Retail Installment Agreement Revolving Accounts Plan for  
Visa Return of Banco Popular 

Interest Rates and Interest Charges 

Annual Percentage Rate (APR) for 
Purchases 

11.99% to 24.99% 

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

APR for Balance Transfers 

11.99% to 24.99% 

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

APR for Cash Advances 

19.24% to 24.99% 

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

Penalty APR and When it Applies 

29.99%1 

Paying Interest 

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, it 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 due date is at least 25 days after the close of each billing cycle.  No Interest on purchases 
will be imposed for billing periods in which there is no previous balance and if the total account 
balance including new purchases is paid or credited in full on or before the payment due date 
or if the balance owed relates to offers that specified so. The Interests imposed on cash 
advances, balance transfers from other institutions and convenience checks will be imposed 
from the date on which the transaction was conducted. 

For Credit Card Tips from the Federal 
Reserve Board 

To learn more about factors to consider when applying for or using a credit card, visit the 
website of the Federal Reserve Board at http://www.federalreserve.gov/creditcard 

Fees 

Annual Fee 

Transaction Fees 

   •  Cash Advances and  
       Convenience Checks 

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

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

   •  Balance Transfers 

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)". See your account 
agreement for more details.   
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 Penalty APR is 0.0822%. 

ACCOUNT 
Taking into consideration the credit granted by Banco Popular of Puerto Rico (Bank) under this account, you (meaning each person 
who  signs  this  Agreement  as  purchaser)  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. The card may be used to purchase merchandise 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 Cards, subject to the limits established from time to time by the Bank.  

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 11.99% up to 24.99% with a corresponding Daily Periodic Rate from 0.0329% up to 0.0685%.  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 19.24% up to 24.99% with a corresponding Daily Periodic Rate from 0.0528% up to 0.0685%.  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.  For US Virgin Islands, the margin applicable to your account will depend on your 
credit history at the time of approval of your application.  For British Virgin Islands the margin applicable to your account 
will depend on the banking relationship you maintain with the Bank 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 first Card. Please refer to the “Annual Fee” section on 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 the 
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 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. 

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) and 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. 

CASHBACK REWARDS PROGRAM 
Visa Return accumulates in cash 1% of all net purchases made with your credit card (the "Reward"). In your monthly statement you 
will  receive  an  estimate of  the  Reward  accumulated.  The redemption  of money  will  be automatic  and  will  occur once  a  year,  in 
January. You will not be able to redeem your Reward before this. The Bank will send you a check for the balance of your Reward to 
the  address  where  you  receive  your  monthly  statements.  You  will  not  accumulate  a  Reward  for  balance  transfers,  convenience 
checks, cash advances, payments thru TelePago® Popular or Internet Banking, the purchase of casino chips or other methods of 
gambling, or any other transaction the Bank determines at its discretion constitutes or is equivalent to a cash advance. If you return 
merchandise  the  Reward  for  that  merchandise  will  be  deducted.  The  percent  of  the  deduction  will  be  calculated  based  on  the 
earning  structure  at  the  moment  the  merchandise  was  returned.  If  the  amount  of  your  Reward  is  less  than  $10.00  you  will  not 
receive a check but it will accumulate for the next year. If your account has a derogative condition the Bank will be able to retain 
your Reward until the condition ends or cancel the Reward completely, at the Bank's discretion. When calculating the Reward, the 
Bank will use the total dollar amount of each transaction eliminating the cents. The Bank's determination of the Reward is final. To 
receive  the  Reward  your  account  must  be  kept  open  until  the  date  of  the  Reward  payment.  The  cash  back  rewards  program  is 
subject to changes or cancellation at any moment at the Bank's discretion. 

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 full 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 terms contained in this Agreement, on the condition that the Bank gives proper notification 
in writing no less than forty five (45) days prior to the effective date of the amendment and the Bank complies with applicable Laws 
and regulations in effect. 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.