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

APR for Cash Advances 

19.24% to 24.99% 

Penalty APR and when it 
Applies 

Paying Interest 

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

29.99%1 

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 

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

   •  Cash Advances and  
       Convenience Checks 

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 

Up to $10 

   •  Late Payment 

Up to $35 

How We Will Calculate Your Balance:  We use a method called "average daily balance 
(including new purchases)".   

Loss of Introductory APR:  We may end your introductory APR and apply the Purchase APR if 
you close your account or if you miss a payment.  

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 
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) to a margin. This is equivalent to 
the ANNUAL PERCENTAGE RATE (APR). To determine the Daily Periodic Rate, the APR must be divided 
by  365  and  rounded  up  not  exceeding  the  limits  allowed  by  law.  The  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 APR for cash advances will be determined by adding the Prime 
Rate to a margin. The 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 Daily Periodic Rate, the APR must 
be divided by 365 and rounded up not exceeding the limits allowed by law. The INTEREST CHARGE and 
the APR applicable to your account will depend on your credit history and the current Prime Rate at the 
time  of  approval  of  your  application.  For  Puerto  Rico  and  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 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 APR and in the minimum monthly payment. Any change in your INTEREST CHARGE will 
apply to the Balance in your account and to new transactions during the billing period.  The INTEREST 
CHARGE is determined by multiplying the Average Daily Balance by the Daily Periodic Rate and by the 
number  of  days  in  the  billing  cycle.  The  Average  Daily  Balance  is  obtained  by  taking into  account  the 
initial balance for each day of the billing period, subtracting the payments and credits, and adding the 
purchases. Then all the daily balances within the billing period are added and the said total is divided by 
the number of days included within the billing period.  

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

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 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  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. 

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.