SUMMARY OF MARKS AND MORGAN JEWELERS CHARGE ACCOUNT TERMS
Interest Rates and Interest Charges
Annual Percentage Rate
17% to 24.99%.
(APR) for Purchases
This APR varies by state. See Paragraph 3 of the Retail
Installment Credit Agreement for details.
How to Avoid Paying
Your due date is at least 25 days after the close of each billing cycle. We will not
Interest on Purchases
charge you interest on purchases if you pay your entire balance by the due date
each month.
Minimum Interest Charge
None to $1.00. The minimum interest charge varies by state. See Paragraph 5 of
the Retail Installment Credit Agreement for details.
For Credit Card Tips from
To learn more about factors to consider when applying for or using a credit card, visit
the Consumer Financial
the website of the Consumer Financial Protection Bureau at
Protection Bureau
http://www.consumerfinance.gov/learnmore.
Fees
Annual Fee
None
Penalty Fees
Late Payment
Up to $35. This fee varies by state. See Paragraph 11.B of the Retail Installment
Credit Agreement for details.
Returned Payment
Up to $30. This fee varies by state. See Paragraph 11.A of the Retail Installment
Credit Agreement for details.
How We Will Calculate Your Balance: We use a method called "average daily balance (including new
purchases)" in all states except MN and NM; we use a method called "average daily balance (excluding
new purchases)" in MN and NM. See the Retail Installment Credit Agreement for more details.
Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is
provided in your Retail Installment Credit Agreement.
MARKS AND MORGAN JEWELERS
RETAIL INSTALLMENT CREDIT AGREEMENT
In this Marks and Morgan Jewelers Retail Installment Credit Agreement ("Agreement"), the words "you" and "your" refer to any
person who signs the Application for this Account or this Agreement, or has requested and is issued a Marks and Morgan Jewelers
credit card. "We" "us" and "our" refer to Sterling Jewelers Inc., d/b/a Marks and Morgan Jewelers, P.O. Box 3680, Akron, OH
44309-3680, its subsidiaries and affiliates, and any person to whom this Agreement, your Account, and/or any amount due on your
Account may be assigned. "Account" means your Marks and Morgan Jewelers Account, which will be governed by this Agreement.
"Authorized User" means any person you permit to use your Account or who has apparent authority to do so. "Card" means any
access device or method by which the Account may be accessed, including the Account number. "APR" means Annual Percentage
Rate. "Interest" and "Interest Charges" mean the periodic finance charges that are calculated pursuant to Paragraph 5.
1. Promise to Pay: You promise to pay us for all credit extended on this Account and all other amounts owed to us under the terms
of this Agreement. You are responsible for any transactions you make or otherwise incur and any transactions incurred by anyone
else you have authorized to use this Account. You are also responsible for the use of each Card issued on this Account. You may
request additional Cards on this Account for yourself or others, and you may permit an Authorized User to have access to the Card
or Account number. However, if you do so, you must pay us for all charges made by those persons. See Paragraph 23 for details.
When you sign the Application for this Account, you will be agreeing to everything written here. Therefore, before you sign the
Application, you should read this entire Agreement. The information you provide on the Application that identifies you is incorporated
in this Agreement by reference. This Agreement will not be effective unless and until we approve your Application.
2. Balances: Each transaction or group of transactions subject to the same terms (such as the applicable APR and duration) shall
be considered part of the same balance. The balance subject to the Regular APR and the other regular terms set forth in this
Agreement is your Account's regular balance. We calculate your total regular balance each billing cycle by taking the regular
balance for the prior billing cycle, adding any regular purchases, fees, Interest Charges, other finance charges, and other debits,
and subtracting any payments or other credits, as of the closing date for that billing cycle. Balances subject to promotional terms
are promotional balances. We calculate the total of any promotional balance by adding the promotional purchase for that balance
and subtracting any payments allocated to that promotional balance or other credits. You authorize us to allocate any payment or
credit among your regular, promotional, and other balances in any manner, including in a manner that may be beneficial to us,
except where otherwise prohibited by applicable law. The total of your regular balance and any promotional or other balances is the
"New Balance" shown on your statement.
3. Your Regular Annual Percentage Rate: If Interest Charges (which are FINANCE CHARGES) are assessed during a billing
cycle, we will use the following Annual Percentage Rate (the "Regular APR") and corresponding monthly periodic rate, subject to
any promotional terms:
If you reside in
We apply the monthly
ANNUAL PERCENTAGE
the state of:
periodic rate of:
RATE
1.75% to $750.00
21%
AL
1.5% over $750.00
18%
AR
1,4167%
17%
CO, GA, IN, MS,
1.75%
21%
OK, TN, TX, VT, WY
DC, MD
2.0%
24%
HI, MA, MN, NC
1.5%
18%
1.75% to $499.99
21%
NE
1.5% for $500.00 and more
18%
All other states
2.0825%
24.99%
4. How to Avoid Paying Interest on Purchases: Your due date is at least 25 days after the close of each billing cycle. We will not
charge you interest in any billing cycle in which payments received (and if required by law, credits issued) by the due date equal or
exceed the "Balance Payable To Avoid Further Interest" shown on your billing statement. The "Balance Payable To Avoid Further
Interest Charges" shown on your billing statement is your New Balance less any portion of a promotional balance for which payment
is not required to avoid the imposition of Interest in a billing cycle.
5. Calculation of Interest: In all states except MN and NM, we calculate Interest Charges using the average daily balance method
(including current transactions). In MN and NM, we calculate Interest Charges using the average daily balance method (excluding
current transactions). We calculate interest separately for each balance on your Account subject to different terms (including APR
and duration). We figure the Interest Charges by applying the applicable monthly periodic rate to the "average daily balance" for
that balance. To get the average daily balance for a balance, we take the beginning balance each day, add any new transactions
(except we do not add in any new transactions in MN and NM); subtract any payments or credits and any Late Payment Fees, any
Returned Payment Fees, and/or unpaid Interest Charges; and make other adjustments. This gives us the daily balance. Then, we
add up all the daily balances for the billing cycle and divide the total by the number of days in the billing cycle. This gives us the
average daily balance. Any negative daily balance will be treated as zero. If Interest Charges are imposed and the total Interest
that results from application of the above calculation to each balance is less than $1.00, we will impose a minimum Interest Charge
of $1.00 (which is a FINANCE CHARGE); except in MI, MO, NY, TN, and TX, where we will impose a minimum Interest Charge of
$0.70 (which is a FINANCE CHARGE); andin AL,AZ,CO,IN,ME,MA,MN,MS,MT,NJ,OK,PA,SC,SD,VT,WV, and WY,
where we will impose a minimum Interest Charge of $0.50 (which is a FINANCE CHARGE). Furthermore, there is no minimum
Interest Charge in AR, DC, HI, IA, MD, NE, NM, NC, and RI. You authorize us to round any calculation used to determine Interest
Charges, including rounding that may cause minor variations in our favor. The applicable monthly periodic rate for a balance is the
applicable Annual Percentage Rate divided by twelve (12), and rounded to the fourth decimal place.
6. Minimum Payment: You agree to pay at least the "Minimum Payment" shown on your billing statement on or before its due
date. Your total Minimum Payment is the sum of any minimum payment for your regular balance, for any promotional balance, and
for any other balance. We base your minimum payment for your regular balance on the highest "Regular Balance" (the New
Balance less any balance with a separate minimum payment) on your Account since the Regular Balance was last reduced to zero
(the "Highest Regular Balance"). Your balance is considered to be zero when opened or when there is a credit balance. We will
recalculate the minimum payment if a subsequent return is made, and the Regular Balance is below the Highest Regular Balance.
The minimum payment for your regular balance will be calculated as follows, except any minimum payment in excess of $25.00 will
be rounded up to the nearest $5.00 increment, and the minimum payment for your regular balance will never exceed the Regular
Balance:
Highest Regular Balance
Minimum Payment
Up to $265.00
$25.00
$265.01 to $500.00
10% of Highest Regular Balance
$500.01 to $750.00
9% of Highest Regular Balance
$750.01 to $1,500.00
7% of Highest Regular Balance
$1,500.01 to $2,500.00
6% of Highest Regular Balance
$2,500.01 & Up
5% of Highest Regular Balance
If your billing statement shows a promotional balance (such as a "No Interest" balance, a "Reduced Interest Rate" balance, and/or
an "Eighteen (18) Month" balance), the minimum payment for this balance shall be calculated as specified in Paragraph 7. There
shall be no separate, additional minimum payment component for a non-regular, non-promotional balance unless we provide you
notice of such a requirement.
7. Promotional Terms: At our sole discretion, we may offer you promotional terms for a new purchase or for an existing balance.
Any promotion will be subject to the terms of the promotional offer and this Agreement. Below is a description of some of the
promotional terms that we may offer in our sole discretion from time to time.
No Interest Plans. If any single purchase is designated as purchased under a no interest plan, you will pay no interest if the
promotional purchase is paid in full in the designated promotional time period (which may be 6 months, 12 months, or another
period specified in the promotion). If the promotional purchase balance is not paid in full by the end of the designated promotional
period, or if we do not receive a required minimum payment within 60 days of its due date, interest will be charged to your account
at
the Regular APR from the promotional purchase date. Unless the promotion states that there is no separate promotional
minimum payment, the required minimum payment for the promotional balance will be the amount of the promotional purchase
divided by the promotional period, rounded up to the nearest $5.00 increment. However, if the promotion specifies a minimum
purchase amount, in no case will the minimum payment be less than the minimum purchase amount divided by the promotional
period, which may shorten your repayment period in certain instances. The minimum payment will never be more than the
remaining promotional purchase balance. If the promotion states that there is no separate promotional minimum payment, then the
amount of the promotional balance will be included in your regular balance for the purpose of calculating your minimum payment.
Reduced Rate Plans. If any single purchase is designated as purchased under a reduced rate plan, we will calculate the Interest for
the promotional balance by using an APR that is less than your Regular APR (the "Promotional APR"), in lieu of the Regular APR
during the specified promotional period (which may be 6 months, 12 months, or some other period specified by us). The Promotional
APR will return to your Regular APR at the expiration of the promotional period or if we do not receive a required minimum payment
within 60 days of its due date. See Paragraph 3 for details. Unless the promotion states that there is no separate promotional
minimum payment, the required minimum payment for the promotional balance will be the amount of the promotional purchase
divided by the promotional period, rounded up to the nearest $5.00 increment. However, if the promotion specifies a minimum
purchase amount, in no case will the minimum payment be less than the minimum purchase amount divided by the promotional
period, which may shorten your repayment period in certain instances. The minimum payment will never be more than the
remaining promotional purchase balance. If the promotion states that there is no separate promotional minimum payment, then the
amount of the promotional balance will be included in your regular balance for the purpose of calculating your minimum payment.
Eighteen (18) Month Plan. If any single purchase is designated as purchased under the "Eighteen Month Plan", no Interest will be
imposed on the promotional purchase for the first twelve (12) months if you make all required minimum payments by the end of the
12th month. If we do not receive all required minimum payments by the end of the 12th month, or if we do not receive a required
minimum payment within 60 days of its due date, Interest will be charged to your account at the Regular APR from the promotional
purchase date. After the first twelve (12) months, we will use the specified reduced APR (the "Promotional APR"), in lieu of the
Regular APR, to calculate Interest for the next six (6) months. The Promotional APR will return to your Regular APR at the
expiration of the six month period or if we do not receive a required minimum payment within 60 days of its due date. See
Paragraph 3 for details. The required minimum payment for the promotional balance will be 1/18th of the promotional purchase
multiplied by 1.030 and rounded up to the nearest $5.00, but not less than $150.00 or not less than $250.00, based on the terms of
the offer.
8. Payments: All payments must be mailed or delivered to us at the address shown on the front of the billing statement and
accompanied by the payment slip. You must pay us in U.S. dollars drawn on funds on deposit in the United States using a check or
similar instrument that will be processed and honored by your bank. Do not send cash payments. We can accept late or partial
payments, as well as payments that reflect "paid in full" or other restrictive endorsements, without losing any of our rights under this
Agreement. We credit your payments in accordance with our payment instructions on the billing statement.
9. Disputed Amounts and Legal Notices: All notices relating to legal actions, including bankruptcy notices, must be sent to us at
P.O. Box 1799, Akron, OH 44309-1799. Legal notices sent to any other addresses will not satisfy any legal requirement that you
provide notice to us.
10. Arbitration for Disputes - No Jury Trials or Class Actions: This paragraph describes how all Claims (as defined in
subparagraph A below) will be arbitrated, at the election of you or us, on an individual (non-class, non-representative) basis instead
of litigated in court.
A. The term "Claim" means any claim, dispute, or controversy between you and us arising from or relating to your Card, your
Account, or this Agreement as well as any related or prior agreement that you may have had with us or the relationships resulting
from this Agreement, including the validity, enforceability or scope of this arbitration provision or the Agreement. Claims arising in
the past, present, or future, including Claims arising before the opening of your Account, are subject to arbitration. "Claim" includes,
without limitation, claims that arise from or relate to any application for your Account or any advertisements, promotions, or
statements related to your Account or goods or services that may be financed in connection with your Account. For purposes of this
arbitration provision, "you" and "us" also includes any corporate affiliates, any licensees, predecessors, successors, assigns, any
purchaser of any accounts, all agents, employees, directors and representatives of any of the foregoing, and other persons referred
to below in the definition of "Claims". "Claim" includes claims of every kind and nature, including but not limited to initial claims,
counterclaims, cross-claims, third-party claims, and claims based upon contract, tort, fraud, and other intentional torts, statutes,
regulations, common law, and equity. Claims and remedies sought as part of a class action, private attorney general action, or
other representative action are subject to arbitration on an individual (non-class, non-representative) basis, and the arbitrator may
award relief only on an individual (non-class, non-representative) basis. "Claim" also includes claims by or against any third party
relating to or arising from your Card, your Account, or this Agreement. The term "Claim" is to be given the broadest possible
meaning that will be enforced. "Administrator" means the American Arbitration Association, 335 Madison Avenue, New York, NY
10017, www.adr.org, (800) 778-7879; or JAMS, 1920 Main St., Suite 300, Irvine, CA 92614, www.jamsadr.com, (949) 224-1810.
B. We OR you have the right to require that each Claim be resolved by arbitration on an individual (non-class, non-representative)
basis. A Claim will be arbitrated if (1) both we and you or (2) only one or the other of we or you, exercise the right to require that the
Claim be arbitrated. If, for example, we exercise our right to require that the Claim be resolved by arbitration but you do not also
exercise your right to require that the Claim be arbitrated, the Claim will be resolved by arbitration. If neither we nor you request
arbitration, the Claim will not be resolved by arbitration and instead will be litigated in court. We will not elect arbitration for any
Claim you file in small claims court, so long as the Claim is individual and pending only in that court. The arbitrator's authority to
resolve Claims is limited to Claims between you and us alone, and the arbitrator's authority to make awards or decisions is limited to
you and us alone. Furthermore, Claims between you and us may not be joined or consolidated in arbitration with Claims brought by
or against someone other than you, unless otherwise agreed to in writing by all parties. However, applicants, co-applicants,
authorized users on a single Account, or corporate affiliates are considered one person for the purposes of this paragraph. No
arbitration award will have any preclusive effect as to issues or claims in any dispute involving anyone who is not a party to the
arbitration. This arbitration provision is made pursuant to a transaction involving interstate commerce and will be governed by the
Federal Arbitration Act ("FAA") U.S.C. §1, et seq.).
C. If we or you request arbitration of a Claim, we and you will not have the right to litigate the Claim in court. This means
(1) there will be no jury trial on the Claim, (2) there will be no pre-arbitration discovery except as the Administrator's rules
permit, and (3) no Claim may be arbitrated on a class-action, private attorney general, or other representative basis, and
neither we nor you will have the right to participate as a representative or member of any class or group of claimants
pertaining to any Claim subject to arbitration. We or you may elect to arbitrate any Claim at any time unless it has been
filed in court and trial has begun or final judgment has been entered.
D. The party initiating an arbitration shall select an Administrator from the organizations listed above. If none of the Administrators
listed above will accept the arbitration, the arbitration will be administered by an administrator, or adjudicated by an arbitrator, upon
which you and we agree in writing. The arbitration shall be governed by the procedures and rules of the Administrator and this
Agreement, which need not apply federal, state or local rules of procedure and evidence. The Administrator's procedures and rules
may limit the discovery available to you or us. You can obtain a copy of an Administrator's procedures and rules by contacting the
Administrator. A single, neutral arbitrator will resolve Claims. The arbitrator will be either a lawyer with at least ten years experience
or a retired or former judge, selected in accordance with the rules of the Administrator. In the event of any conflict or inconsistency
between this arbitration provision and the Administrator's rules or other provisions of this Agreement, this arbitration provision will
govern. The arbitrator will take reasonable steps to protect customer account information and other confidential information
if
requested to do so by you or us. Arbitration hearings for Claims by or against you will take place in the federal judicial district in
which you reside. If you make a request to us in writing, we will temporarily advance to you the filing, administrative, and hearing
fees for the arbitration of your Claim against us (but not if the Claim is against you) in excess of any filing fee you would have been
required to pay to file the Claim in a state or federal court (whichever is less) in the judicial district in which you reside. At the end of
the arbitration, the arbitrator will decide if you have to repay the advance (and if you do have to repay, you agree to do so). Unless
applicable law requires otherwise, we will pay our, and you will pay your, lawyers', experts', and witnesses' fees. The arbitrator will
apply applicable substantive law consistent with the FAA and applicable statutes of limitations, will honor claims of privilege
recognized at law, and will have the power to award to a party any damages or other relief provided for under applicable law. The
arbitrator will make any award in writing and, if requested by you or us, will provide a brief statement of the reasons for the award.
E. Judgment upon the arbitrator's award may be entered in any court with jurisdiction. The arbitrator's decision regarding any
claims will be final and binding, except for any appeal right under FAA. The appealing party will pay the appeal costs. This
agreement to arbitrate shall survive any suspension, termination, revocation or closure of the Agreement or your Account, and any
bankruptcy to the extent consistent with applicable bankruptcy law.
F. If any part of this arbitration provision cannot be enforced, the rest of the arbitration provision will continue to apply. However, an
arbitrator cannot enlarge his or her authority over the adjudication of Claims beyond that provided by this arbitration provision by
enforcing only part of this arbitration provision. If an arbitrator determines that applicable law requires this arbitration provision to be
enforced in a way that would result in greater authority over Claims than otherwise allowed, such as the adjudication of claims on a
class or representative basis, then the arbitrator must decline to hear the dispute and shall refer the parties to a court or other body
with sufficient authority. In the event of any conflict or inconsistency between this arbitration provision and the Administrator's rules
or other provisions of this Agreement, this arbitration provision will govern.
11. Fees:
A. Returned Payment Fee: If any check, instrument, or electronic authorization used to pay us is not honored upon first
presentment, (for residents of MD, second presentment), even if the check, instrument or electronic authorization is later honored,
we may charge you a Returned Payment Fee. Except as set forth for specified states below, this fee is up to $30.00. The fee
charged generally will be the highest amount permitted by law, subject to the specified maximum. This means that the fee generally
will not exceed the amount of the required minimum payment due immediately prior to the date on which the payment is returned.
In addition, the first time you make a payment that is returned, the fee will not exceed $25.00. If you make another payment that is
returned during the next six billing cycles, the fee will not exceed $30.00.
State
Maximum Returned Payment Fee
GA
Greater of 5% of amount of payment or $30.00
AZ, AR, CO, IL, IN, MI, NV, NC,
$25.00
OK, OR, RI, WV
FL, LA
Greater of 5% of amount of payment or $25.00
CA, MD, MO, TX
$15.00
CT, HI, ID, IA, NJ, NY, UT
$20.00
DC, DE, MA, NE, NM, PA, VT, WY
None
We will add any Returned Payment Fee to your Account's regular balance.
B. Late Payment Fee: If we do not receive your minimum payment by its due date (or within seven (7) days in VA; within ten (10)
days in AL, AZ, CO, DC, FL, GA, HI, ID, IL, IN, KS, KY, MI, MN, MO, NE, NJ, NY, OK, SC, WV, and WY; within fifteen (15) days in
CA, ME, and MA; within twenty-one (21) days in TX; within thirty (30) days in NC; and within forty (40) days in RI), we will impose a
Late Payment Fee. The maximum fee is set forth below. The fee charged generally will be the highest amount permitted by law.
This means that the fee generally will not exceed the amount of the required minimum payment due immediately prior to the
assessment of the fee. In addition, the first time you pay late, the fee will not exceed $25.00. If you pay late again during the next
six billing cycles, the fee will not exceed $35.00.
State
Maximum Late Payment Fee
AK, AR, CT, HI, LA, MD, MI,
MN, MS, NV, NH, NY, ND, OH,
$35.00 (except $29.00 if the outstanding balance is
$249.99 or less)
OR, PA, SD, WI
AL
5% of amount past due but not more than $35.00 and
not less than $18.00
AZ, KS, MO
$10.00 (except $5.00 if the minimum payment is $5.00
to $25.00)
CA, CO, DC, IA
$15.00
DE, MT, NM, TN, VT
None
FL, NJ, TX
$10.00
GA
$25.00
Greater of 5% of amount past due or $15.00 (but not to
ID
exceed $35.00)
IL, KY, WY
Greater of 5% of amount past due or $10.00 (but not to
exceed $35.00)
IN
$18.00 The amount of the late payment fee is subject
to change as provided in IN Code § 24-4.5-1-106.
ME
Lesser of 5% of amount past due or $10.00
MA
Lesser of 10% of outstanding balance or $10.00
NE
Greater of 5% of amount past due or $5.00 (but not to
exceed $35.00)
NC
$10.00 (except $5.00 if the outstanding balance is
under $100.00)
OK
5% of amount past due but not more than $23.50 and
not less than $5.00
RI
$12.00
5% of amount past due, but not more than $17.50 and
SC
not less than $7.00. The amount of the late fee is
subject to change as provided in SC Code § 37-1-109.
UT
Greater of 5% of amount past due or $30.00 (but not to
exceed $35.00)
VA
5% of amount of installment (but not to exceed $35.00)
$35.00 (except 10% of the average daily balance for
WA
prior 30-day period, but not less than $2.00, if the
balance is less than $100.00)
WV
Lesser of 5% of amount past due or $15.00
We will add any Late Payment Fee to your Account's regular balance.
12. Security Interest: You grant us a purchase money security interest in each item of merchandise purchased on your Account to
secure its unpaid purchase price (except in CT, MO (on any purchase under $150.00), and NY (on any purchase under $200.00))
until such item of merchandise is paid for in full (in NY, not to exceed five (5) years from date the purchase is posted to your
Account). Solely for the purpose of determining the extent of our purchase money security interest in each such item of
merchandise, your payments will be allocated first to any unpaid insurance premium, next to any unpaid Late Payment Fees, any
unpaid Returned Payment Fees, any unpaid Interest, and any other unpaid fees or charges, then to pay off each purchase in the
order in which the purchase was made.
13. Default/Collection Costs: If you fail to pay any minimum payment when due, or if the prospect of payment, performance, or
realization of collateral is significantly impaired, to the extent permitted by applicable law it will be a default, and, subject to any right
you may have under state law to receive notice of and to cure such default, we may declare the entire unpaid balance on the
Account due and payable (except in WI you will not be in default until you fail to make a minimum payment on two occasions within
a twelve (12) month period). We also may repossess any article of merchandise in which we still retain a security interest, but we
will do so only in the manner and to the extent permitted by applicable law. If the Account is referred to an attorney who is not our
salaried employee and we bring a suit against you to collect the amount you owe, in addition to the full amount owed and any court
costs, you agree to pay our reasonable attorney's fees of 15% of the total amount due (10% of any amount due in AR, 10% of any
amount due over $500.00 in NJ, and 10% of any amount due of $3,800.00 or less in OK), or such lesser amount as may be
permitted by applicable law. No attorney's fees will be imposed in AL (when the unpaid balance is under $300.00), DC, IA, KS, ME,
NE, OH, SD, WV, and WI, or in any state, or in any amount, where not permitted by law. In the states of CA, CT, DE, NH, and PA,
we will pay your reasonable attorney's fees if you prevail in a suit we bring against you or if you prevail in a suit you bring against us
under this Agreement. Notice to New Hampshire Residents: If you successfully assert a partial defense or counterclaim, the court
may withhold part or all of any attorney's fees to which we may be entitled.
14. Closing Your Account or Limiting Your Credit: You have the right to close your Account at any time, for any reason. You
will still be liable for any balances owed. We may limit or terminate the use of your Account and/or raise or lower your credit limit at
any time and for any reason without advance notice to you. Some purchases will require our prior authorization, in which case you
may be asked to provide identification. If our authorization system is not working, we may not be able to authorize a transaction,
even if you have sufficient available credit. We will not be liable to you if this happens. We are not responsible for the refusal of
anyone to accept or honor a Card associated with this Account. All Cards we issue remain our property and, if requested, you
agree to return any Card issued to you. Your credit limit with us may be reduced by the amount of credit purchases you make at
other retail jewelers that are affiliated with us. We may, at our discretion, permit you to make a purchase in excess of your stated
credit limit. If we do so, this will not permanently increase your credit limit. To request the names of the other retail jewelers that are
affiliated with us, please call our Credit Customer Service Department at 1-800-877-3616 or 1-330-668-5000, Ext. 6867.
15. Change in This Agreement: To the extent permitted by law, we may change any term of this Agreement, including any
Annual Percentage Rate or fee, as well as add and/or subtract terms. We will furnish you notice of the change to the
extent required by law. If permitted by applicable law, any new terms may at our option be applied to any balance existing
on the Account at the time of change, as well as to any subsequent transactions.
16. Credit Investigation: You authorize us to investigate your credit history by obtaining consumer reports and by making direct
inquiries of businesses where you have accounts and where you work. We may request a consumer report from consumer
reporting agencies in considering your application for this Account or any other account you have with us and later in connection
with an update, renewal, extension of credit or collection of the Account or any other account you have with us. Upon your request
we will disclose whether a consumer report was requested and the name and address of any consumer reporting agency that
furnished the report. We may report information about your Account to credit bureaus. Late payments, missed payments,
or other defaults on your Account may be reflected on your credit report. If you believe that we have reported inaccurate
information to a consumer reporting agency, write to us at the Customer Service address listed on your billing statement and we will
investigate the matter.
17. No Waiver by Us: We may, without notice to you, delay or refrain from enforcing our rights under this Agreement without losing
them (e.g., we may extend the time to make some payments without extending the time to make other payments, accept late or
partial payments without waiving our right to have future payments made when they are due, and/or waive any charge or fee without
losing our right to impose that charge or fee when it is due under this Agreement).
18. Telephone Contacts, Monitoring and Recording: You agree that your calls with us may be monitored and/or recorded and
that we (or anyone acting on our behalf) may contact you from time to time regarding your Account (including for collections
purposes). You further agree that all of our contacts with you may be made via text message or with an automated dialing and
announcing or similar device and/or an artificial voice or prerecorded message. You also agree that we may contact you at any
telephone number you provide to us, whether a residential or business number, even if that number is a wireless, cellular or mobile
number; is converted to a mobile/wireless number; or connects to any type of mobile/wireless device. You agree that you have an
established business relationship with us, that all of our contacts with you are not unsolicited, and that we may contact you at the
telephone number you provide in this application, in any of the ways described above, with advertisements and telemarketing
messages regarding products and services that we believe may be of interest to you. You understand that your consent to
telemarketing contacts is not a condition of purchasing any property, goods, or services. To opt out of these contacts, please call
Customer Service at 1-800-877-3616 or 1-330-668-5000, Ext. 6867.
19. Governing Law: This Agreement and your Account and any claim, dispute, or controversy arising from or relating to this
Agreement or your Account are governed, to the extent applicable, by U.S. federal law and the law of the state of your billing
address when this Account was opened or, for non-U.S. residents, the law of the state where the Account was opened (without
regard to conflicts of laws principles), unless we receive written notice that you have moved to another U.S. state pursuant to
Paragraph 20. If we receive notice of a change in your billing address, except for any Annual Percentage Rate (and corresponding
monthly periodic rate) applicable to any outstanding balance, the terms applicable to the state of your new billing address will apply
to all balances on your Account after we receive written notice of your new address. Any Annual Percentage Rate (and
corresponding monthly periodic rate) applicable to a balance outstanding prior to notification of a change in billing address will
continue to apply to such balance until it is paid off.
20. Change of Address or Other Contact Information: You agree to notify us promptly in writing of any changes to your billing
address, phone number, email address, and other contact information. Until we receive written notice of your new billing address or
email address, if you have elected to receive notices electronically, we will continue to send billing statements and other notices to
the address we have on file for your Account. Subject to Paragraph 19, we deem you to reside at the billing address we have on file
for the purpose of applying terms that vary with your state of residence.
21. Assignment: We may sell, transfer, or assign our rights or obligations under this Agreement without prior notice to you. You
may not sell, transfer, or assign your rights or obligations under this Agreement or your Account.
22. Liability for Unauthorized Use: You agree to notify us promptly if your Card is lost or stolen, or of the unauthorized use of your
Card, by writing to us at Marks and Morgan Jewelers, P.O. Box 3680, Akron, OH 44309-3680 or by calling us at 1-800-877-3616. If
you orally give us notice, you agree to confirm in writing. You may be liable for unauthorized use of your Card prior to your
notification of us. You will not be liable for unauthorized use that occurs after you notify us of the loss, theft, or unauthorized use
and, in any case, your liability will not exceed $50.00.
23. Authorized Users: You may request additional Cards on your Account, and you may permit an Authorized User to have
access to a Card. However, if you do, you are responsible for all charges made by the Authorized User, including charges for which
you may not have intended to be responsible. You must notify us to revoke an Authorized User's permission to use your Account.
If you do so, we may close the Account and issue a new Card or Cards with a different Account number.
Notice to District of Columbia Residents: A financial benefit inures to the seller by way of commission or rebate resulting from
your purchase of Credit Insurance coverage on this Account.
Notice to Florida Residents: The Annual Percentage Rates shown above are authorized by Chapter 655 of the Florida Statutes.
Notice to Maryland Residents: This Account is governed by Subtitle 9, Title 12 of the Maryland Commercial Law Article.
Notice to Michigan Residents: The seller retains a security interest in the subject matter of this
Agreement.
Notice to Texas Residents: The Regular APR shown above is authorized by the Market Competitive Rate ceiling that is in effect
under Tex. Fin. Code Ann. § 303.009. To contact Marks and Morgan Jewelers about this Account, call 1-800-877-3616. This
contract is subject in whole or in part to Texas law which is enforced by the Consumer Credit Commissioner, 2601 North Lamar
Boulevard, Austin, TX 78705-4207, Phone 1-512-936-7600 or 1-800-538-1579. Contact the Commissioner relative to any inquiries
or complaints.
NOTICE: ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS
AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR
SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY
HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR
HEREUNDER.
NOTICE TO THE BUYER: 1. DO NOT SIGN THE APPLICATION AND/OR THIS CREDIT AGREEMENT
BEFORE YOU READ IT OR IF IT CONTAINS ANY BLANK SPACES. 2. YOU ARE ENTITLED TO A
COMPLETELY FILLED IN COPY OF THIS CREDIT AGREEMENT. 3. YOU MAY AT ANY TIME PAY
THE TOTAL BALANCE OUTSTANDING UNDER THIS AGREEMENT WITHOUT INCURRING ANY
ADDITIONAL CHARGE. 4. KEEP THIS AGREEMENT TO PROTECT YOUR LEGAL RIGHTS. 5. YOU
MAY UNDER CERTAIN CIRCUMSTANCES REDEEM THE PROPERTY, IF REPOSSESSED
BECAUSE OF YOUR DEFAULT, AND YOU MAY, UNDER CERTAIN CONDITIONS, REQUIRE A
RESALE OF THE PROPERTY REPOSSESSED. 6. THE SELLER HAS NO RIGHT TO UNLAWFULLY
ENTER YOUR PREMISES OR COMMIT ANY BREACH OF THE PEACE TO REPOSSESS GOODS
PURCHASED UNDER THIS AGREEMENT. ADDITIONAL NOTICE FOR MASSACHUSETTS AND
WASHINGTON RESIDENTS: 7. YOU MAY CANCEL A PURCHASE UNDER THIS AGREEMENT IF IT
HAS BEEN SIGNED BY A PARTY THERETO AT A PLACE OTHER THAN THE ADDRESS OF THE
SELLER, WHICH MAY BE HIS MAIN OFFICE OR BRANCH THEREOF; PROVIDED, YOU NOTIFY
THE SELLER IN WRITING AT HIS MAIN OFFICE OR BRANCH, BY ORDINARY MAIL POSTED, BY
TELEGRAM SENT OR BY DELIVERY, NOT LATER THAN MIDNIGHT OF THE THIRD BUSINESS
DAY FOLLOWING A PURCHASE UNDER THIS RETAIL INSTALLMENT CREDIT AGREEMENT.
YOU ACKNOWLEDGE RECEIPT OF A COPY OF THIS RETAIL INSTALLMENT CREDIT
AGREEMENT.
Buyer
Signature
Co-Buyer
Signature
Mario Weiss
Seller-Creditor
signature
Mario P. Weiss, Senior Vice President Credit Operations,
Sterling Jewelers Inc., d/b/a Marks and Morgan Jewelers,
P.O. Box 3680, Akron, OH 44309-3680
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:
Sterling Jewelers Inc.
P.O. Box 3680
Akron, OH 44309-3680
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 $50.00 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 $50.00. (Note: Neither of these are necessary if your purchase was based on
an advertisement we mailed to you, or if we own or operate 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 in writing at the address listed above.
While we investigate, the same rules apply to the disputed amount as discussed above. After we finish our investigation, we will tell
you of our decision. At that point, if we think you owe an amount and you do not pay, we may report you as delinquent.
Rev. 10/13
FACTS
WHAT DOES MARKS AND MORGAN JEWELERS
DO WITH YOUR PERSONAL INFORMATION?
Why?
Financial companies choose how they share your personal information. Federal law
gives consumers the right to limit some but not all sharing. Federal law also requires
us to tell you how we collect, share, and protect your personal information. Please
read this notice carefully to understand what we do.
The types of personal information we collect and share depend on the product or
What?
service you have with us. This information can include:
Social Security number and account balances
Payment history and transaction history
Credit history and credit scores
When you are no longer our customer, we continue to share your information as
described in this notice.
How?
All financial companies need to share customers' personal information to run their
everyday business. In the section below, we list the reasons financial companies can
share their customers' personal information; the reasons Marks and Morgan Jewelers
chooses to share; and whether you can limit this sharing.
Does Marks and
Reasons we can share your personal information
Morgan Jewelers
Can you limit
share?
this sharing?
For our everyday business purposes -
such as to process your transactions, maintain your
account(s), respond to court orders and legal
YES
NO
investigations, or report to credit bureaus
For our marketing purposes -
to offer our products and services to you
YES
NO
For joint marketing with other financial
companies
NO
We don't share.
For our affiliates' everyday business purposes -
information about your transactions and experiences
NO
We don't share.
For our affiliates' everyday business purposes -
information about your creditworthiness
NO
We don't share.
For our nonaffiliates to market to you
NO
We don't share.
Questions?
Visit www.marksandmorgan.com
Page 2
What we do
How does Marks and Morgan Jewelers
To protect your personal information from
protect my personal information?
unauthorized access and use, we use security
measures that comply with federal law. These
measures include computer safeguards and secured
files and buildings.
How does Marks and Morgan Jewelers collect
We collect your personal information, for example,
my personal information?
when you
open an account or give us your contact
information
pay your bills or apply for a loan
use your credit or debit card
We also collect your personal information from
others, such as credit bureaus, affiliates, or other
companies.
Why can't I limit all sharing?
Federal law gives you the right to limit only
sharing for affiliates' everyday business purposes
- information about your creditworthiness
affiliates from using your information to market to
you
sharing for nonaffiliates to market to you
State laws and individual companies may give you
additional rights to limit sharing.
Definitions
Affiliates
Companies related by common ownership or control.
They can be financial and nonfinancial companies.
Marks and Morgan Jewelers does not share with
affiliates.
Nonaffiliates
Companies not related by common ownership or
control. They can be financial and nonfinancial
companies.
Marks and Morgan Jewelers does not share with
nonaffiliates so they can market to you.
Joint marketing
A formal agreement between nonaffiliated financial
companies that together market financial products or
services to you.
Marks and Morgan Jewelers does not joint
market.
Other important information
If you reside in CA or VT, we do not share information to market to you pursuant to joint marketing agreements.
PRICING SCHEDULE FOR MARKS & MORGAN JEWELERS
The following pricing terms were available as of 10/09/2013. These pricing terms may not be
available now. If you apply, your terms will be based on the terms of the offer at the time of
application.
Interest Rates and Charges
Annual Percentage
ANNUAL
Rate (APR) for
If you reside in
We apply the monthly
PERCENTAGE
the state of:
Purchases
periodic rate of:
RATE
1.75% to $750.00
21%
AL
1.5% over $750.00
18%
AR
1.4167%
17%
CO, GA, IN, MS, OK,
1.75%
21%
TN, TX, VT, WY
DC, MD
2.0%
24%
HI, MA, MN, NC
1.5%
18%
1.75% to $499.99
21%
NE
1.5% for $500.00 &
18%
more
All other states
2.0825%
24.99%
How to Avoid
Your due date is at least 25 days after the close of each billing cycle. We will not charge
Paying I Interest on
you interest on purchases if you pay your entire balance by the due date each month.
Purchases
Minimum Interest
If you are charged interest, the charge will be no less than $1.00; except in MI, MO, NY, TN,
Charge
and TX, where the charge will be no less than $0.70; except in AL, AZ, CO, IN, LA, ME, MA,
MN, MS, MT, NJ, OK, PA, SC, SD, VT, WV and WY, where the charge will be no less than
$0.50; and except in AR, DC, HI, IA, MD, NE, NM, NC and RI, where there is no such
minimum.
Balance
In all states except MN and NM, we calculate Interest Charges using the average daily
Computation
balance method (including current transactions). In MN and NM, we calculate Interest
Charges using the average daily balance method (excluding current transactions). We
Method
calculate interest separately for each balance on your Account subject to different terms
(including APR and duration). We figure the Interest Charges by applying the applicable
monthly periodic rate to the "average daily balance" for that balance. To get the average
daily balance for a balance, we take the beginning balance each day, add any new
transactions (except we do not add in any new transactions in MN and NM); subtract any
payments or credits and any Late Payment Fees, any Returned Payment Fees, and/or
unpaid Interest Charges; and make other adjustments. This gives us the daily balance.
Then, we add up all the daily balances for the billing cycle and divide the total by the
number of days in the billing cycle. This gives us the average daily balance. Any negative
daily balance will be treated as zero. The applicable monthly periodic rate for a balance is
the applicable Annual Percentage Rate divided by twelve (12), and rounded to the fourth
decimal place.
1
Fees
Annual
None
Fee
If any check, instrument, or electronic authorization used to pay us is not honored upon first
Returned
presentment, (for residents of MD, second presentment), even if the check, instrument or electronic
Payment
authorization is later honored, we may charge you a Returned Payment Fee. Except as set forth for
Fee
specified states below, this fee is up to $30.00. The fee charged generally will be the highest amount
permitted by law, subject to the specified maximum. This means that the fee generally will not exceed
the amount of the required minimum payment due immediately prior to the date on which the payment
is returned. In addition, the first time you make a payment that is returned, the fee will not exceed
$25.00. If you make another payment that is returned during the next six billing cycles, the fee will not
exceed $30.00.
State
Fee
GA
Greater of 5% of amount of payment or $30.00
AZ, AR, CO, IL, IN, MI, NV,
$25.00
NC, OK, OR, RI, WV
FL, LA
Greater of 5% of amount of payment or $25.00
CA, MD, MO, TX
$15.00
CT, HI, ID, IA, NJ, NY, UT
$20.00
DC, DE, MA, NE, NM, PA, VT,
None
WY
2
Fees
Cont.
Late
If we do not receive your minimum payment by its due date (or within seven (7) days in VA; within ten
Payment
(10) days in AL, AZ, CO, DC, FL, GA, HI, ID, IL, IN, KS, KY, MI, MN, MO, NE, NJ, NY, OK, SC, WV,
Fee
and WY; within fifteen (15) days in CA, ME, and MA; within twenty-one (21) days in TX; within thirty
(30) days in NC; and within forty (40) days in RI), we will impose a Late Payment Fee. The maximum
fee is set forth below. The fee charged generally will be the highest amount permitted by law. This
means that the fee generally will not exceed the amount of the required minimum payment due
immediately prior to the assessment of the fee. In addition, the first time you pay late, the fee will not
exceed $25.00. If you pay late again during the next six billing cycles, the fee will not exceed $35.00.
State
Fee
AK, AR, CT, HI, LA, MD, MI, MN,
MS, NV, NH, NY, ND, OH, OR,
$35.00 (except $29.00 if the outstanding balance is $249.99 or less)
PA, SD, WI
AL
5% of amount past due but not more than $35.00 and not less than
$18.00
AZ, KS, MO
$10.00 (except $5.00 if the minimum payment is $5.00 to $25.00)
CA, CO, DC, IA
$15.00
DE, MT, NM, TN, VT
None
FL, NJ, TX
$10.00
GA
$25.00
Greater of 5% of amount past due or $15.00 (but not to exceed
ID
$35.00)
Greater of 5% of amount past due or $10.00 (but not to exceed
IL, KY, WY
$35.00)
IN
$18.00 The amount of the late payment fee is subject to change as
provided in IN Code § 24-4.5-1-106.
ME
Lesser of 5% of amount past due or $10.00
MA
Lesser of 10% of outstanding balance or $10.00
NE
Greater of 5% of amount past due or $5.00 (but not to exceed $35.00)
NC
$10.00 (except $5.00 if the outstanding balance is under $100.00)
OK
5% of amount past due but not more than $23.50 and not less than
$5.00
RI
$12.00
5% of amount past due, but not more than $17.50 and not less
SC
than $7.00. The amount of the late fee is subject to change as
provided in SC Code § 37-1-109.
Greater of 5% of amount past due or $30.00 (but not to exceed
UT
$35.00)
VA
5% of amount of installment (but not to exceed $35.00)
$35.00 (except 10% of the average daily balance for prior 30-day
WA
period, but not less than $2.00, if the balance is less than
$100.00)
WV
Lesser of 5% of amount past due or $15.00
3