funds, insufficient funds or any other reason why the 
check cannot be processed. Late Payment Fee – an amount equal to the minimum payment up to a maximum of $38 will be added to the 
existing  purchases  balance  for  each  billing  period  when  the  minimum  payment  is  not  made  at  the  due  date.  Cash  Advance  Fee  –  No 
charges will be added. 

JOINT ACCOUNTS: Joint account holders are jointly and severally responsible for all purchases cash advances and balance transfers made 
under the credit plan. The Bank may require the appearance and signature of both to process certain instructions or requests that include, but 
are not limited to (1) request for increase or decrease in the credit line, (2) issuance of additional Cards, and (3) change in the  address to 
which the account statement of the credit plan is sent. Both agree to release and indemnify the Bank from all liability for damages, losses or 
expenses arising as a result of any action taken by the Bank in compliance with the instructions given by any of the Holders. 

NON-COMPLIANCE: In the event of insolvency, bankruptcy, or death of the Holder, or if he ceases to satisfy any obligation with the Bank 
under  this  Agreement,  the  total  debt  of  the  Holder  to  the  Bank  shall  be,  at  the  sole  discretion  of  the  Bank,  due  immediately  and  shall  be 
payable according to the pertinent provisions of the current laws and regulations. If such non-compliance arises by reason of failure to comply 
with the payments required under the provisions of this Agreement, any debt will be due under any of the following conditions: 
• If the debtor defaults on the payment for three consecutive terms. 
•  If  the  debtor  defaults  on  the  payment  of  one  or  more  installments  and  on  two  or  more  occasions  had  defaulted  in  paying  two  or  more 
consecutive terms. 
•  If  the  debtor  makes  a  partial  payment  of  an  overdue  installment  and  makes  three  consecutive  payments  later  but  still  does  not  pay  the 
remaining balance of the partial payment due. 

MINIMUM PAYMENT: The holder may pay the New Balance total in its entirety or in monthly installments. If payment is made in monthly 
installments, the Minimum Payment will be: 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If the balance due is: 

 $ 0.01 to $ 9.99  

$ 10.00 to $600.00 

$600.01 onwards 

Minimum Payment will be: 
New balance or accrued interest at the close of the billing 
cycle, whichever is greater 

$10.00  or  accrued  interest  at  the  close  of  the  billing  cycle, 
whichever is greater 
1/60  or  accrued  interest  at  the  close  of  the  billing  cycle, 
whichever is greater 

In addition, the minimum monthly payment shall include the total amount in excess of your authorized credit limit.   The holder may pay at 
any time the New Balance Total or any part of this that is greater than the required minimum monthly payment.  

PAYMENT  APPLICATION:  If  the  Holder  pays  the  minimum  payment  required  in  the  monthly  account  statement,  the  payment  will  be 
applied  as  follows:  first  to  Interest  Charges,  and  the  remainder  will  be  applied  proportionately  to  amount  owed  by  concept  of  goods  and 
services cash advances and balance transfers, in accordance with the New Balance that each one of these headings will yield on the billing 
date of the monthly account statement. If the Holder pays an amount in excess of the required minimum payment, it may stipulate in writing 
at the time of making the payment that the excess be applied to cash advances, balance transfers and goods and services, or be distributed 
proportionally. In the absence of such a declaration, the excess shall be applied to the debt with the highest rate of Interest Charges. 

PAYMENTS APPLICATION ON THE SAME DAY: The Bank will  credit the payment  made by the  Holder the same day it is made:  (a) in 
cash or in check through one of the Bank branch offices, prior to the closing time from Monday through Friday; (b) electronically before 5:00 
p.m. Monday through Friday; (c) by mail together with the payment coupon to the address listed on the account statement of the Holder, as 
long  as  the  payment  is  received  before  8:00  a.m.  from  Monday  through  Friday.  If  the  payment  is  received  by  the  Bank  on  weekend  or 
holiday, the payment will be credited to the account the next business day. In case of payments received by check the Bank shall defer the 
availability  of  funds  equivalent  to  the  amount  of  the  payment,  for  a  period  of  up  to  five  (5)  business  days.  This  will  not  entail  additional 
charges to your account for Interest Charges. 

CURRENCY CONVERSION CHARGES: Please refer to the “Transaction Fees” section in the table included.  

DENIAL OF CREDIT: The Bank is not liable if a purchase or cash advance is not authorized by the Bank or a third party even in the event of 
the  Holder  having  available  credit.  The  Bank  may  limit  the  number  of  purchases  or  cash  advances  approved  during  one  day.  If  the  Bank 
detects some unusual or suspicious activity on the account, the Bank can temporarily suspend the credit until the legitimacy of the transaction 
is verified. The Bank could temporarily suspend the credit, if the Holder has any existing debt with the Bank that is in arrears. The Bank could 
approve purchases or cash advances exceeding the credit limit without renouncing its rights under this Agreement. The Holder acknowledges 
and  agrees  that  the  Bank  shall  have  no  liability  or  obligation  for  communications,  acts  or  omissions  of  the  establishments  including  their 
refusal  to  accept  the  Card,  as  well  as  for  defects,  quality,  weight,  quantity  or  any  other  aspect  relating  to  the  delivery  or  provision  of  the 
goods and/or services that are purchased or obtained through the use of the Card. 

LOST OR STOLEN CARD: If the Card is misplaced or stolen or the Holder suspects that someone could use it without his permission, the 
Holder shall immediately notify  the Bank by calling (787) 281-2000 or 1-800-726-8263, 24 hours, and complete and submit those forms or 
reports required by the Bank. The Holder is not liable for fraudulent transactions that occur in the event of loss, theft or unauthorized use.  

AMENDMENTS: As required by law, this Agreement includes the disclosures in terms and conditions of your Credit Card. The Bank cannot 
guarantee  that  the  terms  and  conditions  of  your  Credit  Card  are  unchanged.  They  can  change  in  accordance  to  the  applicable  laws  and 
regulations; also, changes based on your credit history, market conditions, and business strategies and for any other reason, may occur. If 
any changes occur, they will be notified in accordance with the applicable laws and regulations. If these changes are not addressed in any law 
or  regulation,  they  will  be  notified  10  days  prior  to  the  changes.  The  Interest  Charges,  periodical  rates  and  other  terms  and  conditions 
contained  in  this  Agreement  may  be  amended  by  the  Bank  after  having  elapsed  12  months  from  opening  the  account.  Any  amendment 
regarding Interest Charges shall apply to new purchases of goods and services and cash advances that originate as of the effective date of 
the change, as permitted by laws and regulations. If the Holder does not agree  with the notified amendments and wishes to terminate the 
Agreement, he must notify the Bank in writing of his decision and return the Card cut in half before the effective date of the notified changes 
and will continue to pay the balances owed under the account, in accordance with the terms and conditions previously in effect. Any change 
in  the  Interest  Charges  that  occur  on  or  before  the  date  that  the  requested  credit  was  approved  shall  be  notified  through  a  notification 
accompanied with the Card to the Holder, who, through the use of the Card confirms his acceptance of the change. 

CANCELLATION: The Card is property of the Bank and the bank may cancel it at any time without prior notice to the Holder, who is obliged 
to return any Card issued, at the request of the Bank. If you do not agree to the terms of this Agreement, you may cancel it at any time by 
giving written notice to the Bank to these effects, and the return of the Card cut in half.  You will remain responsible for the payment of any 
balance  owed  at  the  time  of  cancellation.    If  at  the  time  of  cancellation  you  have  an  outstanding  balance  with  a  special  offer,  the  regular 
terms in effect at the time will apply to your outstanding balance.  

MISCELLANEOUS PROVISIONS: The Bank is authorized by the Holder to investigate the Holder’s credit references and reserves the right 
to  issue  or  not  issue,  renew  or  not  renew  the  Card  depending  on  the  Holder’s  ability  to  pay  and  credit  references.  Failure  by  the  Bank  to 
exercise any right under this Agreement shall not constitute a waiver of such right. If any provision of this Agreement is declared invalid by a 
Court  or  ceases  to  have  effect  by  legislative  or  regulatory  provision,  the  remaining  provisions  of  this  Agreement  will  continue  in  force.  The 
Holder will establish a secret number to be able to access cash advances against his account through Automatic Teller Machines. The Holder 
undertakes  and  agrees  to  maintain  the  confidentiality  of  such  secret  number  to  avoid  the  use  of  the  Card  by  unauthorized  persons,  and 
agrees not to disclose or have the secret number written next to the Card. The limit of cash advances  will be established by the Bank from 
time  to  time.  When  the  Card  is  used  outside  Puerto  Rico  or  in  another  associated  bank,  the  limit  established  will  be  governed  by  the 
associated bank to which the Card is presented. The Holder may instruct the Bank to debit his Bank deposit accounts for any amount to cover 
payments due or the total balance of the debt. The Bank, at its sole discretion, may not authorize cash advances and/or purchases of goods 
and  services  when  the  account  is  in  arrears  for  thirty  days  or  more  and/or  when  the  outstanding  balance  is  above  the  limit  of  the  credit 
granted. 

The Holder is not obliged to accept the Card nor will be responsible for any charges unless he chooses to accept it by using it. If the Holder 
does not accept the Card, he shall notify the Bank within fifteen (15) days after receiving this Agreement without having used the Card. The 
use of the Card by the Holder or any person authorized by the latter constitutes acceptance by the Holder of each and every one of the terms, 
clauses and conditions disclosed under this Agreement. This Agreement shall be governed by and construed under the laws and regulations of 
the  Commonwealth  of  Puerto  Rico  and  the  applicable  federal  laws  and  regulations.  In  case  the  Holder  is  offered  any  insurance  for  life 
protection, disability or involuntary unemployment or some other coverage by the Bank or any third party (whether or not a Bank affiliate) 
such insurance is optional and is not a condition for extending credit.  

BILLING  RIGHTS:  This  notice  contains  important  information  about  your  rights  and  our  responsibilities  under  the  Fair  Credit  Billing  Act. 
Notification to the Bank in case of errors or doubts on the account statement: the Holder shall notify in writing to the Bank if he believes that 
the  account  statement  is  incorrect  or  needs  more  information  about  a  transaction  in  the  statement.  The  Holder  must  write,  on  a  separate 
sheet, at the address indicated in the account statement, as soon as possible. This notification must be no later than sixty (60) days since the 
Bank sent the first statement on which the error or problem appeared. The Holder may call the Bank by telephone, but this way your rights do 
not  prevail.  The  Holder  must  send  a  letter  with  the  following  information:  name  and  last  name,  account  number,  amount  of  money  of  the 
alleged  error,  description  of  the  error.  If  you  need  more  information,  you  must  include  a  description  of  the  item  on  which  you  have  any 
questions. If the Holder has authorized the Bank to pay the account statement automatically from his savings or checking account, the Holder 
can stop the payment of any amount he understands that it is incorrect. 

RIGHTS AND RESPONSIBILITIES OF THE BANK AFTER HAVING RECEIVED THE WRITTEN NOTIFICATION FROM THE HOLDER: 
the Bank must acknowledge receipt of the letter within thirty (30) days, unless the error has been corrected within this period. After receiving 

 
 
 
 
 
 
 
 
 
 
 
 
his letter, within a period equivalent to two billing cycles, but no more than ninety (90) days, the Bank must correct the error or explain to you 
why we understand that the invoice is correct. After receiving the written notification, the Bank should not try to collect any amount that the 
Holder  has  questioned,  nor  report  him  as  delinquent.  The  Bank  may  continue  to  bill  the  amount  that  the  Holder  has  questioned,  including 
Interest Charges and may apply any amount due to his credit line. The Holder does not have to pay any amount in dispute while the Bank is 
investigating, but the Holder will be obligated to pay the parts of his invoice that are not in dispute. If the Bank determines that there was an 
error in the invoice, the Holder will not have to pay Interest Charges related to the portion of the invoice that is in dispute. If it is determined 
that there was no error on the invoice, the Holder shall pay Interest Charges and update any payment in the amount of the dispute. In any 
case, the Bank will send you an account statement for the unpaid amount and the due date. If the Holder does not pay the amount that the 
Bank believes it owes, the Bank can report the case as delinquent. However, if the Holder is not satisfied with the Bank’s explanation, and he 
writes within the next ten (10) days informing that he still refuses to pay the Bank, the Bank shall inform any organization to whom he has 
been reported as delinquent that the Holder has a dispute regarding the invoice. Also, the Bank must inform the Holder on the identity of any 
organization he has been reported to, that there has been a resolution once the matter has been resolved. If these rules are not followed, the 
Bank may not charge the first $50 of the amount in dispute, even if it is determined that the invoice was correct. 

SPECIAL RULES ON PURCHASES WITH CREDIT CARDS: if there are problems with the quality of the goods or services purchased with 
Credit Cards and you have tried in good faith to correct the problem with the vendor, you may have the right to not pay the remaining debt 
balance related to those products or services. There are two limitations on this right: a) the purchase must have been made in your state of 
residence ("home state"), or if you are not in your state of residence, within 100 miles of your mailing address, and  (b) the purchase price 
must  be  greater  than  $50.  These  limitations  do  not  apply  to  the  vendor  where  you  purchased  the  goods  or  services  if  this  is  owned  or 
controlled by the Bank or if the Bank sent you a promotional notice or advertising of their goods or services. 

Banco Santander Puerto Rico-Credit Cards Division-PO BOX 362589 SAN JUAN, PR 00936-2589 

 (REV 12/15) 

Interest Rates and Interest Charges 

Annual percentage rate 
(APR) on Purchases 

Annual percentage rate 
(APR) on Balance Transfer 

Annual percentage rate 
(APR) in cash advances 

10.95 % to 25.95 %, at the time of opening the account, based on 
your credit history. 

10.95%-25.95%, at the time of opening the account, based on your credit history. 

22.95%-25.95%, at the time of opening the account, based on your credit history. 

28.99% APR 

It applies to account balances, including new purchases, cash advances and transferred balances if 
one of the following conditions occurs: 

Penalty APR and When it 
Applies 

a. The minimum payment is not received for 2 consecutive billing periods. 

b. If your credit score is not within the parameters established by BSPR. 

How long will the penalty APR apply? 
If your annual percentage rate increases for any of these reasons the non-compliance rate will 
apply until you have made at least six (6) consecutive minimum payments on or before its due 
date. 

Your due date is at least 27 to 32 days after the close of each billing cycle. We will not charge you 
any interest on purchases if you pay your entire balance by the due date each month.  Interest on 
cash advances, balance transfers to other institutions and convenience checks will be calculated 
from the date that the transaction occurred.  

For  information  on  factors  to  consider  when  ordering  or  using  credit  cards,  visit  the  Federal 
Reserve on its Website at: http://www.consumerfinance.gov/learnmore.    

$0  
$0  

$0 

$0 

Up to a maximum of $38 
Returned check: $10  

How to Avoid Paying 
Interest 

For Credit Card tips from 
Consumer Financial  
Protection Bureau 

Fees 
Annual Fee 
Additional Cards 
Transactions Fees 

Cash Advance and Balance 
Transfers 
Currency conversion 

Penalty Charges 

Late Payment 
Returned Payment 

How We Will Calculate Your Balance: We use the daily balance method (including new transactions). 

Loss of Introductory APR: We may end your introductory APR and apply the Purchases Standard APR if you close your account or if    
you miss a payment 

Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your account agreement. 

Banco Santander Puerto Rico es miembro FDIC. Lic. OCIF IB-17.