Retail Installment Agreement Revolving Accounts Plan  
for Visa Novel Ideal of Banco Popular 

Interest Rates and Interest Charges 

Annual Percentage Rate (APR) for 
Purchases 

1.99% introductory APR1 for the first 6 months. 

After that, your Standard APR will be from 10.99% to 23.99% based on your credit 
worthiness.  This APR will vary with the market based on the Prime Rate. 

APR for Balance Transfers 

1.99% introductory APR1 for 6 months from the transfer date (for transfers made within the first 6   
       months from account opening). 

 After that, your Standard APR will be from 10.99% to 23.99% based on your credit 
worthiness. This APR will vary with the market based on the Prime Rate. 

APR for Cash Advances 

18.24 % to 23.99% based on your credit worthiness.  

      This Standard APR will vary with the market based on the Prime Rate. 

Penalty APR and When it Applies 

29.99%2 

Paying Interest Credit Card 

This APR may be applied to your account if you miss a required minimum payment for a period 
of sixty (60) consecutive days from its due date. 

How Long Will the Penalty APR Apply?: If your APRs are increased for this reason, the 
Penalty Rate  will remain in effect until the account becomes current and 6 consecutive 
required minimum payments are received on or before the payment due date. 

Your  payment  due  date  is  at  least  25  days  after  the  close  of  each  billing  cycle.   Interest 
charges will not be imposed on purchases with the Credit Card on those billing cycles where 
the New Balance is paid in full on or before the payment due date for two consecutive billing 
cycles, or if the only balance owed relates to offers that specify that is not required to pay the 
balance in full for a determined specific period of time.  If you do not pay the New Balance in 
full on or before the payment due date for two consecutive billing cycles, you will not obtain a 
grace period on purchases.  Interest on cash advances, balance transfers to other institutions 
and convenience checks will be calculated from the date that the transaction occurred. 

Paying Interest Charge Card 

No Interest on purchases will be imposed for purchases with the Charge Card if the balance 
due from such transactions is paid in full by the payment due date of the billing period.   

For Credit Card Tips from the  
Consumer Financial Protection 
Bureau 

To learn more about factors to consider when applying for or using a credit card, visit the 
website of the Consumer Financial Protection Bureau at 
http://www.consumerfinance.gov/learnmore 

Fees 

Annual Fee 

Transaction Fees 

   •  Cash Advances and  
       Convenience Checks 
   •  Balance Transfers 

$0 Annual Fee 
$0 Additional Card Fee (if applicable) 

2% of the amount of each transaction (minimum $2; maximum $10) 

2% of the amount of each transfer (minimum $2; maximum $10) 

   •  Foreign Transaction 

1% of each transaction in U.S. dollars for Visa 

Penalty Fees 
  •  Returned Payment 
  •  Late Payment 

Up to $10 
Up to $35 

How We Will Calculate Your Balance:  We use a method called "average daily balance (including new purchases)".  Please 
refer to your Agreement for more details. 
Loss of Introductory APR:  We may end your introductory APR and apply the Purchase 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.  

1 The corresponding Daily Periodic Rate for the Introductory APR is 0.0055%. 
2 The corresponding Daily Periodic Rate for the Penalty APR is 0.0822% 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
ACCOUNT 
Taking into consideration the credit granted by Banco Popular of Puerto Rico (Bank) under this account, 
you bind yourself to pay to the Bank the total price of all purchases and cash advances (includes balance 
transfers from other institutions and convenience checks) made on this account, as well as the INTEREST 
CHARGES agreed upon under the terms and conditions of this Agreement. Under this new credit plan, the 
Bank will issue two types of cards per individual, one revolving credit card (“Credit Card”) and one charge 
card  (“Charge  Card”).  These  cards  may  be  used  to  purchase  merchandise  and  services  in  those 
establishments where the Cards are accepted, and to obtain cash advances from the  Bank or any other 
bank that accepts the Cards, subject to the limits established from time to time by the Bank. Clients can 
choose within the product combinations offered by the Bank from time to time. 

CREDIT LIMIT 
You agree that the Bank, for your convenience, will establish a credit limit and that the purchases and cash 
advances that you charge to this Account, shall at no time exceed your credit limit. Upon receipt of your 
Card,  you  will  be  informed  of  your  credit  limit,  which  will  appear  in  each  monthly  Account  Statement  as 
defined  herein.  You  agree  that  the  Bank  may,  from  time  to  time,  change  your  credit  limit,  taking  into 
consideration  your  previous  credit  experience  or  payment  history.  Should  you  exceed  your  authorized 
credit limit; the Bank will have the right to cancel the Card, require its return or forfeit the Card and close the 
account.  Any  amount  due,  in  excess  of  your  authorized  credit  limit,  shall  be  payable  immediately.  Your 
minimum  payment  shall  include  any  excess  over your authorized  credit  limit  and  the  total of  the  Charge 
Balance  owed  (please  refer  to  the  next  section).  The  Bank  may  approve  purchases  or  cash  advances 
which cause the balance to exceed your credit limit without waiving any of its rights under this Agreement. 

ACCOUNT FUNCTIONALITY 
CREDIT  CARD:  “Credit  Balances”  refers  to  balances  from  purchase  transactions  made  with  the  Credit 
Card and all cash advances, balance transfers from other institutions and convenience checks transactions 
made with the Credit Card or Charge Card, and any Charge Balance that have not been paid in full by its 
due date. Credit Balances are subject to the corresponding INTEREST CHARGES. 

CHARGE CARD: “Charge Balances” refers to balances from purchase transactions made with the Charge 
Card.  This  balance  is not  subject  to  INTEREST CHARGES  if  the  balance due  from such  transactions  is 
paid in full by the payment due date of the billing period. In absence of the corresponding payment of the 
Charge Balance, the unpaid balances will be transferred to the Purchases Section of the Credit Card and 
will be subject to the corresponding INTEREST CHARGES applying the interest rate corresponding to the 
credit balance of your account. In addition, the corresponding Late Payment Fee will apply, as described in 
the table included.  The Charge Card may be used for balance transfers, cash advances and convenience 
check  transactions.    The  amount  owed  as  result  of  such  transactions  will  be  subject  to  INTEREST 
CHARGES  from  the  transaction  date,  applying  the  interest  rate  corresponding  to  the  transaction  type.  
Please refer to the “Interest Rates and Interest Charges” section on the table included. 

INTEREST CHARGES  
The  INTEREST  CHARGES  will  be  computed  on  the  principal  balance  only.  You  will  pay  a  monthly 
INTEREST CHARGE on the credit balance of your account for the billing period. This INTEREST CHARGE 
will be variable and can change for each billing period. The INTEREST CHARGE for Credit Balances will 
be determined by adding the value of the United States Prime Rate, published in The Wall Street Journal 
(Prime Rate) effective at the time of the approval of your application to a margin. This is equivalent to the 
STANDARD  ANNUAL  PERCENTAGE  RATE  (Standard  APR).  The  Standard  APR  for  Purchases  and 
Balance  Transfers  from  other  institutions  will  be  from  10.99%  up  to  23.99%  with  a  corresponding  Daily 
Periodic Rate from 0.0301% up to 0.0658%. The Standard APR for Cash Advances will be determined by 
adding  the  Prime  Rate  to  a  margin.    The  Standard  APR  for  Cash  Advances  will  be  from  18.24%  up  to 
23.99%  with  a  corresponding  Daily  Periodic  Rate  from  0.0500%  up  to  0.0658%.    To  determine  the 
corresponding  Daily  Periodic  Rate,  the  Standard  APR  must  be  divided  by  365  and  rounded  up  not 
exceeding  the  limits  allowed  by  law.  The  margin  applicable  to  your  account  will  depend  on  your  credit 
history at the time of approval of your application.  For each billing period, the INTEREST CHARGE and the 
Credit Balance Standard APR will be based on the Prime Rate current three business days prior to your 
account statement closing date. In the event that The Wall Street Journal is not published within any time 
period,  the  “LA  TIMES”  will  be  used  as  reference.  An  increase  of  the  Prime  Rate  could  represent  an 
increase  in  the  Standard  APR  and  in  the  minimum  monthly  payment.  Any  change  in  your  INTEREST 
CHARGE will apply to the Balance in your account and to new transactions during the billing period.  The 
INTEREST CHARGE is determined by multiplying the Average Daily Balance by the Daily Periodic Rate 
and  by  the  number  of  days  in  the  billing  cycle.  The  Average  Daily  Balance  is  obtained  by  taking  into 
account  the  initial  balance  for  each  day  of  the  billing  period,  subtracting  the  payments  and  credits,  and 

 
 
 
 
adding the purchases. Then all the daily balances within the billing  period are added and the said total is 
divided by the number of days included within the billing period. 

ANNUAL FEE 
If applicable, the Annual Fee will be reflected on your first Account Statement after the first Card is issued 
and  subsequently  on  each  anniversary  of  the  issuance  of  the  Card.    Please  refer  to  the  “Annual  Fee” 
section in the table included. 

MINIMUM MONTHLY PAYMENT  
The monthly minimum payment will be determined by adding the minimum payment of the Credit Balance 
to  the  total  of  the  Charge  Balance  owed.  The  minimum  monthly  payment  for  the  Credit  Balance  will  be 
determined based on the Outstanding Balance. For Balances from $0.01 to $24.99 the Minimum Payment 
will be the Outstanding Balance.  For Balances of $25 and over the Minimum Payment will be 2% of the 
Outstanding Balance or the Finance Charges + $10; or a fixed amount of $25, whichever is higher.  Then 
the minimum monthly payment for the Credit Balance will be added to the Charge Balance owed, if any, the 
total  is  the  minimum  monthly  payment  of  the  account.    In  addition,  the  minimum  monthly  payment  shall 
include the total amount in excess of your authorized credit limit. 

PAYMENT APPLICATION 
If you pay the required minimum payment of the monthly Account Statement, said payment shall be applied 
in the following way: first to INTEREST CHARGES and the remaining amount shall be applied first to the 
Charge Balance, then to the Credit Balance with the lowest APR, and then to the debt with the higher APR 
in ascending order. Consequently, the debt with the higher APR will not be reduced, until the debt with the 
lower APR is paid in full. If you pay an amount in excess of the minimum required payment, the excess will 
be applied to the most onerous debt.  Electronic, telephone and mailed payments are credited on the same 
day if they are received at or by 5:00 p.m. Monday through Friday (excluding holidays).  Mailed payments 
shall be received at the address indicated on your Account Statement, made with a check drawn against 
the Bank, and accompanied with the payment stub. It will be also processed the same date if the payment 
is made through a Banco Popular branch in Puerto Rico or Virgin Islands during business hours in cash, or 
by check drawn against the Bank. Credit of other payments that do not meet these requirements may be 
delayed five business days during which interests will not accrue. 

MONTHLY ACCOUNT STATEMENT 
The Bank shall mail to you a monthly Account Statement at the end of each billing period. In each Account 
Statement,  the  following  entries  will  be  shown,  as  applicable:  new  balance,  minimum  payment  due, 
payment  due  date,  credit  limit,  available  credit,  days  in  billing  cycle,  Late  Payment  Warning,  Minimum 
Payment  Warning,  previous  balance,  payments,  interest  charged,  fees  charged,  other  credits,  debits, 
purchases, balance transfers from other institutions, convenience checks and cash advances made within 
said period, year to date totals for fees and interest charged, interest charge calculation by balance type 
and  the  Annual  Percentage  Rate,  You  must  notify  the  Bank,  in  writing,  of  any  error  in  the  Account 
Statement, within sixty (60) days, following the date on which the statement was mailed. 

FEES 
Currency Conversion Fee- Transactions made in foreign currency will be billed to you in U.S. dollars.  The 
currency conversion fees for international transactions into a U.S. dollar amount will be performed by Visa 
International (the “Association”) using: a) A rate selected by the applicable Association from the range of 
rates available in wholesale currency markets for the applicable central processing date. The rate may vary 
from the rate received by the applicable Association, itself, or b) The government mandated rate in effect 
for  the  applicable  central  processing  date.  The  Association  will  apply  a  Currency  Conversion  Fee  to  the 
transaction amount for any credit card transaction made in a foreign currency.  Please refer to the “Fees” 
section in the table included. 

CREDIT LINE AVAILABILITY HOLD 
The Bank may apply the Credit Line Availability Hold to your account if your payment is returned due to 
insufficient funds or returned check.  The Hold will delay for a 10 day period the availability on the credit line 
for  an  amount  equal  to  the  payment  made.   The  Hold  will  be  in  effect  on  each  billing  cycle  during  the 
following  six  (6)  billing  cycles  after  the  payment  reversal  event.   Such  Hold  will  apply  regardless  of  the 
payment method. 

INSTALLMENT PLAN 
Installment Plan enables you to perform a cash advance from your credit line allowing you to determine the 
repayment period for that balance.  The amount requested for the Installment Plan will be subject to your 

 
 
 
 
 
 
 
credit line availability. This offer is only available for repayment terms of twelve (12), twenty-four (24), thirty-
six  (36),  forty-eight  (48)  months  or  sixty  (60  months).    The  APR,  INTEREST  CHARGES  and  Monthly 
Minimum Payment, of your Installment Plan may vary for each billing cycle.  The APR for your Installment 
Plan  is  equivalent  to  your  Standard  APR  for  purchases,  which  is  determined  by  adding  the  Prime  Rate 
published in the Wall Street Journal to a margin. The minimum monthly payment of your Installment Plan 
will be included in the minimum monthly payment due of your account during the term of your offer. You will 
be  responsible  to  pay  the  total  minimum  monthly  payment  amount  as  established  in  your  account 
statement.  The INTEREST CHARGES will be calculated based on Average Daily Balance.  To pay in full 
your  Installment  Plan  please  contact  the  Credit  Card  Service  Department  in  order  to  obtain  the  total 
balance  owed.    Installment  Plan  is  not  available  for  accounts  under  Penalty  Rate  and  no  grace  period 
applies.  If you do not comply with the minimum monthly payments of your installment loan, the Late Fee 
will apply as established in the Credit Cards Agreement.  The unpaid amount of the Installment Plan in the 
minimum monthly payment requested will be transferred to the Balance Transfers section. If Penalty Pricing 
applies  to  your  account,  the  balance  pertaining  to  Installment  Plan  will  remain  subject  to  the  Purchase 
Standard APR and the corresponding term of Installment Plan will not change. To request an Installment 
Plan you may contact customer service at 787-758-0505 or 1-800-981-9505. 

SKIP A PAYMENT 
We may allow you, from time to time, to skip making the Minimum Payment for certain billing cycles, if pre-
established  criteria  are  met.    If  you  receive  this  offer,  your  account  statement  will  reflect  a  required 
Minimum Payment of $0, and you may not have to make the Minimum Payment for that billing cycle.  If you 
decide  to  skip  a  payment  we  will  continue  to  accrue  Interest  Charges  on  the  unpaid  balance  of  your 
account during that period.  However, you can always make a payment for any amount.  At the end of the 
skip  a  payment  period,  the  terms  of  the  Agreement  regarding  the  required  Minimum  Payment  will 
automatically resume.  If you have an Installment Plan and/or an outstanding balance on your Ideal charge 
card you will have to make the corresponding payment(s), even if you accepted the Skip a Payment Offer. 

NONCOMPLIANCE 
You  will  be  in  default  if  you  do  not  pay  an  installment  on  time  or  file  for  bankruptcy.  In  the  event  of 
noncompliance, the Bank can demand immediate payment of the total outstanding balance.  If the Bank 
has to refer collection of the balance to an attorney, you may have to pay legal and attorney’s fees, plus 
court costs and any other fees allowed by law. 

JOINT ACCOUNTS 
You shall be jointly and severally liable for the total payment of the purchases and cash advances made 
with  your  Card.  The  Bank  can  require  the  appearance  and  signature  of  all  the  purchasers  to  process 
certain instructions or requests which include, but are not limited to, a (1) request for increase or reduction 
in  the  credit  limit,  (2)  the  issuance  of  additional  Card,  and  (3)  change  of  address  to  which  the  Account 
Statement of your Cards is mailed. You agree to release and indemnify the Bank of all responsibility due to 
damages, losses, or expenses that arise as a result of any action executed by the Bank in compliance with 
the instructions given by any of you. 

DENIAL OF CREDIT 
The Bank is not responsible if a purchase or cash advance on your account is not approved either by the 
Bank  or  by  a  third  party,  even  if  you  have  sufficient  credit  available.  The  Bank  may  limit  the  number  of 
purchases or cash advances which may be approved in one day. If the Bank detects unusual or suspicious 
activity  on  your  account,  it  may  temporarily  suspend  your  credit  privileges  until  it  can  verify  that  the 
transaction is legitimate.  

LOST OR STOLEN CARDS 
If the Card is lost or stolen, or if you suspect that someone could be using it without your authorization, you 
must immediately notify the Bank and complete and submit those forms or reports that the Bank requires 
you to. In the event of loss, theft, or possible unauthorized use of the Card, you will not be responsible for 
these  fraudulent  transactions.  To  notify  the  Bank  of  the  loss,  theft,  or  possible  unauthorized  use  of  the 
Card, please call 787-758-0505 or 1-800-981-9505. 

AMENDMENTS 
You  agree  that  the  Bank  may  change  the  amounts  charged  as  well  as  the  terms  of  this  Agreement, 
provided that the Bank gives you notice of such changes as required by applicable law or regulation.  If no 
prior notice  is required,  the  changes  will  apply from  the  date of the  notice.   If  you  do  not agree  with  the 
amendments notified and desire to cancel the Agreement, you must notify your decision and will continue 
to pay the balances owed at the interest rate in effect at the time the changes were notified. 

 
 
 
 
 
 
CANCELLATION 
You may cancel your account at any time by calling the Bank using the following numbers: 787-758-0505 
or toll free at 1-800-981-9505. The Bank could require written notification and the return of the Card to the 
Bank, cut in half. The Card is property of the Bank and it reserves the right to cancel or suspend your right 
to use it anytime, with or without cause and without previous notice to you. You will remain responsible for 
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 
Failure on the part of the Bank to exercise any right under this Agreement shall not constitute a waiver of 
said rights. If any clause or part of a clause of this Agreement is declared null by a Court or is left without 
effect by legal or regulatory provisions, the rest of the provisions in this Agreement will not be affected and 
shall continue to be in effect. You understand and agree that the Account cannot be used for commercial 
purposes.  The  Bank  reserves  the  right  to  convert  your  account,  at  its  discretion,  to  any  other  revolving 
account  of  the  Bank  at  any  moment,  subject  to  your  meeting  the  established  credit  criteria  for  the  new 
account.  You  have  no  obligation  to  accept  this  Card,  nor  will  you  be  held  responsible  for  any  charges, 
unless you choose to accept it. Use of this Card shall constitute its acceptance. If you choose not to accept 
this Card, you should not use it and notify the Bank within fifteen (15) days after receiving this Agreement. 
To  notify  that  you  do  not  wish  to  accept  this  Card,  please  call  787-758-0505  or  1-800-981-9505.  Life, 
disability or involuntary unemployment insurance coverage is optional and is not a requirement or condition 
to extend credit. This Agreement shall be interpreted under the Laws of the Commonwealth of Puerto Rico. 

YOUR BILLING RIGHTS 
Keep this Document for Future Use.  This notice tells you about your rights and our responsibilities 
under the Fair Credit Billing Act. 

What to Do If You Find a Mistake on Your Statement 
If  you  think  there  is  an  error  on  your  statement,  write  to  us  at:  BANCO  POPULAR  DE  PUERTO  RICO, 
División  de  Productos  de  Tarjetas,  PO  Box  363228,  San  Juan,  Puerto  Rico  00936-3228  or  by  e-mail: 
custserv@bppr.com.   

In your letter, give us the following information: 

  Account information: Your name and account number. 
  Dollar amount: The dollar amount of the suspected error. 
  Description of problem: If you think there is an error on your bill, describe what you believe is wrong and 

why you believe it is a mistake. 

You must contact us: 

  Within 60 days after the error appeared on your statement. 
  At least 3 business days before an automated payment is scheduled, if you want to stop payment on the 

amount you think is wrong. 

You must notify us of any potential errors in writing. You may call us, but if you do we are not required to 
investigate any potential errors and you may have to pay the amount in question. 

What Will Happen After We Receive Your Letter 
When we receive your letter, we must do two things: 

1.  Within 30 days of receiving your letter, we must tell you that we received your letter. We will also tell you if 

we have already corrected the error. 

2.  Within 90 days of receiving your letter, we must either correct the error or explain to you why we believe the 

bill is correct. 

While we investigate whether or not there has been an error: 

  We cannot try to collect the amount in question, or report you as delinquent on that amount. 
  The charge in question may remain on your statement, and we may continue to charge you interest on that 

amount. 

  While you do not have to pay the amount in question, you are responsible for the remainder of your balance. 
  We can apply any unpaid amount against your credit limit. 

 
 
 
 
 
 
 
 
 
 
 
 
After we finish our investigation, one of two things will happen: 

If we made a mistake: You will not have to pay the amount in question or any interest or other fees related 
to that amount. 
If we do not believe there was a mistake: You will have to pay the amount in question, along with applicable 
interest and fees. We will send you a statement of the amount you owe and the date payment is due. We 
may then report you as delinquent if you do not pay the amount we think you owe.  

If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days telling us that 
you  still  refuse  to  pay.  If  you  do  so,  we  cannot  report  you  as  delinquent  without  also  reporting  that  you  are 
questioning your bill. We must tell you the name of anyone to whom we reported you as delinquent, and we must 
let those organizations know when the matter has been settled between us. If we do not follow all of the rules 
above, you do not have to pay the first $50 of the amount you question even if your bill is correct. 

Your Rights If You Are Dissatisfied With Your Credit Card Purchases 
If you are dissatisfied with the goods or services that you have purchased with your credit card, and you 
have tried in good faith to correct the problem with the merchant, you may have the right not to pay the 
remaining amount due on the purchase. To use this right, all of the following must be true: 

1.  The purchase must have been made in your home state or within 100 miles of your current mailing address, 
and the purchase price must have been more than $50. (Note: Neither of these are necessary if your 
purchase was based on an advertisement we mailed to you, or if we own the company that sold you the 
goods or services.) 

2.  You must have used your credit card for the purchase. Purchases made with cash advances from an ATM 

or with a check that accesses your credit card account do not qualify. 

3.  You must not yet have fully paid for the purchase. 

If all of the criteria above are met and you are still dissatisfied with the purchase, contact us at 
custserv@bppr.com  or in writing at: 

BANCO POPULAR DE PUERTO RICO 
División de Productos de Tarjetas 
PO BOX 363228  
San Juan, Puerto Rico 00936-3228 

While we investigate, the same rules apply to the disputed amount as discussed above.  After we finish our 
investigation, we will tell you our decision. At that point, if we think you owe an amount and you do not pay, 
we may report you as delinquent.