ScotiaLine Gold 
(Unsecured) 

ScotiaLine Gold integrates the use of ScotiaLine Gold MasterCard® credit card of Scotiabank de Puerto Rico with a line of credit. 

1) 

 Definitions — The following words, when used in this agreement with an uppercase initial, shall have the meanings set forth below: 

a) 

 “You” means the person applying for this agreement;  

b) 

“Authorized Person” means any person whom You authorize to access your ScotiaLine Gold account, as established further on in Section 5); 

c) 

 “We” means Scotiabank de Puerto Rico; 

d) 

e) 

f) 

g) 

h) 

 “Line of Credit” means the funds You and the Authorized Persons may access through the use of Checks and Cards; 

 “Check” means the instruments that We shall provide so that You and the Authorized Persons may access your ScotiaLine Gold account; 

 “Card” means one or more ScotiaLine Gold MasterCard credit cards that We shall provide so that You and the Authorized Persons may access 
your ScotiaLine Gold account; 

 “ScotiaLine Gold” means the product object of this agreement, which combines the Line of Credit and the Card; and 

 “Balance due” means any balance which payment has been required in a previous statement and has not been paid. 

2)  Agreement — Your ScotiaLine Gold account shall be subject to the terms, clauses and conditions set forth in this agreement and as amended from 
time to time.  The fact that You or the co-borrower utilizes any service of this ScotiaLine Gold account shall constitute Your and your co-borrower’s 
acceptance of this agreement.  

3)  Agreement Cancellation 

a)  Cancellation by You: You may cancel this agreement within the first 15 days after receipt of this agreement if You notify Us of the cancellation 
in writing, neither You nor any Authorized Person have used a ScotiaLine Gold service, and You return to Us all Checks and Cards cut in half.  
Afterwards, You may cancel this agreement at any moment if: 

i) 

You notify Us of the cancellation in writing, to the address included in paragraph 29)b) of this Agreement. 

ii)  Neither You nor any Authorized Person uses a ScotiaLine Gold service again, and 

iii)  You return to Us all Checks and Cards cut in half. 

After cancellation, You may continue paying the balance due Us, as per the terms of this agreement. 

b)  Cancellation by Us. We shall have the right to cancel this agreement at any moment if We notify You in writing. In that case neither You nor 
any Authorized Person may continue using ScotiaLine Gold services, and You shall be bound to return to Us all Checks and Cards cut in half. 

After  the  cancellation,  You  may  continue  paying  the  balance  due  Us,  as  per  the  terms  of  this  agreement,  unless  the  cancellation  entails  the 
immediate payment of the sum total of the balance due, as set forth further on in Section 27). 

4)  Use of ScotiaLine Gold 

a)  You and the Authorized Persons may use ScotiaLine Gold only for personal purposes, but not for business purposes. 

b)  The Line of Credit shall be of a revolving nature; i.e., that the amounts You pay may be borrowed again, up to the credit limit We set forth as 

per Section 8). 

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c) 

You and the Authorized Persons may use the Checks and Cards to access the Line of Credit and thus: (i) acquire goods and services from those 
merchants who accept the Checks or the Card (whom You and the Authorized Persons authorize Us to pay the corresponding amount), and (ii) 
to receive cash advances from Us. 

We shall not be able to certify Checks.   

5)  Authorized Persons — You may designate Authorized Persons with the right to use the services of your ScotiaLine Gold account.   

6)  Obligation  to  Pay  —  You  shall  owe  Us  the  amounts  charged  to  your  ScotiaLine  Gold  account  for  (i)  purchases  of  goods  or  services,  (ii)  cash 
advances, (iii) Finance Charges, and (iv) other applicable fees, all in legal tender of the United States of America, and shall be responsible to pay Us 
said amounts when You receive the statement of account described in Section 15). 

7)  Collateral — The Collateral guarantees the faithful service on Your behalf of all debts and other obligations under this agreement. We may grant 
extensions, take and accept additional or substitute securities, assign and pledge the Collateral, accept transactions and settlements, grant releases 
and discharges, and deal in any other way that We deem advisable in relation to the Collateral, without prejudice to our rights against You. We 
shall  not  be  forced  to  foreclose  the  Collateral  or  otherwise  exhaust  our  remedies  regarding  the  same,  before  collecting  on  the  debt  and  other 
obligations incurred on your behalf under this agreement. On the contrary, We may opt to use any remedy within our purview to collect on said 
debts and obtain compliance for said obligations, without prejudice to our later execution against the Collateral. 

8)  Credit Limit  –   

a)  At the bottom of page six (6) is indicated the credit limit We have approved for your ScotiaLine Gold account. The total You owe Us shall not 

exceed the credit limit approved. We shall have the right (at our option) to do the following in case the credit limit is exceeded: 

i) 

Cancel this Agreement and require to You immediate payment of any amount in excess of the limit, or 

ii)  demand from You the immediate payment of any amount owed Us in excess of the credit limit, without granting either party the right to 

exceed said limit in the future; or 

iii)  not demand payment of the over limit, without granting either party the right to exceed said limit in the future 

b)  We  may  reduce  your  credit  limit,  and  We  may  also  provisionally  suspend  access  to  your  ScotiaLine  Gold  account,  in  any  of  the  following 

instances: 

i) 

if We reasonably believe that You may not be able to meet your payment obligations as per this agreement due to a material change in 
your financial situation; 

ii) 

if You fail to fulfill a material obligation in this agreement; 

iii) 

if the actions of a government agency forbid Us from levying upon You the Annual Percentage Rate set forth in this agreement; 

iv) 

if one of our regulatory agencies notifies Us that to continue granting credit under this agreement constitutes a dangerous and unsafe 
practice. 

c) 

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 that may be approved in one day. If the Bank 
detects unusual activity in your Account, it may temporarily suspend your credit privileges until it can verify that the transaction is legitimate. 

9)  Return of Cards and Checks — Checks and Cards are our property and We may, at any time, request their return in case You or Us decide to cancel 
this agreement, or in case We decide to exchange them for others. In those cases You are responsible to return to Us the Checks and Cards cut in 
half. 

10)  Finance Charge — Your ScotiaLine Gold account shall accrue a Finance Charge. We shall determine the Finance Charge by multiplying the “Average 
Daily Balance” due during the billing period that We set forth as per Section 14), for the Periodic Rate. The Statement of Charges and Fees indicates 
the  initial  Periodic  Rate  and  its  corresponding  Annual  Percentage  Rate.  The  Periodic  Rate  and  the  corresponding  Annual  Percentage  Rate  may 
fluctuate as set forth in Section 12). 

11)  Grace Period 

a)  Purchase  of  goods  and  services.  In  the  case  of  purchases  of  goods  and  services  We  shall  levy  a  Finance  Charge  from  the  date  We  pay  the 
vendor of the goods or service provider. There shall be no grace period during which You may settle the balance without incurring a Finance 
Charge. 

b)  Cash  Advances.  In  the  case  of  cash  advances  We  shall  levy  a  Finance  Charge  from  the  date  You  or  an  Authorized  Person  receive  the  cash 

advance. There shall be no grace period during which You may settle the balance without incurring a Finance Charge. 

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12)  Variable Interest — The interest rate We shall use to calculate the Periodic Rate and the corresponding Average Daily Balance may change the first 
day of each billing period, and shall be effective for that billing period. The applicable interest rate shall be equal to the prevailing “Prime Rate” on 
the first day of the billing period, plus the number of percentage points set as a margin in the Statement of Charges and Fees. “Prime Rate” shall be 
the base rate for commercial loans announced by no less than 75% of the 30 largest banks in the United States, as published in The Wall Street 
Journal newspaper under that name (“Prime Rate”). We shall inform You of the resulting Periodic Rate and the corresponding Annual Percentage 
Rate in your account statements. The Annual Percentage Rate may change monthly. The maximum Annual Percentage Rate that will apply to your 
account is 19% and the minimum is 8%. There is no limit to the number of times that the rate may change. 

13)  Special  Rate  for  applicants  covered  by  the  Military  Lending  Act  (MLA)  –  Those  applicants  who,  at  the  time  of  applying  for  an  applicable  credit 
product, are identified as an active member of the Armed Forces or a covered dependent, as established by the Military Lending Act (MLA), will be 
granted a special annual percentage rate (APR) of 6.00%. This special rate will be considered as part of the military annual percentage rate (MAPR), 
which, as established by the Military Lending Act, will not exceed a 36.00% (MAPR). This special rate will be provided to the customer and covered 
dependents for as long as he/she remains in active military service. Once the member of the Armed Forces ceases to be in active military service, 
the special rate will be changed to the current applicable Annual Percentage Rate (APR).  

14)  Average  Daily  Balance  —  We  shall  calculate  the  Finance  Charge  using  the  method  known  as  “Average  Daily  Balance,”  which  We  shall  obtain  by 
adding the balances due at the end of each day of the billing period, and dividing the product into the number of days within said period. We shall 
determine the balances due at the end of each day by adding: (i) the previous day’s Final Balance, (ii) purchases of goods and services, and (iii) cash 
advances; and subtracting payments and other credits paid during the day. We shall add and subtract these items before computing the Finance 
Charge. 

15)  Account  Statement  —  We  shall  divide  the  calendar  year  into  12  billing  periods  of  approximately  30  days  each.  We  shall  mail  You  an  account 
statement for each billing period in which You owe a balance. In each statement We shall indicate, among other things: (i) the Previous Balance, (ii) 
an  itemization  of  payments  and  credits,  debits,  purchases  of  goods  and  services,  and  cash  advances  that  took  place  during  said  period,  (iii)  the 
Finance  Charge,  (iv)  the  Periodic  Rate,  (v)  the  Annual  Percentage  Rate,  (vi)  the  balance  on  which  the  Finance  Charge  was  based,  (vii)  the  New 
Balance, (viii) the Minimum Payment, (ix) the date in which the Minimum Payment is due, (x) the account closing date, (xi) the notice of billing 
errors and other required notices. 

16)  Minimum  Payment  –  You  may  pay  the  full  amount  or  a  part  of  the  new  balance  shown  on  your  monthly  statement,  but  must  pay  at  least  the 
minimum monthly payment, calculated as follows: 2% of the new balance, plus any balance due and/or amount over the approved limit or $50, 
whichever is greater. 

Under  certain  circumstances  the  Minimum  payments  could  not  cover  the  finance  charges  and  negative  amortization  may  occur,  for  which  the 
amount owed may increase. 

17)  Application of payments – The Bank will credit the payment the same day is received when it is made: (a) in cash or in check through one of the 
Bank  branch  offices,  prior  to  the  closing  time;  (b)  electronically  before  5:00  p.m.  from  Monday  to  Saturday;  or  (c)  by  mail  together  with  the 
payment  coupon  to  the  address  listed  on  the  account  statement  of  the  customer,  as  long  as  the  payment  is  received  before  5:00  p.m.  from 
Monday through Friday. 

18)  Credit line availability – If the payment is not made in cash the Bank will defer the availability of funds equivalent to the amount of the payment, 
for  a  period  of  up  to five  (5)  business  days.  This  means  that  although  your  payment  will  be  credited,  your  available  balance  will  not  reflect  the 
payment amount until the five days period has elapsed. This will not entail additional charges to your account for Interest Charges. 

19)  Late Charge — If We  do not receive at least the required total  minimum  payment the  date We set in the monthly account  statement, We may 
charge the ScotiaLine Gold account a late payment fee in the amount of $25. Any subsequent violations that occur after the first offense, over the 
next six months, may be subject to a $30 late payment fee. After the six-month period has elapsed, the next late payment violation will be subject 
to a $25 fee and another six-month period will commence where late payment violations may be subject to a $30 fee, and so on. We shall only levy 
the late charge once per each minimum payment not paid on time. 

20)  Returned Check Charge — For each Check You send Us, which is returned to Us without payment, We shall charge your ScotiaLine Gold account the 

returned check charge set forth in the Statement of Charges and Fees. 

21)  One Fee for Violations Resulting From Single Event or Transaction – We will not impose more than one penalty fee for violating the terms of your 
account  based  on  a  single  event  or  transaction.  For  example,  if  your  payment  is  returned  after  the  date  it  was  due  as  shown  on  your  billing 
statement as a result of a returned check or other reason, we will impose a late payment fee or a returned check fee but not both of them because 
the fees have resulted from the same event or transaction. 

22)  Foreign Transaction Fee — For each transaction in a foreign currency, a 1% transaction fee of the amount in USD will apply, and is additional to any 

other applicable fee. 

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23)  Annual Fees and Additional Cards 

a)  You shall be responsible to pay Us the annual fee set forth in the Statement of Charges and Fees. This fee shall give You the right to have Us 

issue a single Card, which shall be in your name. 

b)  You may request additional Cards for use by Authorized Persons, and in this case shall be responsible to pay Us the supplementary annual fee 

set forth in the Statement of Charges and Fees for each additional Card issued. 

c) 

The annual fee will be charged on your next monthly statement, and subsequently on the anniversary of this agreement.     

24)  Other  charges  –  Any  other  charges  you  are  required  to  pay  as  per  the  Statement  of  Charges  and  fess  included  herein  will  be  itemized  in  your 

monthly statement. 

25)  Lost  or  Stolen  Cards  —  You  are  obliged  to  notify  Us  immediately  in  case  a  Card  is  lost,  stolen  or  used  without  your  permission,  by  calling  the 
telephone number appearing in your account statement, and completing and sending whichever forms and reports We may request from You. 

You may be liable for the unauthorized use of any Card, You shall not be liable for unauthorized use that occurs after notifying Us, verbally or in 
writing, of the loss, theft or possible unauthorized use of a Card. Your liability in any case shall not exceed $50.00. 

26)  Checks 

a)  We may refuse to pay a Check after six months from its issue date. Payment by Us of one or more Checks after said period has elapsed shall 

not oblige Us to pay other Checks presented outside the term. 

b)  You may stop payment of a Check. We shall not be liable if We pay a Check in any of the following cases: 

i) 

ii) 

iii) 

iv) 

v) 

if We receive the stop pay order after the Check has been charged to your account; 

if You do not notify Us of the stop pay order in writing, in the form that We furnish You for this purpose; 

if the stop pay order is not signed by the person that signed the Check; 

if the person receiving the payment in fact has a right to receive it, or would have had the right to recover from You if We had not paid 
the Check; 

if You do not exercise any right You might have to recover the funds, be it against the person receiving the payment or against any other 
person; 

vi) 

if You are otherwise constrained from placing the stop pay order or from placing a claim against Us. 

c) 

The duration of a stop pay order shall be six months from the Check issue date, unless You cancelled it previously in writing, using the form 
that We provide to You for that purpose. 

d)  For each  stop  pay order We may impose  the charge set forth in the Statement of Charges and Fees, and charge  it to your ScotiaLine Gold 

account. 

e) 

If We reimburse You for the amount of a Check that was paid inappropriately, We shall acquire all of your rights to collect from the person 
receiving the payment, and from any other liable person. 

27)  Immediate Payment of the Totality of the Balance Owed — We may demand the immediate payment of any amount that You owe Us under this 

agreement, if You do not comply with the terms set forth in this agreement. 

28)  Amendments to this Agreement — We may amend the terms and conditions of this agreement in writing at any time by giving written notice to 
You prior to the effective date of the amendment as  required by applicable regulation.  We  shall also notify You of any changes  to the Finance 
Charge, Periodic Rate, Annual Percentage Rate and other applicable charges. 

a) 

If You disagree with the amendments or changes notified You shall do the following within the next billing cycle: 

i) 

You notify Us of the cancellation in writing, prior to the date the changes become effective to the address provided in paragraph 29)b) 
and 

ii)  You return to Us all Checks and Cards cut in half. 

You may continue paying the balance due to Us, as per the terms of this agreement while there is an unpaid balance but neither You or any 
Authorized Persons shall continue using the ScotiaLine Gold. 

b) 

It will be understood that you have agreed and accepted the notified amendment or charge if You or any Authorized Person use or benefit 
from any of the services available through the use of the ScotiaLine during the following billing cycle. 

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29)  Billing Rights (Error Resolution) 

What to do if you think you find a mistake on your statement? 

If you think there is an error on your statement, you can call us to 787-766-4999 or 1-877-766-4999 or write to us at: 

Scotiabank de Puerto Rico  
PO Box 362230 
San Juan, PR 00936-2230 

You may also contact us on the Web: www.scotiabankpr.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 error:  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. 

You  must  notify  us  of  any  potential  errors  in  writing  [or  electronically].  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. 

While we investigate whether or not there has been an error, the following are true: 

a)  We cannot try to collect the amount in question, or report you as delinquent on that amount. 
b)  The charge in question may remain on your statement, and we may continue to charge you interest on that amount. But, if we determine that 

we made a mistake, you will not have to pay the amount in question or any interest or other fees related to that amount. 

c)  While you do not have to pay the amount in question, you are responsible for the remainder of your balance. 
d)  We can apply any unpaid amount against your credit limit. 

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:  
a)  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.) 

b)  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. 
You must not yet have fully paid for the purchase.  

c) 

If all of the criteria above are met and you are still dissatisfied with the purchase, contact us in writing at: 

Scotiabank de Puerto Rico  
PO Box 362230 
San Juan, PR 00936-2230 

You may also contact us on the Web: www.scotiabankpr.com  

While we investigate, the same rules apply to the disputed amount as discussed above you owe an amount and you do not pay we may report you 
as delinquent. 

30)  Miscellaneous Provisions  

a)  Credit References. You authorize Us to investigate your credit references. We reserve the right to issue or not to issue Checks and Cards, to 

renew or not to renew Cards, and to continue or to cancel this agreement, pursuant to our best credit policy. 

b)  Notifications. We shall mail You all communications to the most recent address You have provided Us and which is recorded in our files. You 
must  notify  Us  in  writing  of  any  change  in  your  mailing  address.  You  must  send  any  correspondence  addressed  to  Us  to  the  address: 
Scotiabank of Puerto Rico, PO Box 362230, San Juan, PR 00936-2230. You may also contact us on the Web: www.scotiabankpr.com.   

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c)  Non-Waiver of Rights. Our failure to exercise any right under this agreement or under applicable law shall not constitute a waiver of said right. 

d)  Null  Clauses.  The  fact  that  any  clause  in  this  agreement,  or  a  part  of  it,  may  have  been  declared  null  by  a  court  or  government  agency,  or 
should be left without effect by a legal or regulatory decree, shall not affect the remaining provisions in this contract, which shall remain in 
force. 

e)  Totality of the Agreement. This agreement and the Statement of Charges and Fees include the totality of the agreements between You and Us 

regarding your ScotiaLine Gold account. 

f)  Applicable  Law.  This  agreement  shall  be  interpreted  in  accordance  with  the  laws  of  the  Commonwealth  of  Puerto  Rico  and  of  the  United 

States of America. 

I accept the Terms and Conditions of this Agreement. 

Account Number: 
Credit Limit: 

Borrower’s Name: 

Co-borrower’s Name: 

Collateral Description (if 
apply) 

Initial Annual Percentage Rate: 
Initial Daily Periodic Rate: 
Borrower’s Signature: 
Co-borrower’s Signature: 
Date: 

® Registered Trademark of the Bank of Nova Scotia. Member FDIC. OCIF Lic. 22. 
®MasterCard is a registered trademark of MasterCard International Incorporated. 

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Disclosure of Rates and Fees for ScotiaLine Gold 

Interest Rates and Fees 

Line of Credit 

Annual Percentage Rate (APR) for 
Purchases, Cash Advances and 
Balance Transfers 

Information Regarding Your Annual 
Percentage Rate (APR) 

Paying Interest 

ScotiaLine Gold Unsecured 

Prime Rate + 4.00% 

The  Annual  Percentage  Rate  (APR)  is  variable  and  is  based  on  the  value  of  an  index,  known  as  the 
Prime Rate, plus a margin.  This index is the base rate for commercial loans announced by no less than 
75%  of  the  30  largest  banks  in  the  United  States,  as  published  in  The  Wall  Street  Journal.      To  this 
“Prime Rate” we will add a margin of 1.75% with a minimum APR of 8.00% and a maximum of 19.00% 
for ScotiaLine Gold unsecured. Those applicants who, at the time of application are identified as active 
members  of  the  Armed  Forces  as  established  by  the  Military  Lending  Act  (MLA)  or  a  covered 
dependent, will be granted a 6.00% annual percentage rate (APR), for as long as  he/she remains on 
active duty. Once the member of the Armed Forces ceases to be in active military service, the special 
rate granted will be changed to the current applicable Annual Percentage Rate (APR). 
Your due date is at least 25 days after the close of each billing cycle.  Finance charges for purchases, 
cash advances and balance transfers will be calculated from the transaction date until the balance paid 
in full.  

For Credit Card Tips from the 
Consumer Financial Protection Bureau 

learn  more  about  factors  to  consider  when  applying  for  or  using  a  credit  card,  visit 

To 
http://www.consumerfinance.gov/learnmore/.  

Fees 
Annual Fee 
For each additional card 
o 
o  Customers covered by the       
Military Lending Act (MLA) 

Cash Advances and Balance Transfers 

Foreign Transaction  
(Currency Exchange) 

Returned Payment 

Late Payment 

Stop Payment 

$75 
$0 
$0 

$0 

A 1% transaction fee of the amount in USD will apply to each foreign currency transaction, in addition 
to any other applicable fee. 

$10 

Up to $30 

$15 

How We Will Calculate Your Balance: We use the average daily balance method, including purchases and new transactions.  Please refer 
to your agreement for details. 

Billing rights:  Your agreement includes information related to your rights to dispute transactions and how to exercise these rights. 

For more information please call our Contact Center at 787-766-4999 or 1-877-766-4999. You may also write to us at PO Box 362230, San 
Juan Puerto Rico 00936-2230. 

Borrower’s Name: ___________________________________________________    

Borrower’s Signature:_____________________________________________________   Date: ___________________ 

Co-Borrower’s Name: ________________________________________________   

Co-Borrower’s Signature: __________________________________________________   Date:___________________ 

® Registered Trademark of the Bank of Nova Scotia. Member FDIC. OCIF Lic. 22. 
®MasterCard is a registered trademark of MasterCard International Incorporated. 

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          ScotiaLine Gold – Unsecured 
Agreement Rev. 2-19