Retail Installment Agreement Revolving Accounts Plan  
for NOVEL Dual 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 
creditworthiness. This APR will vary with the market based on the Prime Rate. 

APR for Balance Transfers 

0% introductory APR1 and $0 payment from the transfer date until January 31, 2014.  Applies for   
       transfers made within the first 30 days from account opening. 

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

APR for Cash Advances 

18.24% to 23.99% based on your creditworthiness.  

Penalty APR and When it Applies 

29.99%2 

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

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 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. 
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 

$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) 

1% of each transaction in U.S. dollars for Visa 
2% of each transaction in U.S. dollars for American Express 

Up to $10 

Up to $35  

Paying Interest 

For Credit Card Tips from the  
Consumer Financial Protection 
Bureau 

Fees 

Annual Fee 

Transaction Fees 

   •  Cash Advances and  
       Convenience Checks 
   •  Balance Transfers 

   •  Foreign Transaction 

Penalty Fees 
   •  Returned Payment 

   •  Late Payment 

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 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.  

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 credit cards per cardholder. 
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. 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. 

INTEREST CHARGES APPLICABLE: 
The INTEREST CHARGES will be computed on the principal balance only. You will pay a monthly INTEREST CHARGE 
on the 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 purchases, balance transfers from other institutions and convenience checks 
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 approval of your application to a margin. This is equivalent to your 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 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 APRs 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  using  the  Outstanding  Balance.  In  addition,  the  minimum  monthly 
payment shall include the total amount in excess of your authorized credit limit. 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. 

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 debt resulting from 
purchases  and  cash  advances,  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  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  either American  Express 
Travel  Related  Services  Company,  Inc.,  Visa  International  and  or  MasterCard  International  (collectively,  the 
“Associations “or individually, the “Association”), depending upon your Card, 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.