Laurel Road Student 
Loan CashbackSM 
Credit Card
Cardmember Agreement

Here  is  your  new  Cardmember  Agreement  (the 
“Agreement”).  It  is  the  contract  between  you 
and  us  regarding  your  credit  card  account  (the 
“Account”).  This  Agreement  is  being  sent  to  you 
and  each  Authorized  User  so  that  each  of  you  is 
aware  of  the  terms  that  apply  to  the  use  of  the 
Account  and  Cards.  This  Agreement  is  effective 
as soon as you, or any of your Authorized Users, 
activate a Card or use the Account. It also applies 
if you have not closed your Account within 30 days 
after we issue the Card(s). 

the 

terms  used 

Definitions
We have provided a glossary containing definitions 
of 
this  Agreement.  Our 
in 
definitions rely heavily on, but deviate slightly from, 
the  definitions  used  by  the  Consumer  Financial 
Protection Bureau (“CFPB”) in connection with its 
December 2011 prototype credit card agreement.

Rates and Fees Table
This  Agreement  references  a  separate  document 
entitled  “Rates  and  Fees  Table”  that  explains  the 
different APR’s and fees that apply to your Account. 
Such Rates and Fees Table is made a part of this 
Agreement between us.

Contents
1.  ACCESSING AND USING YOUR ACCOUNT   . 4

•  Authorized User(s) 
•  Convenience Checks 

•  Notify Us

•  Liability

12. COMMUNICATIONS ...................................... 12

2. CREDIT LIMITS AND CASH ADVANCE LIMITS ...5

•   Mailings 

•  Credit Limit
•  Cash Advance Limit
•   Changes  to  Your  Credit  Limit  and  Cash 

Advance Limit 

3.  USING YOUR CARD FOR CHARGES .............. 5 

•   Telephone Communications 

•  Telephone Monitoring

•   Authenticating Your Identity

•   E-Mail Communications 

•   Changes to Your Information 

•   Authorization of Charges
•   Balance Transfers
•   Recurring Charges

4. INTEREST CHARGES .......................................6
•   Your APRs are on the Rates and Fees Table 
•   Minimum Interest Charge  

5. INTEREST CALCULATION ............................... 6

•   Interest Charge Calculation Formula 
•  Interest Charges and Fees are Added to The 

Balances to which They Apply

•   Grace Period Only Applies to Purchases
•  How  the  Grace  Period  Works  to  Avoid 

Interest on Purchases.

•    When We Begin to Charge Interest
•   When We Add Charges

6. FEES ..................................................................9

•    Transaction Fees
•   Late Payment Fees

7. PAYING US......................................................... 9

•   Your Bill
•   Minimum Payment 
•  Making a Payment
•   Cut-off Times, Weekends, and Holidays
8.  HOW WE APPLY YOUR PAYMENTS ............. 10

•   Crediting Payments to Your Account
•   Payments in Excess of the Minimum Payment 
•   Payments  Less  Than  or  Equal  To  the 

Minimum Payment 

•   How Payments Affect Your Credit Limit  
•   Credit Balances 

9. DEFAULT AND ENFORCEMENT .................... 11

•  Enforcement

10. CLOSING YOUR ACCOUNT ......................... 11
11.   LOST,  STOLEN  OR  COMPROMISED  CARDS/
ACCOUNT ...................................................... 12

13. CREDIT INFORMATION ................................ 13

•   Credit Information We Receive About You 

•   Credit Reporting We Do On Your Account 

14. OTHER PROVISIONS ................................... 13

•   Disputes 

•   Applicable Law 

•   Amendments 

•   Assignment 

•   Severability 

•   Restrictions On Use 

15. ARBITRATION PROVISION .......................... 14 

•  Agreement to Arbitrate

•  Opt-Out and Rejection Notice

•  Definition of Claim

•  Arbitration Process Generally

•  Arbitration Fees

•  Attorney Fees

•  FAA

•  Survival

•  Contacting Arbitration Administrators

16. YOUR BILLING RIGHTS ............................... 17

•  Keep This Document for Future Use 

•  What  to  Do  If  You  Find  a  Mistake  On  Your 

•  What  Will  Happen  After  We  Receive  Your 

Statement

Letter

•  Your  Rights  If  You  Are  Dissatisfied  With 

Your Credit Card Purchases

17. ADDITIONAL DISCLOSURES FOR RESIDENTS 
OF SPECIFIC STATES .......................................... 19

•  California Residents

•  New York and Vermont Residents

•  Ohio Residents

•  Utah Residents

18. GLOSSARY OF DEFINITIONS ...................... 21

2

3

Contents

1.  ACCESSING AND USING YOUR ACCOUNT   . 4

2. CREDIT LIMITS AND CASH ADVANCE LIMITS ...5

•   Changes  to  Your  Credit  Limit  and  Cash 

3.  USING YOUR CARD FOR CHARGES .............. 5 

•  Authorized User(s) 

•  Convenience Checks 

•  Credit Limit

•  Cash Advance Limit

Advance Limit 

•   Authorization of Charges

•   Balance Transfers

•   Recurring Charges

4. INTEREST CHARGES .......................................6
•   Your APRs are on the Rates and Fees Table 

•   Minimum Interest Charge  

5. INTEREST CALCULATION ............................... 6

•   Interest Charge Calculation Formula 

•  Interest Charges and Fees are Added to The 

Balances to which They Apply

•   Grace Period Only Applies to Purchases
•  How  the  Grace  Period  Works  to  Avoid 

Interest on Purchases.

•    When We Begin to Charge Interest

•   When We Add Charges

6. FEES ..................................................................9

7. PAYING US......................................................... 9

•    Transaction Fees

•   Late Payment Fees

•   Your Bill

•   Minimum Payment 

•  Making a Payment

•   Cut-off Times, Weekends, and Holidays

•  Notify Us
•  Liability

12. COMMUNICATIONS ...................................... 12

•   Mailings 
•   Telephone Communications 
•  Telephone Monitoring
•   Authenticating Your Identity
•   E-Mail Communications 
•   Changes to Your Information 

13. CREDIT INFORMATION ................................ 13

•   Credit Information We Receive About You 
•   Credit Reporting We Do On Your Account 
•   Disputes 

14. OTHER PROVISIONS ................................... 13

•   Applicable Law 
•   Amendments 
•   Assignment 
•   Severability 
•   Restrictions On Use 

15. ARBITRATION PROVISION .......................... 14 

•  Agreement to Arbitrate
•  Opt-Out and Rejection Notice
•  Definition of Claim
•  Arbitration Process Generally
•  Arbitration Fees
•  Attorney Fees
•  FAA
•  Survival
•  Contacting Arbitration Administrators
16. YOUR BILLING RIGHTS ............................... 17

•  Keep This Document for Future Use 
•  What  to  Do  If  You  Find  a  Mistake  On  Your 

8.  HOW WE APPLY YOUR PAYMENTS ............. 10

Statement

•   Crediting Payments to Your Account

•   Payments in Excess of the Minimum Payment 
•   Payments  Less  Than  or  Equal  To  the 

Minimum Payment 

•   How Payments Affect Your Credit Limit  

9. DEFAULT AND ENFORCEMENT .................... 11

•   Credit Balances 

•  Enforcement

10. CLOSING YOUR ACCOUNT ......................... 11
11.   LOST,  STOLEN  OR  COMPROMISED  CARDS/
ACCOUNT ...................................................... 12

•  What  Will  Happen  After  We  Receive  Your 

Letter

•  Your  Rights  If  You  Are  Dissatisfied  With 

Your Credit Card Purchases

17. ADDITIONAL DISCLOSURES FOR RESIDENTS 
OF SPECIFIC STATES .......................................... 19

•  California Residents
•  New York and Vermont Residents
•  Ohio Residents
•  Utah Residents

18. GLOSSARY OF DEFINITIONS ...................... 21

2

3

Terms and Conditions

1.  ACCESSING AND USING YOUR ACCOUNT

a. Generally.  Your  Account  can  be  accessed  by  a  Card 
issued to you or to any Authorized User. Your Account may 
only be used for personal, family, or household purposes. 
Your  Account  may  not  be  used  for  illegal  purposes,  and 
it  may  not  be  used  for  internet  gambling,  or  marijuana 
Purchases,  even  if  legal.  You  are  responsible  for  any 
use of, and Charges to, your Account by you and/or your 
Authorized User(s), even if the use or Charge is prohibited 
by this Agreement.

b. Authorized User(s). 

i.  Adding  or  Removing  an  Authorized  User.  Notify  Us  if 
you want to add or remove an Authorized User on your 
Account. We will ask you certain identifying information 
about  the  Authorized  User  before  adding  them  to  the 
Account. We reserve the right to remove any Authorized 
User  at  any  time.  Any  Authorized  User  you  add  must 
follow all of the terms of use of this Account which apply 
to  you,  and  a  failure  by  any  Authorized  User  to  follow 
such  provisions,  will  be  deemed  a  failure  by  you  to 
adhere to such provisions.

ii.  Communications with an Authorized User. You agree we 
may share certain information with an Authorized User 
regarding your Account in order to effectively administer 
your Account, including transaction verifications, digital 
wallet verifications, fraud disputes, and similar security 
type verifications involving use of your Account by the 
Authorized User. We will not share information beyond 
what we believe is necessary.

c. Convenience Checks. 

i.  From time to time, we may provide you with Convenience 
Check to access your Account. By using a Convenience 
Check, you agree to follow any special terms we send 
you  with  such  Convenience  Check.  The  amount  of 
your  Convenience  Check  will  be  added  to  either  a 
separate  Balance  on  the  Bill  (if  special  terms  apply), 
or  the  Purchase  Balance  (if  no  special  terms  apply). 
Additionally, the Convenience Check Advance Fee (as 
set forth in the Rates and Fees Table) will be added to 
the Cash Advance Balance. NOTE: There is no Grace 
Period for Charges related to Convenience Checks.

ii.  Limitations. We have the right not to pay a Convenience 
Check for any reason. You may not use a Convenience 
Check  to  make  a  payment  on  your  Account  or  any 
other  account  with  us.  You  must  inform  any  person  to 
whom you provide a Convenience Check that they must 

deposit the Convenience Check at their own depository 

institution as we will not cash a Convenience Check at 

our branches for non-KeyBank customers.

2.  CREDIT LIMITS AND CASH ADVANCE LIMITS

a. Generally. All Cards accessing your Account are subject 

to  your  Account’s  credit  and  cash  advance  limits.  Your 

initial credit limit and cash advance limit are located on the 

card carrier that was sent to you with your Card.

b. Credit Limit. Your credit limit is the maximum amount that 

you  can  have  outstanding  on  your  Account  at  any  time. 

You  agree  not  to  initiate  any  Charges  that  would  cause 

your  Account  balance  to  exceed  the  credit  limit.  At  our 

discretion,  we  may  approve  a  Charge  that  causes  your 

Account balance to exceed the credit limit, but we do not 

treat such a Charge as a request for an increase to your 

credit  limit.  You  are  responsible  for  paying  all  Charges 

in  excess  of  your  credit  limit  immediately.  All  Charges  in 

excess of your credit limit will be included as part of your 

Minimum Payment.

c. Cash  Advance  Limit.  Your  Cash  Advance  limit  is  only 

a  portion  of  your  total  available  unused  credit  limit.  If  no 

separate Cash Advance limit is listed on your Bill, then your 

credit limit and your Cash Advance limit are the same.

d. Changes to Your Credit Limit and Cash Advance Limit. 

Without advance notice, we may change your credit limit at 

any time (which may also affect your Cash Advance limit). 

We will notify you of any changes through your Bill or by 

sending  you  a  separate  notice,  which  may  be  after  the 

change occurs.

3.  USING YOUR CARD FOR CHARGES

a. Generally. You may use your Account for Purchases, Cash 

Advances, or Balance Transfers. Each type of Charge will 

have its own Balance. Each Balance may have a separate 

APR.  Certain  Charges  will  also  incur  a  transaction  fee 

(as set forth in the Rates and Fees Table) (e.g. a Balance 

Transfer  will  incur  a  Balance  Transfer  Fee).  You  must 

refer  to  the  Rates  and  Fees  Table  for  a  complete  listing 

of  transaction  fees  specific  to  your  Account.  Other  non-

transaction-based fees may apply to your Account. Please 

see Section 6 below for an explanation of such fees.

b. Authorization  of  Charges.  We  do  not  guarantee  this 

Card will be accepted by any merchant. We may refuse to 

authorize any Charge at our sole discretion, even if there is 

sufficient available credit. We are not responsible for any 

losses associated with a declined Charge.

c. Balance  Transfers.  You  can  transfer  balances  to  your 

Account by Notifying Us. We will charge a Balance Transfer 

fee  on  the  amount  of  each  Balance  Transfer.  We  permit 

4

5

Terms and Conditions

1.  ACCESSING AND USING YOUR ACCOUNT

a. Generally.  Your  Account  can  be  accessed  by  a  Card 
issued to you or to any Authorized User. Your Account may 
only be used for personal, family, or household purposes. 
Your  Account  may  not  be  used  for  illegal  purposes,  and 
it  may  not  be  used  for  internet  gambling,  or  marijuana 
Purchases,  even  if  legal.  You  are  responsible  for  any 
use of, and Charges to, your Account by you and/or your 
Authorized User(s), even if the use or Charge is prohibited 

by this Agreement.

b. Authorized User(s). 

i.  Adding  or  Removing  an  Authorized  User.  Notify  Us  if 
you want to add or remove an Authorized User on your 
Account. We will ask you certain identifying information 
about  the  Authorized  User  before  adding  them  to  the 
Account. We reserve the right to remove any Authorized 
User  at  any  time.  Any  Authorized  User  you  add  must 
follow all of the terms of use of this Account which apply 
to  you,  and  a  failure  by  any  Authorized  User  to  follow 
such  provisions,  will  be  deemed  a  failure  by  you  to 

adhere to such provisions.

ii.  Communications with an Authorized User. You agree we 
may share certain information with an Authorized User 
regarding your Account in order to effectively administer 
your Account, including transaction verifications, digital 
wallet verifications, fraud disputes, and similar security 
type verifications involving use of your Account by the 
Authorized User. We will not share information beyond 

what we believe is necessary.

c. Convenience Checks. 

i.  From time to time, we may provide you with Convenience 
Check to access your Account. By using a Convenience 
Check, you agree to follow any special terms we send 
you  with  such  Convenience  Check.  The  amount  of 
your  Convenience  Check  will  be  added  to  either  a 
separate  Balance  on  the  Bill  (if  special  terms  apply), 
or  the  Purchase  Balance  (if  no  special  terms  apply). 
Additionally, the Convenience Check Advance Fee (as 
set forth in the Rates and Fees Table) will be added to 
the Cash Advance Balance. NOTE: There is no Grace 

Period for Charges related to Convenience Checks.

ii.  Limitations. We have the right not to pay a Convenience 
Check for any reason. You may not use a Convenience 
Check  to  make  a  payment  on  your  Account  or  any 
other  account  with  us.  You  must  inform  any  person  to 
whom you provide a Convenience Check that they must 

deposit the Convenience Check at their own depository 
institution as we will not cash a Convenience Check at 
our branches for non-KeyBank customers.

2.  CREDIT LIMITS AND CASH ADVANCE LIMITS

a. Generally. All Cards accessing your Account are subject 
to  your  Account’s  credit  and  cash  advance  limits.  Your 
initial credit limit and cash advance limit are located on the 
card carrier that was sent to you with your Card.

b. Credit Limit. Your credit limit is the maximum amount that 
you  can  have  outstanding  on  your  Account  at  any  time. 
You  agree  not  to  initiate  any  Charges  that  would  cause 
your  Account  balance  to  exceed  the  credit  limit.  At  our 
discretion,  we  may  approve  a  Charge  that  causes  your 
Account balance to exceed the credit limit, but we do not 
treat such a Charge as a request for an increase to your 
credit  limit.  You  are  responsible  for  paying  all  Charges 
in  excess  of  your  credit  limit  immediately.  All  Charges  in 
excess of your credit limit will be included as part of your 
Minimum Payment.

c. Cash  Advance  Limit.  Your  Cash  Advance  limit  is  only 
a  portion  of  your  total  available  unused  credit  limit.  If  no 
separate Cash Advance limit is listed on your Bill, then your 
credit limit and your Cash Advance limit are the same.

d. Changes to Your Credit Limit and Cash Advance Limit. 
Without advance notice, we may change your credit limit at 
any time (which may also affect your Cash Advance limit). 
We will notify you of any changes through your Bill or by 
sending  you  a  separate  notice,  which  may  be  after  the 
change occurs.

3.  USING YOUR CARD FOR CHARGES

a. Generally. You may use your Account for Purchases, Cash 
Advances, or Balance Transfers. Each type of Charge will 
have its own Balance. Each Balance may have a separate 
APR.  Certain  Charges  will  also  incur  a  transaction  fee 
(as set forth in the Rates and Fees Table) (e.g. a Balance 
Transfer  will  incur  a  Balance  Transfer  Fee).  You  must 
refer  to  the  Rates  and  Fees  Table  for  a  complete  listing 
of  transaction  fees  specific  to  your  Account.  Other  non-
transaction-based fees may apply to your Account. Please 
see Section 6 below for an explanation of such fees.

b. Authorization  of  Charges.  We  do  not  guarantee  this 
Card will be accepted by any merchant. We may refuse to 
authorize any Charge at our sole discretion, even if there is 
sufficient available credit. We are not responsible for any 
losses associated with a declined Charge.

c. Balance  Transfers.  You  can  transfer  balances  to  your 
Account by Notifying Us. We will charge a Balance Transfer 
fee  on  the  amount  of  each  Balance  Transfer.  We  permit 

4

5

Balance  Transfers  from  most  accounts  issued  by  other 
banks.  We  do  not  permit  Balance  Transfers  from  other 
accounts  or  loans  with  us  or  any  of  our  affiliates.  Note, 
however, that if you transfer a balance using a Convenience 
Check, such Charge will be treated like any other Charge 
completed  by  a  Convenience  Check.  (See  Section  1(d) 
regarding Convenience Checks).

d. Recurring  Charges.  Cardholders  may  authorize  a  third-
party to bill Charges on a recurring basis to your Account. If 
you want to stop these Charges, you must contact the third 
party and direct the third party that it is no longer authorized 
to  make  Charges  to  your  Account.  Recurring  Charges 
may not process if your Card number, expiration date, or 
security code changes. You agree that we may, but are not 
required to, transfer recurring Charges to any replacement 
Card or Account. If your Account is closed or suspended 
or we suspend making certain recurring Charges on your 
Account, you are responsible for making alternate payment 
arrangements with the affected third party.

4. 

INTEREST CHARGES

a. Your APR’s are on the Rates and Fees Table.  Variable 
Rates  are  calculated  by  adding  together  an  index  and  a 
margin.  The  index  is  the  Prime  Rate  as  published  in  the 
“Money  Rates”  section  of  The  Wall  Street  Journal.  At 
the  end  of  your  billing  period,  we  look  at  the  Prime  Rate 
as  published  on  the  last  business  day  of  the  previous 
calendar  month  to  determine  your  index.  An  increase  or 
decrease in the index will cause a corresponding increase 
or decrease in your variable rates effective as of the first 
day of your billing cycle that begins in the same month in 
which such change in the index is published. Your Rates 
and Fees Table will indicate the “margin” applicable to your 
Account. If the APR increases, you will pay a higher interest 
Charge and may have a higher Minimum Payment. If The 
Wall Street Journal ceases to publish the Prime Rate, or it 
changes the definition of the U.S. Prime Rate, we may, in 
our sole discretion, substitute another index.

b. Minimum  Interest  Charge.  If  the  interest  calculation  for 
the Billing Period (using the formula explained in Section 5 
below) renders an amount greater than zero, but less than 
the  “Minimum  Interest  Charge”  (as  set  forth  in  the  Rates 
and Fees Table), we will add the Minimum Interest Charge 
to  your  Account  in  lieu  of  the  interest  from  the  interest 
calculation. The Minimum Interest Charge is labeled as a 
fee on your Bill (rather than interest), and is added to the 
Purchase Balance.

5. 

INTEREST CALCULATION

a. Generally.  Even  though  your  Account  may  be  accruing 
interest Charges during the entire Billing Period, we only 
post  interest  Charges  to  your  Account  once,  at  the  end 

of  each  Billing  Period.  (See  formula  below  in  subsection 

5(b) for how we do this.) Because we do not post interest 

Charges until the end of the Billing Period, if you make a 

payment mid-Billing Period intending to pay off the entire 

Account,  be  aware  that  you  may  not  have  taken  into 

account  interest  accruing  on  Balances  not  entitled  to  a 

Grace Period.

b. Interest Charge Calculation Formula. We charge 

interest on your Account using the Average Daily Balance 

Method with Compounding (including new transactions). 

Note: the Glossary also contains a definition of Daily 

Periodic Rate (referred to as “DPR” in the formula below) 

and Average Daily Balance (“ADB” in the formula below). 

For each Balance that makes up your Account, we use the 

formula below: 

(DPR) x (ADB) x (# of days in Billing Period)  

= Interest Charges 

To arrive at the ADB used in the formula above we 

perform the following calculation during the Billing Period 

for each specific Balance to come up with a Daily Balance: 

Beginning Balance (i.e. the previous day’s Daily Balance) 

+ New transactions 

+ Fees specific to a particular transaction 

+ Interest applicable to the previous day’s Daily Balance†  

   using the DPR to calculate the interest 

- Payments or credits 

= Daily Balance 

† We treat any credit balance as a zero balance 

We add together all of the Daily Balances for the Billing 
Period and then divide the number of days in the Billing 
Period to arrive at the ADB. The ADB amount can then be 
used in the formula above to determine the actual interest 
Charges that will be added to (i.e. posted to) your Account. 

You will be able to see the Interest Charges for each of the 
Balances on your Bill under the section entitled “Interest 
Charge Calculation.” We then add up all of the interest 
Charges for each Balance to get the total interest Charges 
for the Billing Period, which total can be found on the first 
page of your Bill in the box labeled “Summary of Card 
Activity” under the heading of “Interest Charged.”

c. Interest Charges and Fees Are Added to the Balances 
to  Which  They  Apply.  We  add  the  applicable  interest 
Charges to the Balances to which they apply (for example, 
we  add  interest  Charges  on  Purchases  to  the  Purchase 
Balance).  Likewise,  we  add  the  particular  fees  to  the 
Balances  to  which  they  apply  (for  example,  we  add  the 

6

7

 
 
 
 
 
 
Balance  Transfers  from  most  accounts  issued  by  other 
banks.  We  do  not  permit  Balance  Transfers  from  other 
accounts  or  loans  with  us  or  any  of  our  affiliates.  Note, 
however, that if you transfer a balance using a Convenience 
Check, such Charge will be treated like any other Charge 
completed  by  a  Convenience  Check.  (See  Section  1(d) 

regarding Convenience Checks).

d. Recurring  Charges.  Cardholders  may  authorize  a  third-
party to bill Charges on a recurring basis to your Account. If 
you want to stop these Charges, you must contact the third 
party and direct the third party that it is no longer authorized 
to  make  Charges  to  your  Account.  Recurring  Charges 
may not process if your Card number, expiration date, or 
security code changes. You agree that we may, but are not 
required to, transfer recurring Charges to any replacement 
Card or Account. If your Account is closed or suspended 
or we suspend making certain recurring Charges on your 
Account, you are responsible for making alternate payment 

arrangements with the affected third party.

4. 

INTEREST CHARGES

a. Your APR’s are on the Rates and Fees Table.  Variable 
Rates  are  calculated  by  adding  together  an  index  and  a 
margin.  The  index  is  the  Prime  Rate  as  published  in  the 
“Money  Rates”  section  of  The  Wall  Street  Journal.  At 
the  end  of  your  billing  period,  we  look  at  the  Prime  Rate 
as  published  on  the  last  business  day  of  the  previous 
calendar  month  to  determine  your  index.  An  increase  or 
decrease in the index will cause a corresponding increase 
or decrease in your variable rates effective as of the first 
day of your billing cycle that begins in the same month in 
which such change in the index is published. Your Rates 
and Fees Table will indicate the “margin” applicable to your 
Account. If the APR increases, you will pay a higher interest 
Charge and may have a higher Minimum Payment. If The 
Wall Street Journal ceases to publish the Prime Rate, or it 
changes the definition of the U.S. Prime Rate, we may, in 

our sole discretion, substitute another index.

b. Minimum  Interest  Charge.  If  the  interest  calculation  for 
the Billing Period (using the formula explained in Section 5 
below) renders an amount greater than zero, but less than 
the  “Minimum  Interest  Charge”  (as  set  forth  in  the  Rates 
and Fees Table), we will add the Minimum Interest Charge 
to  your  Account  in  lieu  of  the  interest  from  the  interest 
calculation. The Minimum Interest Charge is labeled as a 
fee on your Bill (rather than interest), and is added to the 

Purchase Balance.

5. 

INTEREST CALCULATION

a. Generally.  Even  though  your  Account  may  be  accruing 
interest Charges during the entire Billing Period, we only 
post  interest  Charges  to  your  Account  once,  at  the  end 

of  each  Billing  Period.  (See  formula  below  in  subsection 
5(b) for how we do this.) Because we do not post interest 
Charges until the end of the Billing Period, if you make a 
payment mid-Billing Period intending to pay off the entire 
Account,  be  aware  that  you  may  not  have  taken  into 
account  interest  accruing  on  Balances  not  entitled  to  a 
Grace Period.

b. Interest Charge Calculation Formula. We charge 

interest on your Account using the Average Daily Balance 
Method with Compounding (including new transactions). 
Note: the Glossary also contains a definition of Daily 
Periodic Rate (referred to as “DPR” in the formula below) 
and Average Daily Balance (“ADB” in the formula below). 
For each Balance that makes up your Account, we use the 
formula below: 

(DPR) x (ADB) x (# of days in Billing Period)  
= Interest Charges 

To arrive at the ADB used in the formula above we 
perform the following calculation during the Billing Period 
for each specific Balance to come up with a Daily Balance: 

Beginning Balance (i.e. the previous day’s Daily Balance) 
+ New transactions 
+ Fees specific to a particular transaction 
+ Interest applicable to the previous day’s Daily Balance†  
   using the DPR to calculate the interest 
- Payments or credits 
= Daily Balance 

† We treat any credit balance as a zero balance 

We add together all of the Daily Balances for the Billing 
Period and then divide the number of days in the Billing 
Period to arrive at the ADB. The ADB amount can then be 
used in the formula above to determine the actual interest 
Charges that will be added to (i.e. posted to) your Account. 

You will be able to see the Interest Charges for each of the 
Balances on your Bill under the section entitled “Interest 
Charge Calculation.” We then add up all of the interest 
Charges for each Balance to get the total interest Charges 
for the Billing Period, which total can be found on the first 
page of your Bill in the box labeled “Summary of Card 
Activity” under the heading of “Interest Charged.”

c. Interest Charges and Fees Are Added to the Balances 
to  Which  They  Apply.  We  add  the  applicable  interest 
Charges to the Balances to which they apply (for example, 
we  add  interest  Charges  on  Purchases  to  the  Purchase 
Balance).  Likewise,  we  add  the  particular  fees  to  the 
Balances  to  which  they  apply  (for  example,  we  add  the 

6

7

 
 
 
 
 
 
Balance  Transfer  Fee  to  the  Balance  Transfer  Balance). 
Note  that  Cash  Advance  Fees,  and  Convenience  Check 
Fees  are  added  to  the  Cash  Advance  Balance.  Fees 
that do not apply to a particular Balance are added to the 
Purchase Balance.

d. Grace  Period  Only  Applies  to  Purchases.  Only  the 
portion of the Purchase Balance attributable to Purchases 
will  be  provided  a  Grace  Period.  Other  Charges  in  the 
Purchase Balance (such as Convenience Checks) will be 
charged  interest  from  the  date  of  the  transaction  at  the 
disclosed  APR.  (For  more  information,  see  Section  1(d) 
regarding  Convenience  Checks).  Also,  there  is  no  Grace 
Period for Balance Transfers or Cash Advances.

e. How  the  Grace  Period  Works  to  Avoid  Interest  on 
Purchases.  In  order  to  receive  a  Grace  Period  on  your 
Purchases,  you  will  need  to  pay  in  full  on  or  before  the 
Due Date the “New Balance” on your Bill. As long as you 
continue  to  pay  the  entire  “New  Balance”  on  your  Bill  on 
or  before  the  Due  Date  each  consecutive  Billing  Period, 
your Purchases will receive a Grace Period. If you do not 
pay  your  Bill  in  full  (including  the  amount  of  any  special 
promotions, Convenience Check offers, etc.), you will lose 
your Grace Period. If you lose your Grace Period by making 
only a partial payment that is at least equal to the Minimum 
Payment on or before the Due Date, then in the next Billing 
Period, we will apply your partial payment as of the first day 
of that next Billing Period. If you lose your Grace Period, 
you may earn it back by paying the entire “New Balance” 
listed on any subsequent Bill. Once you have paid the New 
Balance on your Bill in full on or before its Due Date, you 
will  receive  a  Grace  Period  for  any  Purchases  made  in 
the next Billing Period (subject to loss as set forth above). 
Note:  in  this  section,  the  “next”  Billing  Period  means  the 
Billing  Period  which  started  immediately  following  the 
Billing Period for which you paid your Bill in full on or before 
the  Due  Date,  which  Due  Date  falls  in  the  Billing  Period 
identified in this section as the “next” Billing Period.

f.  When We Begin to Charge Interest. Except as set forth 
in  the  previous  section  entitled  “How  the  Grace  Period 
Works to Avoid Interest on Purchases,” all Charges begin 
to accrue interest from the date of the transaction (which 
may  be  earlier  than  the  posting  date).  Such  Charges  will 
continue to accrue interest until paid in full.

g. When We Add Charges. We add Charges to your Account 
no  earlier  than  the  date  of  the  transaction.  Generally, 
the  date  of  the  transaction  will  be  the  sale  date  for  the 
Purchases,  the  date  you  request  a  Balance  Transfer 
or  a  Cash  Advance,  or  the  date  the  payee  deposits  a 
Convenience  Check.  There  may  be  delays  in  posting 
Charges to your Account. Although we generally add the 
fees  associate  with  a  specific  Charge  on  the  same  date 

8

that we add the Charge, for non-transaction related fees, 

we post them when the service is requested (e.g. when a 

statement  reprint  is  requested)  or  when  the  assessment 

occurs (e.g. late fees at the end of the Billing Period). Note 

that any Balance may be subdivided to accommodate for 

special  terms  Convenience  Checks  or  other  promotional 

Balances.

6.  FEES

a. Transaction  Fees.  We  charge  fees  in  connection  with 

specific  Charges  you  have  initiated.  For  example,  we 

charge  a  Balance  Transfer  Fee  when  you  request  a 

Balance  Transfer.  Please  see  the  Rates  and  Fees  Table 

for a full listing of all of our transaction fees. The fees for 

Foreign  Currency  Transactions  (as  set  forth  in  the  Rates 

and Fees Table) are calculated as set forth in the definition 

in the Glossary.

b. Late  Payment  Fees.  If  you  make  a  Late  Payment,  we 

may  charge  you  a  Late  Payment  fee.  For  a  detailed 

explanation  of  this  fee,  please  see  the  Rates  and  Fees 

Table  (particularly  the  additional  language  following  such 

table which contains additional terms of your Cardmember 

Agreement).  The  Late  Payment  Fee  will  not  exceed  the 

Minimum Payment amount.

7.  PAYING US

a. Your  Bill.  You  agree  to  pay  us  all  amounts  that  we  lend 

you  on  your  Account,  together  with  the  interest  Charges 

and fees as provided in this Agreement. Additionally, you 

may pay all or part of your Account balance at any time. For 

each Billing Period, you agree to pay at least the Minimum 

Payment on or before the Due Date in accordance with our 

Standard Payment Instructions. If you don’t receive a Bill 

by the date when you usually receive it, Notify Us at once.

b. Minimum  Payment.  If  you  do  not  pay  the  Minimum 

Payment by the Due Date, we may charge you a Late Fee 

and you will be in Default. 

Your Minimum Payment will include any amount in excess 

of your credit limit plus the greater of: 

•  $30.00, or 

•  1% of the outstanding Balance on the Account (inclusive 

of all fees other than the late fee) plus interest charges, 

late fees and any past due amount. 

In  any  case,  your  Minimum  Payment  will  not  exceed  the 

New Balance on your Bill. 

c. Making a Payment.

i.  By  Check.  You  authorize  us  to  either  use  information 

from  your  check  to  make  a  one-time  electronic  fund 

transfer from your account or to process the payment as 

a check transaction.

9

Balance  Transfer  Fee  to  the  Balance  Transfer  Balance). 
Note  that  Cash  Advance  Fees,  and  Convenience  Check 
Fees  are  added  to  the  Cash  Advance  Balance.  Fees 
that do not apply to a particular Balance are added to the 

Purchase Balance.

d. Grace  Period  Only  Applies  to  Purchases.  Only  the 
portion of the Purchase Balance attributable to Purchases 
will  be  provided  a  Grace  Period.  Other  Charges  in  the 
Purchase Balance (such as Convenience Checks) will be 
charged  interest  from  the  date  of  the  transaction  at  the 
disclosed  APR.  (For  more  information,  see  Section  1(d) 
regarding  Convenience  Checks).  Also,  there  is  no  Grace 

Period for Balance Transfers or Cash Advances.

e. How  the  Grace  Period  Works  to  Avoid  Interest  on 
Purchases.  In  order  to  receive  a  Grace  Period  on  your 
Purchases,  you  will  need  to  pay  in  full  on  or  before  the 
Due Date the “New Balance” on your Bill. As long as you 
continue  to  pay  the  entire  “New  Balance”  on  your  Bill  on 
or  before  the  Due  Date  each  consecutive  Billing  Period, 
your Purchases will receive a Grace Period. If you do not 
pay  your  Bill  in  full  (including  the  amount  of  any  special 
promotions, Convenience Check offers, etc.), you will lose 
your Grace Period. If you lose your Grace Period by making 
only a partial payment that is at least equal to the Minimum 
Payment on or before the Due Date, then in the next Billing 
Period, we will apply your partial payment as of the first day 
of that next Billing Period. If you lose your Grace Period, 
you may earn it back by paying the entire “New Balance” 
listed on any subsequent Bill. Once you have paid the New 
Balance on your Bill in full on or before its Due Date, you 
will  receive  a  Grace  Period  for  any  Purchases  made  in 
the next Billing Period (subject to loss as set forth above). 
Note:  in  this  section,  the  “next”  Billing  Period  means  the 
Billing  Period  which  started  immediately  following  the 
Billing Period for which you paid your Bill in full on or before 
the  Due  Date,  which  Due  Date  falls  in  the  Billing  Period 

identified in this section as the “next” Billing Period.

f.  When We Begin to Charge Interest. Except as set forth 
in  the  previous  section  entitled  “How  the  Grace  Period 
Works to Avoid Interest on Purchases,” all Charges begin 
to accrue interest from the date of the transaction (which 
may  be  earlier  than  the  posting  date).  Such  Charges  will 

continue to accrue interest until paid in full.

g. When We Add Charges. We add Charges to your Account 
no  earlier  than  the  date  of  the  transaction.  Generally, 
the  date  of  the  transaction  will  be  the  sale  date  for  the 
Purchases,  the  date  you  request  a  Balance  Transfer 
or  a  Cash  Advance,  or  the  date  the  payee  deposits  a 
Convenience  Check.  There  may  be  delays  in  posting 
Charges to your Account. Although we generally add the 
fees  associate  with  a  specific  Charge  on  the  same  date 

that we add the Charge, for non-transaction related fees, 
we post them when the service is requested (e.g. when a 
statement  reprint  is  requested)  or  when  the  assessment 
occurs (e.g. late fees at the end of the Billing Period). Note 
that any Balance may be subdivided to accommodate for 
special  terms  Convenience  Checks  or  other  promotional 
Balances.

6.  FEES

a. Transaction  Fees.  We  charge  fees  in  connection  with 
specific  Charges  you  have  initiated.  For  example,  we 
charge  a  Balance  Transfer  Fee  when  you  request  a 
Balance  Transfer.  Please  see  the  Rates  and  Fees  Table 
for a full listing of all of our transaction fees. The fees for 
Foreign  Currency  Transactions  (as  set  forth  in  the  Rates 
and Fees Table) are calculated as set forth in the definition 
in the Glossary.

b. Late  Payment  Fees.  If  you  make  a  Late  Payment,  we 
may  charge  you  a  Late  Payment  fee.  For  a  detailed 
explanation  of  this  fee,  please  see  the  Rates  and  Fees 
Table  (particularly  the  additional  language  following  such 
table which contains additional terms of your Cardmember 
Agreement).  The  Late  Payment  Fee  will  not  exceed  the 
Minimum Payment amount.

7.  PAYING US

a. Your  Bill.  You  agree  to  pay  us  all  amounts  that  we  lend 
you  on  your  Account,  together  with  the  interest  Charges 
and fees as provided in this Agreement. Additionally, you 
may pay all or part of your Account balance at any time. For 
each Billing Period, you agree to pay at least the Minimum 
Payment on or before the Due Date in accordance with our 
Standard Payment Instructions. If you don’t receive a Bill 
by the date when you usually receive it, Notify Us at once.

b. Minimum  Payment.  If  you  do  not  pay  the  Minimum 
Payment by the Due Date, we may charge you a Late Fee 
and you will be in Default. 

Your Minimum Payment will include any amount in excess 
of your credit limit plus the greater of: 

•  $30.00, or 

•  1% of the outstanding Balance on the Account (inclusive 
of all fees other than the late fee) plus interest charges, 
late fees and any past due amount. 

In  any  case,  your  Minimum  Payment  will  not  exceed  the 
New Balance on your Bill. 

c. Making a Payment.

i.  By  Check.  You  authorize  us  to  either  use  information 
from  your  check  to  make  a  one-time  electronic  fund 
transfer from your account or to process the payment as 
a check transaction.

8

9

ii.  By Phone. If you call us to make a payment to us over 
the phone, you authorize us to make such payment in 
accordance  with  your  instructions.  You  agree  that  we 
may either record your oral authorization during the call 
or send you notice by mail or e-mail of the authorization.

iii. When  Payments  are  Received.  When  you  schedule  a 
payment with us through our online banking website or 
our  mobile  site  before  our  cut-off  times,  we  consider 
the payment received by us on such date, even though 
the funds associated with such payment have not been 
collected by us. When you send us a check that satisfies 
our  Standard  Payment  Instructions  and  the  physical 
check  arrives  before  our  cut  off  times,  we  consider  it 
received upon arrival. However, if you initiate a payment 
to  us  through  another  institution  or  third  party,  we  will 
not credit it to your Account until we receive the funds 
associated with such payment. If a payment you send us 
is reversed for any reason, you may be charged a late 
fee and lose your Grace Period.

d. Cut-off  Times,  Weekends,  and  Holidays.  You  must 
follow  the  payment  instructions  (including  cut-off  times) 
provided  on  your  Bill,  as  well  as  the  Standard  Payment 
Instructions defined in the Glossary. To be credited on day 
of receipt, payments must be received by the cut-off time. 
We are not required to, but may, extend the cut-off time at 
our  discretion  for  certain  electronic  payment  channels.  If 
your Due Date falls on a weekend or holiday, we will treat 
mailed payments received by us by the cut-off time on our 
next business day as being received by us on the Due Date.

8.  HOW WE APPLY YOUR PAYMENTS

a. Crediting Payments to Your Account. As long we receive 
your  Minimum  Payment  on,  or  before,  the  Due  Date,  in 
accordance  with  our  Standard  Payment  Instructions  and 
before our cut off times, you will not be charged late fees. 
We  will  credit  your  payment  as  of  the  day  it  is  received, 
even though there may be delays in posting the payment to 
your Account. If we post a payment after the Due Date that 
was received by us before the Due Date, we will adjust your 
Account  for  late  fees  and  interest  accrual,  if  applicable. 
We  may  accept  and  process  late,  partial  and  payments 
marked as “paid in full” without losing our rights under this 
Agreement. Any such payments must be sent to the special 
address identified on your Bill.

b. Payments  in  Excess  of  the  Minimum  Payment.  If  you 
make  more  than  the  Minimum  Payment  when  due,  the 
excess above the Minimum Payment is applied to Balances 
with the highest APRs first, unless otherwise required by 
law.

c. Payments  Less  Than  or  Equal  to  the  Minimum 
Payment. We may apply the amount of your payment less 

than or equal to your Minimum Payment and any credits to 

your Account in any way we choose. We generally apply 

these payments to lower APR Balances first, which means 

you may pay higher interest Charges.

d. How  Payments  Affect  Your  Credit  Limit.  We  do  not 

immediately  increase  the  amount  of  total  available  credit 

under  your  Credit  Limit  upon  receipt  of  your  payment. 

Depending upon your payment amount and other factors, 

you may not be able to reborrow the payment amount for 

a reasonable amount of time to ensure your payment has 

cleared, depending upon the payment method you chose. 

This allows us a reasonable amount of time to collect the 

funds associated with your payment and help you manage 

your Credit Limit to avoid over limit situations.  When you 

make a payment to us from an account that is not controlled 

by  us,  you  should  reference  the  disclosures  provided  in 

connection  with  such  payment  channel  to  determine  the 

approximate amount of time that it takes such payment to 

e. Credit  Balances.  You  may  request  a  refund  of  credit 

balances  at  any  time.  If  no  refund  is  requested,  we  will 

apply  credit  balances  to  new  Charges,  unless  prohibited 

reach us.

by law.

9.  DEFAULT AND ENFORCEMENT

a. Generally. If your Account is in Default, we may close your 

Account  or  terminate  or  suspend  your  credit  privileges 

without notice and require full payment of your outstanding 

Balance 

immediately.  We  can  also  begin  collection 

activities.  To  the  extent  permitted  by  law,  if  you  are  in 

Default because you have failed to pay us, we will require 

you to pay our collection costs, attorneys’ fees, court costs 

and  all  other  expenses  of  enforcing  our  rights  under  this 

Agreement.

b. Enforcement. We may choose to delay enforcing or waive 

any  of  our  rights  under  this  Agreement.  We  can  delay 

enforcing  or  waive  any  of  our  rights  without  affecting  our 

other rights. If we waive a right, we do not thereby waive 

the same right in other situations.

10.  CLOSING YOUR ACCOUNT

a. Closing  Your  Account.  You  may  close  your  Account  at 

any time by Notifying Us. We may close or suspend your 

Account  at  any  time  for  any  reason  without  telling  you 

first.  If  there  are  any  unpaid  amounts  on  your  Account 

when  it  is  closed,  you  remain  responsible  for  paying  all 

unpaid amounts. After closure, we will no longer authorize 

Purchases,  Balance  Transfers,  Cash  Advances  or  other 

Charges  initiated  by  you,  but  your  Account  Balances  will 

continue to accrue interest Charges and fees and remain 

subject to all other terms of this Agreement. As long as your 

Account is not in Default, you will be permitted to pay your 

10

11

ii.  By Phone. If you call us to make a payment to us over 
the phone, you authorize us to make such payment in 
accordance  with  your  instructions.  You  agree  that  we 
may either record your oral authorization during the call 
or send you notice by mail or e-mail of the authorization.

iii. When  Payments  are  Received.  When  you  schedule  a 
payment with us through our online banking website or 
our  mobile  site  before  our  cut-off  times,  we  consider 
the payment received by us on such date, even though 
the funds associated with such payment have not been 
collected by us. When you send us a check that satisfies 
our  Standard  Payment  Instructions  and  the  physical 
check  arrives  before  our  cut  off  times,  we  consider  it 
received upon arrival. However, if you initiate a payment 
to  us  through  another  institution  or  third  party,  we  will 
not credit it to your Account until we receive the funds 
associated with such payment. If a payment you send us 
is reversed for any reason, you may be charged a late 

fee and lose your Grace Period.

d. Cut-off  Times,  Weekends,  and  Holidays.  You  must 
follow  the  payment  instructions  (including  cut-off  times) 
provided  on  your  Bill,  as  well  as  the  Standard  Payment 
Instructions defined in the Glossary. To be credited on day 
of receipt, payments must be received by the cut-off time. 
We are not required to, but may, extend the cut-off time at 
our  discretion  for  certain  electronic  payment  channels.  If 
your Due Date falls on a weekend or holiday, we will treat 
mailed payments received by us by the cut-off time on our 
next business day as being received by us on the Due Date.

8.  HOW WE APPLY YOUR PAYMENTS

a. Crediting Payments to Your Account. As long we receive 
your  Minimum  Payment  on,  or  before,  the  Due  Date,  in 
accordance  with  our  Standard  Payment  Instructions  and 
before our cut off times, you will not be charged late fees. 
We  will  credit  your  payment  as  of  the  day  it  is  received, 
even though there may be delays in posting the payment to 
your Account. If we post a payment after the Due Date that 
was received by us before the Due Date, we will adjust your 
Account  for  late  fees  and  interest  accrual,  if  applicable. 
We  may  accept  and  process  late,  partial  and  payments 
marked as “paid in full” without losing our rights under this 
Agreement. Any such payments must be sent to the special 

address identified on your Bill.

b. Payments  in  Excess  of  the  Minimum  Payment.  If  you 
make  more  than  the  Minimum  Payment  when  due,  the 
excess above the Minimum Payment is applied to Balances 
with the highest APRs first, unless otherwise required by 

law.

c. Payments  Less  Than  or  Equal  to  the  Minimum 
Payment. We may apply the amount of your payment less 

than or equal to your Minimum Payment and any credits to 
your Account in any way we choose. We generally apply 
these payments to lower APR Balances first, which means 
you may pay higher interest Charges.

d. How  Payments  Affect  Your  Credit  Limit.  We  do  not 
immediately  increase  the  amount  of  total  available  credit 
under  your  Credit  Limit  upon  receipt  of  your  payment. 
Depending upon your payment amount and other factors, 
you may not be able to reborrow the payment amount for 
a reasonable amount of time to ensure your payment has 
cleared, depending upon the payment method you chose. 
This allows us a reasonable amount of time to collect the 
funds associated with your payment and help you manage 
your Credit Limit to avoid over limit situations.  When  you 
make a payment to us from an account that is not controlled 
by  us,  you  should  reference  the  disclosures  provided  in 
connection  with  such  payment  channel  to  determine  the 
approximate amount of time that it takes such payment to 
reach us.

e. Credit  Balances.  You  may  request  a  refund  of  credit 
balances  at  any  time.  If  no  refund  is  requested,  we  will 
apply  credit  balances  to  new  Charges,  unless  prohibited 
by law.

9.  DEFAULT AND ENFORCEMENT

a. Generally. If your Account is in Default, we may close your 
Account  or  terminate  or  suspend  your  credit  privileges 
without notice and require full payment of your outstanding 
Balance 
immediately.  We  can  also  begin  collection 
activities.  To  the  extent  permitted  by  law,  if  you  are  in 
Default because you have failed to pay us, we will require 
you to pay our collection costs, attorneys’ fees, court costs 
and  all  other  expenses  of  enforcing  our  rights  under  this 
Agreement.

b. Enforcement. We may choose to delay enforcing or waive 
any  of  our  rights  under  this  Agreement.  We  can  delay 
enforcing  or  waive  any  of  our  rights  without  affecting  our 
other rights. If we waive a right, we do not thereby waive 
the same right in other situations.

10.  CLOSING YOUR ACCOUNT

a. Closing  Your  Account.  You  may  close  your  Account  at 
any time by Notifying Us. We may close or suspend your 
Account  at  any  time  for  any  reason  without  telling  you 
first.  If  there  are  any  unpaid  amounts  on  your  Account 
when  it  is  closed,  you  remain  responsible  for  paying  all 
unpaid amounts. After closure, we will no longer authorize 
Purchases,  Balance  Transfers,  Cash  Advances  or  other 
Charges  initiated  by  you,  but  your  Account  Balances  will 
continue to accrue interest Charges and fees and remain 
subject to all other terms of this Agreement. As long as your 
Account is not in Default, you will be permitted to pay your 

10

11

Bill monthly until your Account is paid in full. If your Account 
is  in  Default  when  it  is  closed,  please  refer  to  Section  9 
of this Agreement regarding Default and Enforcement for 
further information as to payment responsibilities.

11.  LOST, STOLEN, OR COMPROMISED CARDS/ACCOUNT

a. Notify Us. You must Notify Us immediately and stop using 

your Account.

b. Liability.  You  will  not  be  liable  for  any  unauthorized  use 
that occurs after you Notify Us. You may, however, be liable 
for unauthorized use that occurs before you Notify Us. In 
any case, your liability will not exceed $50. A Charge that 
falls into the definition of an Authorized Charge will not be 
considered unauthorized use.

12.  COMMUNICATIONS

a. Mailings.  We  will  send  Bills  and  other  Account  related 
communications to your Address On File, which may also 
include  an  alternate  address  you  have  provided  us  for 
specific purposes we agree upon. We will not send a new 
or replacement Card to a post office box or to your Address 
On File if it has recently changed.

to 

b. Telephone  Communications.  By  providing  a  telephone 
number for a cellular telephone, other wireless device, or 
a  landline  number  that  was  later  converted  to  a  wireless 
device,  you  are  expressly  consenting 
receiving 
communications at that number, including, but not limited 
to,  prerecorded  or  artificial  voice  message  calls,  text 
messages,  and  calls  made  by  an  automatic  telephone 
dialing  system  from  Laurel  Road,  a  brand  of  KeyBank 
National  Association,  Member  FDIC,  and  its  affiliates 
and  agents.  This  express  consent  applies  to  each  such 
telephone  number  that  you  provide  to  us  now  or  in  the 
future and permits such calls regardless of their purpose. 
These  calls  and  messages  may  incur  access  fees  from 
your cellular provider. Some of the legal purposes for calls 
and  messages  include:  suspected  fraud  or  identity  theft, 
obtaining  information;  transacting  on  or  servicing  of  the 
Account;  collecting  on  the  Account,  and  providing  you 
information about product and services.

c. Telephone Monitoring. We may listen to and record your 

telephone calls with us.

d. Authenticating Your Identity. When you call us, we may 
ask you certain information to be comfortable it is you we 
are talking to. We may also ask for such information when 
you  are  writing  to  us  via  mail  or  signing  on  to  our  online 
banking  site  or  our  mobile  site.  We  will  not  ask  you  via 
e-mail to provide us any identifying information so be aware 
not to respond to any phishing e-mails.

e. E-Mail Communications. We may also send an email to 
any  e-mail  address  you  have  provided  us  or  any  e-mail 

address where we reasonably believe we can contact you.

f.  Changes to Your Information. You are required to Notify 

Us any time you move or otherwise want to change your 

Address On File. Notify Us immediately of any changes to 

your phone numbers, e-mail address, Address On File or 

other contact information. Please see definition of “Notify 

Us” for methods of contacting us.

13.  CREDIT INFORMATION

a. Credit  Information  We  Receive  About  You.  We  may 

obtain and review your credit history from credit reporting 

agencies  and  others,  including  in  connection  with  the 

servicing  and  collection  of  your  Account.  As  a  part  of 

servicing, we will review your Account on a regular basis to 

determine if you are eligible for certain promotional offers 

related to your Account, and you authorize us to do so.

b. Credit Reporting We Do on Your Account. We provide 

information  about  this  Account  to  consumer  reporting 

agencies and others for you as well as for any Authorized 

User.  As  Authorized  Users  are  not  liable  for  repayment 

of this Account, an Authorized User may request that we 

cease reporting this Account for him or her. If an Authorized 

User makes such a request, we will remove the Authorized 

User from the Account.

c. Disputes.  If  you  think  we  provided  incorrect  information, 

write to us at the address provided in the section of your Bill 

labeled “What To Do If You Think You Find A Mistake On 

Your Statement” and we will investigate.

14.  OTHER PROVISIONS

a. Applicable  Law.  This  Agreement  and  the  Account  will 

be governed by federal law, and to the extent state law is 

applicable, the laws of the state of Ohio, and these laws will 

apply no matter where you live or use this Account.

b. Amendments. We may change or terminate all or any part 

of  this  Agreement,  including  without  limitation  APRs  and 

fees,  at  any  time.  We  may  also  add  new  terms  or  delete 

terms. Any changes will be in accordance with applicable 

law, and we will provide notice as required by law.

c. Assignment.  We  may  sell,  Assign,  or  transfer  the 

Agreement and the Account or any portion thereof without 

notice to you, and the purchaser, assignee, or transferee 

shall have the same rights as we do under this Agreement. 

You may not sell, Assign, or transfer the Account.

d. Severability.  Except  as  specifically  provided  in  Section 

15  below,  if  any  provision  of  this  Agreement  is  finally 

determined to be void or unenforceable under any law, rule 

or  regulation,  all  other  provisions  of  this  Agreement  will 

remain valid and enforceable.

12

13

Bill monthly until your Account is paid in full. If your Account 
is  in  Default  when  it  is  closed,  please  refer  to  Section  9 
of this Agreement regarding Default and Enforcement for 

further information as to payment responsibilities.

11.  LOST, STOLEN, OR COMPROMISED CARDS/ACCOUNT

a. Notify Us. You must Notify Us immediately and stop using 

your Account.

b. Liability.  You  will  not  be  liable  for  any  unauthorized  use 
that occurs after you Notify Us. You may, however, be liable 
for unauthorized use that occurs before you Notify Us. In 
any case, your liability will not exceed $50. A Charge that 
falls into the definition of an Authorized Charge will not be 

considered unauthorized use.

12.  COMMUNICATIONS

a. Mailings.  We  will  send  Bills  and  other  Account  related 
communications to your Address On File, which may also 
include  an  alternate  address  you  have  provided  us  for 
specific purposes we agree upon. We will not send a new 
or replacement Card to a post office box or to your Address 

On File if it has recently changed.

to 

device,  you  are  expressly  consenting 

b. Telephone  Communications.  By  providing  a  telephone 
number for a cellular telephone, other wireless device, or 
a  landline  number  that  was  later  converted  to  a  wireless 
receiving 
communications at that number, including, but not limited 
to,  prerecorded  or  artificial  voice  message  calls,  text 
messages,  and  calls  made  by  an  automatic  telephone 
dialing  system  from  Laurel  Road,  a  brand  of  KeyBank 
National  Association,  Member  FDIC,  and  its  affiliates 
and  agents.  This  express  consent  applies  to  each  such 
telephone  number  that  you  provide  to  us  now  or  in  the 
future and permits such calls regardless of their purpose. 
These  calls  and  messages  may  incur  access  fees  from 
your cellular provider. Some of the legal purposes for calls 
and  messages  include:  suspected  fraud  or  identity  theft, 
obtaining  information;  transacting  on  or  servicing  of  the 
Account;  collecting  on  the  Account,  and  providing  you 

information about product and services.

c. Telephone Monitoring. We may listen to and record your 

telephone calls with us.

d. Authenticating Your Identity. When you call us, we may 
ask you certain information to be comfortable it is you we 
are talking to. We may also ask for such information when 
you  are  writing  to  us  via  mail  or  signing  on  to  our  online 
banking  site  or  our  mobile  site.  We  will  not  ask  you  via 
e-mail to provide us any identifying information so be aware 

not to respond to any phishing e-mails.

e. E-Mail Communications. We may also send an email to 
any  e-mail  address  you  have  provided  us  or  any  e-mail 

address where we reasonably believe we can contact you.

f.  Changes to Your Information. You are required to Notify 
Us any time you move or otherwise want to change your 
Address On File. Notify Us immediately of any changes to 
your phone numbers, e-mail address, Address On File or 
other contact information. Please see definition of “Notify 
Us” for methods of contacting us.

13.  CREDIT INFORMATION

a. Credit  Information  We  Receive  About  You.  We  may 
obtain and review your credit history from credit reporting 
agencies  and  others,  including  in  connection  with  the 
servicing  and  collection  of  your  Account.  As  a  part  of 
servicing, we will review your Account on a regular basis to 
determine if you are eligible for certain promotional offers 
related to your Account, and you authorize us to do so.

b. Credit Reporting We Do on Your Account. We provide 
information  about  this  Account  to  consumer  reporting 
agencies and others for you as well as for any Authorized 
User.  As  Authorized  Users  are  not  liable  for  repayment 
of this Account, an Authorized User may request that we 
cease reporting this Account for him or her. If an Authorized 
User makes such a request, we will remove the Authorized 
User from the Account.

c. Disputes.  If  you  think  we  provided  incorrect  information, 
write to us at the address provided in the section of your Bill 
labeled “What To Do If You Think You Find A Mistake On 
Your Statement” and we will investigate.

14.  OTHER PROVISIONS

a. Applicable  Law.  This  Agreement  and  the  Account  will 
be governed by federal law, and to the extent state law is 
applicable, the laws of the state of Ohio, and these laws will 
apply no matter where you live or use this Account.

b. Amendments. We may change or terminate all or any part 
of  this  Agreement,  including  without  limitation  APRs  and 
fees,  at  any  time.  We  may  also  add  new  terms  or  delete 
terms. Any changes will be in accordance with applicable 
law, and we will provide notice as required by law.

c. Assignment.  We  may  sell,  Assign,  or  transfer  the 
Agreement and the Account or any portion thereof without 
notice to you, and the purchaser, assignee, or transferee 
shall have the same rights as we do under this Agreement. 
You may not sell, Assign, or transfer the Account.

d. Severability.  Except  as  specifically  provided  in  Section 
15  below,  if  any  provision  of  this  Agreement  is  finally 
determined to be void or unenforceable under any law, rule 
or  regulation,  all  other  provisions  of  this  Agreement  will 
remain valid and enforceable.

12

13

e. Restrictions  on  Use.  We  may  restrict  use  of  your  Card 
in  any  jurisdiction  or  country  where  such  use  would  be 
contrary to U.S. law or regulation, or which is identified as 
presenting a high risk of fraud. Please call 1-800-KEY2YOU 
for the current list of countries where Charges are restricted.

15.  ARBITRATION PROVISION 

This  Arbitration  Provision  will  not  apply  to  new 
accounts  opened  on  or  after  October  3,  2017  by 
Covered Borrowers as such term “Covered Borrower” 
is defined by the Military Lending Act, 10 U.S.C. 987 e. 
seq. and its implementing regulations. 

a. Agreement  to  Arbitrate.  This  Arbitration  Provision  sets 
forth  the  circumstances  and  procedures  under  which  a 
Claim  or  Claims  (as  defined  below)  may  be  arbitrated 
instead  of  litigated  in  court.  This  Arbitration  Provision 
supersedes and replaces any existing arbitration between 
you and us. 

b. Opt-Out and Rejection Notice. You have a limited right 
to opt-out of this Arbitration Provision. If you do not follow 
the opt-out procedures set forth in this section exactly, the 
Arbitration  Provision  section  will  apply.  This  Arbitration 
Provision  will  apply  to  this  Account  unless  you 
notify  us  in  writing  that  you  reject  the  Arbitration 
Provision  within  60  days  of  opening  this  Account. 
Send your rejection notice to KeyBank  N.A.,  PO  Box 
93752, Cleveland, Ohio 44101-5752. Your notice must 
be  legible  and  include  your  name,  the  names  of  any 
joint  Account  holders  and  the  Account  number(s), 
the  last  four  digits  of  your  card  number,  the  date  of 
your  notice,  your  address  (street,  city,  state  and  zip 
code),  your  daytime  telephone  number,  and  must  be 
signed  by  at  least  one  of  the  joint  Account  holders. 
Your  rejection  notice  should  not  include  any  other 
correspondence.  Calling  us  to  reject  the  Arbitration 
Provision  or  providing  notice  by  any  other  manner 
or  format  than  as  described  above  will  not  operate 
as  a  rejection  of  this  Arbitration  Provision  and 
consequently  this  Arbitration  Provision  will  become 
part  of  this  Agreement.  Rejection  of  this  Arbitration 
Provision  does  not  serve  as  a  rejection  of  any  other 
term or condition of the Agreement with us governing 
your Account(s).

c. Definition of Claim. As used in this Arbitration Provision, 
the word “Claim” or “Claims” means any claim, dispute, or 
controversy between you and us arising from or relating to 
this Agreement or the Account, including without limitation, 
the  validity,  enforceability,  or  scope  of  the  Arbitration 
Provision or this Agreement. “Claim” or “Claims” includes 
claims  of  every  kind  and  nature,  whether  pre-existing, 
present or future, including without limitation, initial claims, 

counterclaims,  cross-claims,  and  third-party  claims,  and 

claims based upon contract, tort, fraud, and other intentional 

torts, constitutions, statutes, regulation, common law, and 

equity (including, without limitation, any claim for injunctive 

or declaratory relief). The word “Claim” or “Claims” is to be 

given the broadest possible meaning and includes, by way 

of  example,  and  without  limitation,  any  claim,  dispute,  or 

controversy that arises from or relates to (a) any Account 

subject  to  the  terms  of  this  Agreement  (b)  any  electronic 

funds transfer from or to any Account (c) advertisements, 

promotions, or oral and written statements related to this 

Agreement  or  the  Account,  (d)  your  application  for  the 

Account; and (e) the collection of amounts owed by you to 

us. Notwithstanding this arbitration provision, if you have a 

Claim that is within the jurisdiction of the small claims court 

or  your  state’s  equivalent  court,  you  may  file  your  Claim 

there. If that Claim is transferred, removed or appealed to a 

different court, then we have the right to choose arbitration.

d. Arbitration Process Generally. This Arbitration Provision 

will  not  apply  to  Claims  previously,  or  which  are  later 

asserted,  in  lawsuits  filed  before  the  effective  date  of 

this Arbitration Provision or any prior arbitration provision 

between  you  and  us,  whichever  is  earlier.    However,  this 

Arbitration Provision will apply to all other Claims, even if the 

facts and circumstances giving rise to the Claims existed 

before  the  effective  date  of  this  Arbitration  Provision. 

Any  Claim  shall  be  resolved,  upon  the  election  of  you 

or  us,  by  binding  arbitration  pursuant  to  this  Arbitration 

Provision and the applicable rules of either the American 

Arbitration  Association  or  J.A.M.S/Endispute  in  effect  at 

the  time  the  Claim  is  filed  (the  “Arbitration  Rules”).  You 

may  select  one  of  these  organizations  to  serve  as  the 

arbitration administrator if you initiate an arbitration against 

us or if either you or we compel arbitration of a Claim that 

the  other  party  has  brought  in  court.  In  addition,  if  we 

intend  to  initiate  an  arbitration  against  you,  we  will  notify 

you  in  writing  and  give  you  twenty  (20)  days  to  select 

one  of  these  organizations  to  serve  as  the  arbitration 

administrator.  If  you  fail  to  select  an  administrator  within 

that twenty (20)-day period, we will select one. In all cases, 

the arbitrator(s) should be a lawyer with more than ten (10) 

years of experience or a retired judge. If for any reason the 

selected  organization  is  unable  or  unwilling  or  ceases  to 

serve as the arbitration administrator, you will have twenty 

(20) days to select a different administrator from the above 

list; if you fail to select a different administrator within the 

twenty (20)-day period, we will select one. In all cases, a 

party who has asserted a Claim in a lawsuit in court may 

elect arbitration with respect to any Claim(s) subsequently 

asserted  in  that  lawsuit  by  any  other  party  or  parties.  

14

15

 
 
e. Restrictions  on  Use.  We  may  restrict  use  of  your  Card 
in  any  jurisdiction  or  country  where  such  use  would  be 
contrary to U.S. law or regulation, or which is identified as 
presenting a high risk of fraud. Please call 1-800-KEY2YOU 
for the current list of countries where Charges are restricted.

15.  ARBITRATION PROVISION 

This  Arbitration  Provision  will  not  apply  to  new 
accounts  opened  on  or  after  October  3,  2017  by 
Covered Borrowers as such term “Covered Borrower” 
is defined by the Military Lending Act, 10 U.S.C. 987 e. 

seq. and its implementing regulations. 

a. Agreement  to  Arbitrate.  This  Arbitration  Provision  sets 
forth  the  circumstances  and  procedures  under  which  a 
Claim  or  Claims  (as  defined  below)  may  be  arbitrated 
instead  of  litigated  in  court.  This  Arbitration  Provision 
supersedes and replaces any existing arbitration between 

you and us. 

b. Opt-Out and Rejection Notice. You have a limited right 
to opt-out of this Arbitration Provision. If you do not follow 
the opt-out procedures set forth in this section exactly, the 
Arbitration  Provision  section  will  apply.  This  Arbitration 
Provision  will  apply  to  this  Account  unless  you 
notify  us  in  writing  that  you  reject  the  Arbitration 
Provision  within  60  days  of  opening  this  Account. 
Send your rejection notice to KeyBank  N.A.,  PO  Box 
93752, Cleveland, Ohio 44101-5752. Your notice must 
be  legible  and  include  your  name,  the  names  of  any 
joint  Account  holders  and  the  Account  number(s), 
the  last  four  digits  of  your  card  number,  the  date  of 
your  notice,  your  address  (street,  city,  state  and  zip 
code),  your  daytime  telephone  number,  and  must  be 
signed  by  at  least  one  of  the  joint  Account  holders. 
Your  rejection  notice  should  not  include  any  other 
correspondence.  Calling  us  to  reject  the  Arbitration 
Provision  or  providing  notice  by  any  other  manner 
or  format  than  as  described  above  will  not  operate 
as  a  rejection  of  this  Arbitration  Provision  and 
consequently  this  Arbitration  Provision  will  become 
part  of  this  Agreement.  Rejection  of  this  Arbitration 
Provision  does  not  serve  as  a  rejection  of  any  other 
term or condition of the Agreement with us governing 

your Account(s).

c. Definition of Claim. As used in this Arbitration Provision, 
the word “Claim” or “Claims” means any claim, dispute, or 
controversy between you and us arising from or relating to 
this Agreement or the Account, including without limitation, 
the  validity,  enforceability,  or  scope  of  the  Arbitration 
Provision or this Agreement. “Claim” or “Claims” includes 
claims  of  every  kind  and  nature,  whether  pre-existing, 
present or future, including without limitation, initial claims, 

counterclaims,  cross-claims,  and  third-party  claims,  and 
claims based upon contract, tort, fraud, and other intentional 
torts, constitutions, statutes, regulation, common law, and 
equity (including, without limitation, any claim for injunctive 
or declaratory relief). The word “Claim” or “Claims” is to be 
given the broadest possible meaning and includes, by way 
of  example,  and  without  limitation,  any  claim,  dispute,  or 
controversy that arises from or relates to (a) any Account 
subject  to  the  terms  of  this  Agreement  (b)  any  electronic 
funds transfer from or to any Account (c) advertisements, 
promotions, or oral and written statements related to this 
Agreement  or  the  Account,  (d)  your  application  for  the 
Account; and (e) the collection of amounts owed by you to 
us. Notwithstanding this arbitration provision, if you have a 
Claim that is within the jurisdiction of the small claims court 
or  your  state’s  equivalent  court,  you  may  file  your  Claim 
there. If that Claim is transferred, removed or appealed to a 
different court, then we have the right to choose arbitration.

d. Arbitration Process Generally. This Arbitration Provision 
will  not  apply  to  Claims  previously,  or  which  are  later 
asserted,  in  lawsuits  filed  before  the  effective  date  of 
this Arbitration Provision or any prior arbitration provision 
between  you  and  us,  whichever  is  earlier.    However,  this 
Arbitration Provision will apply to all other Claims, even if the 
facts and circumstances giving rise to the Claims existed 
before  the  effective  date  of  this  Arbitration  Provision. 

Any  Claim  shall  be  resolved,  upon  the  election  of  you 
or  us,  by  binding  arbitration  pursuant  to  this  Arbitration 
Provision and the applicable rules of either the American 
Arbitration  Association  or  J.A.M.S/Endispute  in  effect  at 
the  time  the  Claim  is  filed  (the  “Arbitration  Rules”).  You 
may  select  one  of  these  organizations  to  serve  as  the 
arbitration administrator if you initiate an arbitration against 
us or if either you or we compel arbitration of a Claim that 
the  other  party  has  brought  in  court.  In  addition,  if  we 
intend  to  initiate  an  arbitration  against  you,  we  will  notify 
you  in  writing  and  give  you  twenty  (20)  days  to  select 
one  of  these  organizations  to  serve  as  the  arbitration 
administrator.  If  you  fail  to  select  an  administrator  within 
that twenty (20)-day period, we will select one. In all cases, 
the arbitrator(s) should be a lawyer with more than ten (10) 
years of experience or a retired judge. If for any reason the 
selected  organization  is  unable  or  unwilling  or  ceases  to 
serve as the arbitration administrator, you will have twenty 
(20) days to select a different administrator from the above 
list; if you fail to select a different administrator within the 
twenty (20)-day period, we will select one. In all cases, a 
party who has asserted a Claim in a lawsuit in court may 
elect arbitration with respect to any Claim(s) subsequently 
asserted  in  that  lawsuit  by  any  other  party  or  parties.  

14

15

 
 
IF  ARBITRATION  IS  CHOSEN  BY  ANY  PARTY  WITH 
RESPECT TO A CLAIM, NEITHER YOU NOR WE WILL 
HAVE THE RIGHT TO LITIGATE THAT CLAIM IN COURT 
OR  HAVE  A  JURY  TRIAL  ON  THAT  CLAIM,  OR  TO 
ENGAGE IN PRE-ARBITRATION DISCOVERY EXCEPT 
AS PROVIDED FOR IN THE APPLICABLE ARBITRATION 
RULES. FURTHER, YOU WILL NOT HAVE THE RIGHT 
TO PARTICIPATE AS A REPRESENTATIVE OR MEMBER 
OF  ANY  CLASS  OF  CLAIMANTS  PERTAINING  TO 
ANY CLAIM SUBJECT TO ARBITRATION EXCEPT AS 
SET  FORTH  BELOW.  THE  ARBITRATOR’S  DECISION 
WILL  BE  FINAL  AND  BINDING.  YOU  UNDERSTAND 
THAT  OTHER  RIGHTS  THAT  YOU  WOULD  HAVE 
IF  YOU  WENT  TO  COURT  MAY  ALSO  NOT  BE 
AVAILABLE  IN  ARBITRATION.  THE  FEES  CHARGED 
BY  THE  ARBITRATION  ADMINISTRATOR  MAY  BE 
GREATER THAN THE FEES CHARGED BY A COURT.  

There shall be no authority for any Claims to be arbitrated 
on  a  class  action  or  private  attorney  general  basis. 
Furthermore,  arbitration  can  only  decide  your  or  our 
Claim(s)  and  may  not  consolidate  or  join  the  claims  of 
other persons that may have similar claims. There shall be 
no pre-arbitration discovery except as provided for in the 
applicable  Arbitration  Rules.  Any  arbitration  hearing  that 
you attend shall take place in the federal judicial district of 
your residence. 

e. Arbitration  Fees.  At  your  written  request,  we  will  pay 
all  fees  charged  by  the  arbitration  administrator  for  any 
Claim(s) asserted by you in the arbitration, after you have 
paid an amount equivalent to the fee, if any, for filing such 
Claim(s) in state or federal court (whichever is less) in the 
judicial  district  in  which  you  reside.  (If  you  have  already 
paid a filing fee for asserting the Claim(s) in court, you will 
not be required to pay that amount again.) If the arbitrator 
issues  an  award  in  our  favor,  you  will  not  be  required  to 
reimburse us for any of the fees we have previously paid to 
the administrator or for which we are responsible.

f.  Attorney Fees. Each party shall bear the expense of that 
party’s attorneys’, experts’, and witness fees, regardless of 
which party prevails in the arbitration, unless applicable law 
and/or  this  Agreement  gives  you  the  right  to  recover  any 
of  those  fees  from  us.  In  the  event  you  do  not  prevail  in 
the arbitration, we will not seek to recover our attorneys’, 
experts’ or witness fees from you.

g. FAA.  This  Arbitration  Provision  is  made  pursuant  to  a 
transaction  involving  interstate  commerce,  and  shall  be 
governed by the Federal Arbitration Act (“FAA”), 9 U.S.C. 
Sections  1  et.  seq.  The  arbitrator  shall  apply  applicable 
substantive  law  consistent  with  the  FAA  and  applicable 
statutes  of  limitations  and  shall  honor  claims  of  privilege 

recognized at law, and at the timely request of any party, 

shall  provide  a  brief  written  explanation  of  the  basis  for 

the  award.  In  conducting  the  arbitration  proceeding,  the 

arbitrator shall not apply the federal or any state rules of 

civil  procedure  or  rules  of  evidence.  Judgment  upon  the 

award  rendered  by  the  arbitrator  may  be  entered  in  any 

court  having  jurisdiction.  The  arbitrator’s  decision  will  be 

final  and  binding,  except  for  any  right  of  appeal  provided 

by the FAA and except that, if the amount in controversy 

exceeds  $10,000.00  any  party  can  appeal  the  award  to 

a  three-arbitrator  panel  administered  by  the  arbitration 

administrator which shall reconsider de novo (i.e. without 

regard to the original arbitrator’s findings) any aspect of the 

initial award requested by the appealing party. The decision 

of the panel shall be by majority vote. The costs of such an 

appeal will be borne by the appealing party regardless of 

the outcome of the appeal.

h. Survival.  This  Arbitration  Provision  shall  survive 

termination  of  all  Accounts  subject  to  this  Agreement.  If 

any portion of this Arbitration Provision is deemed invalid 

or unenforceable under any law or statute consistent with 

the  FAA,  it  shall  not  invalidate  the  remaining  portions  of 

this arbitration provision or the Agreement. In the event of a 

conflict or inconsistency between the applicable Arbitration 

Rules  and  this  Arbitration  Provision,  this  Arbitration 

Provision shall govern.

i.  Contacting  Arbitration  Administrators.  If  you  have  a 

question about the arbitration administrators mentioned in 

this Arbitration Provision or would like to obtain a copy of 

their  Arbitration  Rules  or  fee  schedules,  you  can  contact 

them as follows: American Arbitration Association, 1633 

Broadway, 10th Floor, New York, New York 10019, www.

adr.org, (800) 778-7879. Commercial or Consumer Rules, 

J.A.M.S./Endispute,  222  South  Riverside  Plaza,  Suite 

1850,  Chicago,  IL  60606;  www.jamsadr.com  (800)  352-

5267, Financial Services Arbitration Rules and Procedures.

16.  YOUR BILLING RIGHTS

a. Keep  This  Document  for  Future  Use.  This  notice  tells 

you about your rights and our responsibilities under the Fair 

Credit Billing Act.

b. What to Do If You Find a Mistake On Your Statement. If 

you think there is an error on your statement, write us at the 

address shown on your Monthly Statement. 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 the 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. 

16

17

 
IF  ARBITRATION  IS  CHOSEN  BY  ANY  PARTY  WITH 
RESPECT TO A CLAIM, NEITHER YOU NOR WE WILL 
HAVE THE RIGHT TO LITIGATE THAT CLAIM IN COURT 
OR  HAVE  A  JURY  TRIAL  ON  THAT  CLAIM,  OR  TO 
ENGAGE IN PRE-ARBITRATION DISCOVERY EXCEPT 
AS PROVIDED FOR IN THE APPLICABLE ARBITRATION 
RULES. FURTHER, YOU WILL NOT HAVE THE RIGHT 
TO PARTICIPATE AS A REPRESENTATIVE OR MEMBER 
OF  ANY  CLASS  OF  CLAIMANTS  PERTAINING  TO 
ANY CLAIM SUBJECT TO ARBITRATION EXCEPT AS 
SET  FORTH  BELOW.  THE  ARBITRATOR’S  DECISION 
WILL  BE  FINAL  AND  BINDING.  YOU  UNDERSTAND 
THAT  OTHER  RIGHTS  THAT  YOU  WOULD  HAVE 
IF  YOU  WENT  TO  COURT  MAY  ALSO  NOT  BE 
AVAILABLE  IN  ARBITRATION.  THE  FEES  CHARGED 
BY  THE  ARBITRATION  ADMINISTRATOR  MAY  BE 
GREATER THAN THE FEES CHARGED BY A COURT.  

There shall be no authority for any Claims to be arbitrated 
on  a  class  action  or  private  attorney  general  basis. 
Furthermore,  arbitration  can  only  decide  your  or  our 
Claim(s)  and  may  not  consolidate  or  join  the  claims  of 
other persons that may have similar claims. There shall be 
no pre-arbitration discovery except as provided for in the 
applicable  Arbitration  Rules.  Any  arbitration  hearing  that 
you attend shall take place in the federal judicial district of 

your residence. 

e. Arbitration  Fees.  At  your  written  request,  we  will  pay 
all  fees  charged  by  the  arbitration  administrator  for  any 
Claim(s) asserted by you in the arbitration, after you have 
paid an amount equivalent to the fee, if any, for filing such 
Claim(s) in state or federal court (whichever is less) in the 
judicial  district  in  which  you  reside.  (If  you  have  already 
paid a filing fee for asserting the Claim(s) in court, you will 
not be required to pay that amount again.) If the arbitrator 
issues  an  award  in  our  favor,  you  will  not  be  required  to 
reimburse us for any of the fees we have previously paid to 

the administrator or for which we are responsible.

f.  Attorney Fees. Each party shall bear the expense of that 
party’s attorneys’, experts’, and witness fees, regardless of 
which party prevails in the arbitration, unless applicable law 
and/or  this  Agreement  gives  you  the  right  to  recover  any 
of  those  fees  from  us.  In  the  event  you  do  not  prevail  in 
the arbitration, we will not seek to recover our attorneys’, 

experts’ or witness fees from you.

g. FAA.  This  Arbitration  Provision  is  made  pursuant  to  a 
transaction  involving  interstate  commerce,  and  shall  be 
governed by the Federal Arbitration Act (“FAA”), 9 U.S.C. 
Sections  1  et.  seq.  The  arbitrator  shall  apply  applicable 
substantive  law  consistent  with  the  FAA  and  applicable 
statutes  of  limitations  and  shall  honor  claims  of  privilege 

recognized at law, and at the timely request of any party, 
shall  provide  a  brief  written  explanation  of  the  basis  for 
the  award.  In  conducting  the  arbitration  proceeding,  the 
arbitrator shall not apply the federal or any state rules of 
civil  procedure  or  rules  of  evidence.  Judgment  upon  the 
award  rendered  by  the  arbitrator  may  be  entered  in  any 
court  having  jurisdiction.  The  arbitrator’s  decision  will  be 
final  and  binding,  except  for  any  right  of  appeal  provided 
by the FAA and except that, if the amount in controversy 
exceeds  $10,000.00  any  party  can  appeal  the  award  to 
a  three-arbitrator  panel  administered  by  the  arbitration 
administrator which shall reconsider de novo (i.e. without 
regard to the original arbitrator’s findings) any aspect of the 
initial award requested by the appealing party. The decision 
of the panel shall be by majority vote. The costs of such an 
appeal will be borne by the appealing party regardless of 
the outcome of the appeal.

h. Survival.  This  Arbitration  Provision  shall  survive 
termination  of  all  Accounts  subject  to  this  Agreement.  If 
any portion of this Arbitration Provision is deemed invalid 
or unenforceable under any law or statute consistent with 
the  FAA,  it  shall  not  invalidate  the  remaining  portions  of 
this arbitration provision or the Agreement. In the event of a 
conflict or inconsistency between the applicable Arbitration 
Rules  and  this  Arbitration  Provision,  this  Arbitration 
Provision shall govern.

i.  Contacting  Arbitration  Administrators.  If  you  have  a 
question about the arbitration administrators mentioned in 
this Arbitration Provision or would like to obtain a copy of 
their  Arbitration  Rules  or  fee  schedules,  you  can  contact 
them as follows: American Arbitration Association, 1633 
Broadway, 10th Floor, New York, New York 10019, www.
adr.org, (800) 778-7879. Commercial or Consumer Rules, 
J.A.M.S./Endispute,  222  South  Riverside  Plaza,  Suite 
1850,  Chicago,  IL  60606;  www.jamsadr.com  (800)  352-
5267, Financial Services Arbitration Rules and Procedures.

16.  YOUR BILLING RIGHTS

a. Keep  This  Document  for  Future  Use.  This  notice  tells 
you about your rights and our responsibilities under the Fair 
Credit Billing Act.

b. What to Do If You Find a Mistake On Your Statement. If 
you think there is an error on your statement, write us at the 
address shown on your Monthly Statement. 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 the 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. 

16

17

 
   You must contact us:

organizations  know  when  the  matter  has  been  settled 

•  Within 60 days after the error appeared on your Monthly 

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.

c. 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  Monthly 
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 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  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 

between us.

Bill is correct. 

If we do not follow all of these rules above, you do not have 

to pay the first $50 of the amount you question, even if your 

d. 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 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 the good or services.) 

2. You  must  have  used  your  Card  for  the  Purchase. 

Purchases  made  with  cash  advances  from  an  ATM  or 

with a check that accesses your 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 shown on your Monthly Statement.

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.

17.  ADDITIONAL  DISCLOSURES  FOR  RESIDENTS  OF 

SPECIFIC STATES

a. California  Residents.  We  will  generally  provide  you 

with thirty (30) days’ prior written notice if we cancel your 

Account unless: (i) otherwise requested by you; (ii) you are, 

or  have  been,  within  the  last  ninety  (90)  days,  in  default, 

or  otherwise  in  violation  of  the  terms  of  this  Agreement; 

or (iii) we have evidence, or a reasonable belief, that you 

are unable or unwilling to repay the obligations you have 

incurred  hereunder  or  that  an  unauthorized  use  of  your 

Card has occurred.

b. New  York  and  Vermont  Residents.  You  agree  to  give 

us  permission  to  obtain  one  or  more  credit  reports  from 

consumer  reporting  agencies  in  connection  with  this 

application,  any  transaction  or  extension  of  credit  that 

may result from this application, and on an ongoing basis, 

for  the  purposes  of  performing  a  routine  and  occasional 

verification of credit on the Account, updating or renewing 

18

19

   You must contact us:

Statement. 

•  Within 60 days after the error appeared on your Monthly 

•  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.

c. 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. 

error:

While  we  investigate  whether  or  not  there  has  been  an 

•  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  Monthly 
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. 

happen:

• 

• 

After  we  finish  our  investigation,  one  of  two  things  will 

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 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  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 these rules above, you do not have 
to pay the first $50 of the amount you question, even if your 
Bill is correct. 

d. 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 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 the good or services.) 

2. You  must  have  used  your  Card  for  the  Purchase. 
Purchases  made  with  cash  advances  from  an  ATM  or 
with a check that accesses your 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 shown on your Monthly Statement.

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.

17.  ADDITIONAL  DISCLOSURES  FOR  RESIDENTS  OF 

SPECIFIC STATES

a. California  Residents.  We  will  generally  provide  you 
with thirty (30) days’ prior written notice if we cancel your 
Account unless: (i) otherwise requested by you; (ii) you are, 
or  have  been,  within  the  last  ninety  (90)  days,  in  default, 
or  otherwise  in  violation  of  the  terms  of  this  Agreement; 
or (iii) we have evidence, or a reasonable belief, that you 
are unable or unwilling to repay the obligations you have 
incurred  hereunder  or  that  an  unauthorized  use  of  your 
Card has occurred.

b. New  York  and  Vermont  Residents.  You  agree  to  give 
us  permission  to  obtain  one  or  more  credit  reports  from 
consumer  reporting  agencies  in  connection  with  this 
application,  any  transaction  or  extension  of  credit  that 
may result from this application, and on an ongoing basis, 
for  the  purposes  of  performing  a  routine  and  occasional 
verification of credit on the Account, updating or renewing 

18

19

the  Account,  adjusting  the  credit  limit  on  the  Account, 
taking  collection  action  on  the  Account,  or  for  any  other 
legitimate  purposes  associated  with  the  Account.  Upon 
your  request,  you  will  be  informed  of  whether  or  not  a 
consumer credit report was ordered, and if it was, you will 
be given the name and address of the consumer reporting 
agency that furnished the report.

c. Ohio  Residents.  The  Ohio  laws  against  discrimination 
require that all creditors make credit equally available to all 
creditworthy customers and that credit reporting agencies 
maintain separate credit histories on each individual upon 
request.  The  Ohio  Civil  Rights  Commission  administers 
compliance with the law.

d. Utah Residents. As required by Utah law, you are hereby 
notified  that  a  negative  credit  report  reflecting  on  your 
credit record may be submitted to a credit reporting agency 
if you fail to fulfill the terms of your credit obligations.

Glossary of Definitions
Each  term  that  is  capitalized  in  this  section  is  defined  by  us, 
except  that  we  do  not  capitalize  the  words  “you,  your,  yours, 
we, us, our,” but such terms will have the meanings set forth in 
the definitions below. All of the definitions in this Section 18 are 
a part of the Agreement between us.

Terms:

Definitions

Account

Defined in the first paragraph of this Agreement

Address On 
File

Agreement

Defined in the first paragraph of this Agreement

APR or Annual 
Percentage 
Rate

Assign

Authorized 
Charge

•  An  Authorized  Charge  is  any  Charge  that  you 

or  any  Authorized  User  makes  on  the  Account, 

and any fees and interest charges owing on the 

Your  Address  On  File  is  the  address  that  you 

provided  on  your  application  to  open  this  credit 

card  Account,  unless  (1)  we  have  received  and 

processed  your  written  notice  of  a  change  of 

address  provided  in  accordance  with  the  terms 

disclosed  on  the  back  of  your  Bill,  in  which  case 

that  new  address  is  the  address  of  record;  or  (2) 

in  the  event  that  your  address  changes  before 

we have sent out your first Bill, we have received 

and  processed  your  written  notice  of  a  change 

of  address  sent  to  us  at  the  address  for  mailing 

payments.

APR or “annual percentage rate” is an annualized 

interest rate. Different APRs may apply to different 

balances on your Account, such as your Purchase 

Balance  or  your  Cash  Advance  Balance.  We  use 

the APR that applies to each Balance to calculate 

the interest that you owe us on the Account.

We  Assign  your  Agreement  if  we  sell  or  pass  to 

a third party any or all of our rights or obligations 

under  the  Agreement,  including  any  amount  that 

you  owe  under  the  Agreement.  Subject  to  the 

extent  of  the  assignment,  any  party  to  whom  we 

Assign  your  Agreement  will  enjoy  all  our  rights 

under  the  Agreement,  including  contractual  rights 

to collect amounts that you owe on the Account.

Account. 

•  Any  Charge  made  by  an  Authorized  User  is  an 

Authorized Charge. This is true even if you told the 

Authorized User not to make that specific Charge. 

•  A  Charge  will  still  be  authorized  even  if  it  is  an 

illegal transaction (like illegal gambling charges), 

or it puts you over your credit limit, or it is made 

after your Account has closed.

•  An  Authorized  Charge  can  be  made  over  the 

telephone,  in  person,  on  the  Internet,  or  in  any 

other way that your Account can be used. 

20

21

the  Account,  adjusting  the  credit  limit  on  the  Account, 
taking  collection  action  on  the  Account,  or  for  any  other 
legitimate  purposes  associated  with  the  Account.  Upon 
your  request,  you  will  be  informed  of  whether  or  not  a 
consumer credit report was ordered, and if it was, you will 
be given the name and address of the consumer reporting 

agency that furnished the report.

c. Ohio  Residents.  The  Ohio  laws  against  discrimination 
require that all creditors make credit equally available to all 
creditworthy customers and that credit reporting agencies 
maintain separate credit histories on each individual upon 
request.  The  Ohio  Civil  Rights  Commission  administers 

compliance with the law.

d. Utah Residents. As required by Utah law, you are hereby 
notified  that  a  negative  credit  report  reflecting  on  your 
credit record may be submitted to a credit reporting agency 

if you fail to fulfill the terms of your credit obligations.

Glossary of Definitions
Each  term  that  is  capitalized  in  this  section  is  defined  by  us, 
except  that  we  do  not  capitalize  the  words  “you,  your,  yours, 
we, us, our,” but such terms will have the meanings set forth in 
the definitions below. All of the definitions in this Section 18 are 
a part of the Agreement between us.

Terms:

Definitions

Account

Defined in the first paragraph of this Agreement

Address On 
File

Your  Address  On  File  is  the  address  that  you 
provided  on  your  application  to  open  this  credit 
card  Account,  unless  (1)  we  have  received  and 
processed  your  written  notice  of  a  change  of 
address  provided  in  accordance  with  the  terms 
disclosed  on  the  back  of  your  Bill,  in  which  case 
that  new  address  is  the  address  of  record;  or  (2) 
in  the  event  that  your  address  changes  before 
we have sent out your first Bill, we have received 
and  processed  your  written  notice  of  a  change 
of  address  sent  to  us  at  the  address  for  mailing 
payments.

Agreement

Defined in the first paragraph of this Agreement

APR or Annual 
Percentage 
Rate

Assign

Authorized 
Charge

APR or “annual percentage rate” is an annualized 
interest rate. Different APRs may apply to different 
balances on your Account, such as your Purchase 
Balance  or  your  Cash  Advance  Balance.  We  use 
the APR that applies to each Balance to calculate 
the interest that you owe us on the Account.

We  Assign  your  Agreement  if  we  sell  or  pass  to 
a third party any or all of our rights or obligations 
under  the  Agreement,  including  any  amount  that 
you  owe  under  the  Agreement.  Subject  to  the 
extent  of  the  assignment,  any  party  to  whom  we 
Assign  your  Agreement  will  enjoy  all  our  rights 
under  the  Agreement,  including  contractual  rights 
to collect amounts that you owe on the Account.

•  An  Authorized  Charge  is  any  Charge  that  you 
or  any  Authorized  User  makes  on  the  Account, 
and any fees and interest charges owing on the 
Account. 
•  Any  Charge  made  by  an  Authorized  User  is  an 
Authorized Charge. This is true even if you told the 
Authorized User not to make that specific Charge. 
•  A  Charge  will  still  be  authorized  even  if  it  is  an 
illegal transaction (like illegal gambling charges), 
or it puts you over your credit limit, or it is made 
after your Account has closed.
•  An  Authorized  Charge  can  be  made  over  the 
telephone,  in  person,  on  the  Internet,  or  in  any 
other way that your Account can be used. 

20

21

Authorized 
User

Average 
Daily Balance 
Method With 
Compounding 

If  you  ask  us  to  issue  a  Card  on  this  Account  to 
another person, he or she is an Authorized User. 
In addition, if you give your Card or Card number 
to another person, he or she is an Authorized User.

According to this method, we calculate the interest 
Charges  for  each  Balance  by  applying  the  “daily 
periodic rate” for that Balance to the “average daily 
balance” for that Balance. We multiply the result by 
the number of days in the Billing Period. That gives 
us the total interest charges for that Balance for that 
Billing Period. 

The  “Daily  Periodic  Rate”  is  a  daily  interest  rate. 
The Daily Periodic Rate for a given Balance is equal 
to the APR for that Balance divided by 365. 

We calculate the “average daily balance” for each 
balance. We do this by starting with the beginning 
amount of that Balance for each day. We add any 
new Charges for that day, add any interest on the 
previous daily balance if there is one in that Billing 
Period,  and  subtract  any  payments  or  credits. 
This gives us the “daily balance.” We calculate the 
“average daily balance” for each Balance by adding 
all  the  daily  balances  for  each  day  in  the  Billing 
Period and then dividing by the total number of days 
in the Billing Period. The addition of the prior day’s 
interest  to  the  daily  balance  calculation  causes 
interest to compound daily. 

We add fees that are specific to a particular Charge 
to the same daily balance as that particular Charge. 
We add all other applicable fees to your Purchase 
Balance as of the first day of a Billing Period. 

Balance

1.  We put each Charge on your Account, including 

interest or fees, into a Balance category. 

2.  We use the different Balances to calculate the 
correct interest Charges on your Account. If any 
type of Charge has a separate interest rate, we 
will put it into a separate Balance. This means 
that your Account may have separate Balances 
for  Purchases,  Cash  Advances,  and  Balance 
Transfers. It also means that if any Charges are 
subject to an introductory or other promotional 
interest  rate  for  a  period,  we  will  place  such 
Charges  into  a  separate  Balance  for  the  time 
period that you qualify for the special rate. 

3.  We  place  interest  Charges  into  the  Balance 
that generated those Charges. For example, we 
place interest Charges on Purchases into your 
Purchase Balance. 

4.  We place fees that result from a specific Charge 
into the same Balance as that specific Charge. 
For  example,  we  place  a  Foreign  Transaction 
Fee that we assess on a Cash Advance into your 
Cash Advance Balance. We place fees that do 
not result from a specific Charge, such as a Late 
Payment fee, into your Purchase Balance. 

Balance 
Transfer

You make a Balance Transfer when you contact us 

to transfer a Balance electronically or by phone.

Billing Period 
(also referred 
to by us as the 
Billing Cycle)

Bill (also 
referred to 
by us as 
your Monthly 
Statement)

•  The  Billing  Period  is  the  fixed  period  of  time 

covered  by  the  Bill  we  send  you.  The  Bill  will 

show your new Charges, including interest and 

fees,  and  any  payments  that  posted  to  your 

Account  during  that  period.  Each  Bill  that  we 

send will identify the Billing Period that it covers. 

• 

If you have a credit or debit on the Account of $1 

or more at the end of any Billing Period, we will 

send you a Bill, showing what you owe us as of 

the end of that Billing Period. 

•  Your Bill is the statement of your Account. Your 

Bill will tell you the total amount that you owe us 

as of the end of the last Billing Period. It will also 

tell  you  the  Minimum  Payment  that  you  must 

make to us by the stated Due Date. 

•  We will send you a Bill at the end of each Billing 

Period if at that point you have a credit or debit on 

the Account equal to or more than $1. We may 

not send you a Bill, however, if we have decided 

your Account is uncollectible or if we have sent 

the Account for collection proceedings against 

you. 

• 

In  our  discretion,  we  may  choose  to  send  you 

a Bill even if you do not have a credit or debit 

of $1 or more. 

Card

Your  Card  is  the  physical  Card,  the  Account 

number, or any device that can be used to access 

your Account.

Cardholder(s)

You and/or any Authorized User

Cash Advance You  receive  a  Cash  Advance  when  you  use  your 

Card or Account to do any of the following: 

1.  obtain  cash  from  an  automated  teller  machine  

    (ATM); or 

2. obtain cash from any other source; or 

3. make a wire transfer; or 

4. buy foreign currency; or 

5. buy traveler’s checks; or 

6. buy money orders; or 

7. buy Lottery tickets; or 

Charge

8. buy gambling chips and wagers. 

Any transaction (i.e. a Purchase, Balance Transfer, 

or  Cash  Advance),  interest,  or  fee,  regardless  of 

how  such  Charge  is  made  (by  Card,  automatic 

posting or otherwise).

Daily Periodic 
Rate or DPR

DPR stands for "Daily Periodic Rate." This is a daily 

interest rate. The daily periodic rate or DPR for a 

given Balance is equal to the APR on that Balance 

divided by 365.

22

23

Authorized 

User

Average 

Daily Balance 

Method With 

Compounding 

If  you  ask  us  to  issue  a  Card  on  this  Account  to 
another person, he or she is an Authorized User. 
In addition, if you give your Card or Card number 
to another person, he or she is an Authorized User.

According to this method, we calculate the interest 
Charges  for  each  Balance  by  applying  the  “daily 
periodic rate” for that Balance to the “average daily 
balance” for that Balance. We multiply the result by 
the number of days in the Billing Period. That gives 
us the total interest charges for that Balance for that 

Billing Period. 

The  “Daily  Periodic  Rate”  is  a  daily  interest  rate. 
The Daily Periodic Rate for a given Balance is equal 

to the APR for that Balance divided by 365. 

We calculate the “average daily balance” for each 
balance. We do this by starting with the beginning 
amount of that Balance for each day. We add any 
new Charges for that day, add any interest on the 
previous daily balance if there is one in that Billing 
Period,  and  subtract  any  payments  or  credits. 
This gives us the “daily balance.” We calculate the 
“average daily balance” for each Balance by adding 
all  the  daily  balances  for  each  day  in  the  Billing 
Period and then dividing by the total number of days 
in the Billing Period. The addition of the prior day’s 
interest  to  the  daily  balance  calculation  causes 

interest to compound daily. 

We add fees that are specific to a particular Charge 
to the same daily balance as that particular Charge. 
We add all other applicable fees to your Purchase 

Balance as of the first day of a Billing Period. 

Balance

1.  We put each Charge on your Account, including 

interest or fees, into a Balance category. 

2.  We use the different Balances to calculate the 
correct interest Charges on your Account. If any 
type of Charge has a separate interest rate, we 
will put it into a separate Balance. This means 
that your Account may have separate Balances 
for  Purchases,  Cash  Advances,  and  Balance 
Transfers. It also means that if any Charges are 
subject to an introductory or other promotional 
interest  rate  for  a  period,  we  will  place  such 
Charges  into  a  separate  Balance  for  the  time 

period that you qualify for the special rate. 

3.  We  place  interest  Charges  into  the  Balance 
that generated those Charges. For example, we 
place interest Charges on Purchases into your 

Purchase Balance. 

4.  We place fees that result from a specific Charge 
into the same Balance as that specific Charge. 
For  example,  we  place  a  Foreign  Transaction 
Fee that we assess on a Cash Advance into your 
Cash Advance Balance. We place fees that do 
not result from a specific Charge, such as a Late 

Payment fee, into your Purchase Balance. 

Balance 
Transfer

You make a Balance Transfer when you contact us 
to transfer a Balance electronically or by phone.

Billing Period 
(also referred 
to by us as the 
Billing Cycle)

Bill (also 
referred to 
by us as 
your Monthly 
Statement)

Card

•  The  Billing  Period  is  the  fixed  period  of  time 
covered  by  the  Bill  we  send  you.  The  Bill  will 
show your new Charges, including interest and 
fees,  and  any  payments  that  posted  to  your 
Account  during  that  period.  Each  Bill  that  we 
send will identify the Billing Period that it covers. 
If you have a credit or debit on the Account of $1 
or more at the end of any Billing Period, we will 
send you a Bill, showing what you owe us as of 
the end of that Billing Period. 

• 

•  Your Bill is the statement of your Account. Your 
Bill will tell you the total amount that you owe us 
as of the end of the last Billing Period. It will also 
tell  you  the  Minimum  Payment  that  you  must 
make to us by the stated Due Date. 

•  We will send you a Bill at the end of each Billing 
Period if at that point you have a credit or debit on 
the Account equal to or more than $1. We may 
not send you a Bill, however, if we have decided 
your Account is uncollectible or if we have sent 
the Account for collection proceedings against 
you. 
In  our  discretion,  we  may  choose  to  send  you 
a Bill even if you do not have a credit or debit 
of $1 or more. 

• 

Your  Card  is  the  physical  Card,  the  Account 
number, or any device that can be used to access 
your Account.

Cardholder(s)

You and/or any Authorized User

Cash Advance You  receive  a  Cash  Advance  when  you  use  your 

Card or Account to do any of the following: 

1.  obtain  cash  from  an  automated  teller  machine  
    (ATM); or 

2. obtain cash from any other source; or 

3. make a wire transfer; or 

4. buy foreign currency; or 

5. buy traveler’s checks; or 

6. buy money orders; or 

7. buy Lottery tickets; or 

Charge

Daily Periodic 
Rate or DPR

8. buy gambling chips and wagers. 

Any transaction (i.e. a Purchase, Balance Transfer, 
or  Cash  Advance),  interest,  or  fee,  regardless  of 
how  such  Charge  is  made  (by  Card,  automatic 
posting or otherwise).

DPR stands for "Daily Periodic Rate." This is a daily 
interest rate. The daily periodic rate or DPR for a 
given Balance is equal to the APR on that Balance 
divided by 365.

22

23

Default

You are in Default on the Account if: 

1.  You  do  not  make  at 
    Payment when it is due; or 

least 

the  Minimum  

2. You have exceeded one or more of your credit  
    limits; or 

3.  A  payment  you  make  is  rejected  or  cannot  be  
    processed; or 

4.  You  provide  us  false,  misleading,  or  fraudulent  
    information; or 

5.  You  fail  to  comply  with  any  term  of  the  
    Agreement; or 

6.  You  are  bankrupt,  or  insolvency  proceedings  
    are filed against you; or 

7.  We  believe  you  may  be  unwilling  or  unable  to  
    pay your debts on time; or 

8.  You  die  or  are  legally  declared  incompetent  or  
    incapacitated; or 

9.  We  become  aware  that  you  are  using  your  
    Card for illegal or fraudulent purposes.

•  The  Due  Date  is  the  date  by  which  we  must 
receive your payment in order for it to be on time. 
Your Bill lists the Due Date. 

•  Your  Due  Date  will  always  fall  on  the  same 
calendar day of the month. It will be at least 21 
days  from  the  date  that  we  send  you  the  Bill, 
and at least 25 days from the end of your most 
recently ended Billing Period. 

•  To  be  on  time,  we  must  receive  your  payment 
on  or  before  the  Due  Date  and  by  the  time 
stated  on  your  Bill.  If  the  Bill  does  not  state  a 
time, then your payment is on time if we receive 
it by 5 pm on the Due Date. The 5 pm deadline is 
measured in the time zone in which we receive 
the payment, which may not be your time zone. 
If we do not receive or accept payments by mail 
on the Due Date, your payment will be on time 
if it is received by the next day that we accept or 
receive payments by mail.

• 

Due Date

Foreign 
Transaction

•  A  Foreign  Transaction  is  a  Purchase  and/

or  Cash  Advance  that  you  either  (i)  make  in  a 

foreign  currency,  or  (ii)  make  outside  of  the 

United States or its territories, even if made in 

U.S. dollars. 

•  Transactions  you  initiate  in  the  United  States 

through  the  internet  may  be  considered  made 

outside  the  United  Sates  if  the  merchant 

is  located  outside  of  the  United  Sates,  and 

therefore  may  be  considered  a  Foreign 

Transaction. 

•  Regardless of the above language, Key will not 

treat  as  a  Foreign  Transaction  any  transaction 

that is both (i) made in Canadian dollars or U.S. 

dollars,  and  (ii)  made  with  a  merchant  whose 

business is located in Canada and/or the United 

States or the territories of the United States. 

•  Foreign  Transactions  may  be  assessed  a 

Foreign  Transaction  Fee  as  set  forth  in  the 

Rates and Fees Table. 

•  Mastercard 

International  (“Mastercard”)  will 

convert  foreign  currency  transactions  using 

a  government-mandated  or  wholesale  rate  in 

effect on the processing date (which may differ 

from the rate on the date of your transaction or 

the posting date). The rate used may differ from 

the rate that Mastercard actually receives.

Grace Period

A  Grace  Period  exists  with  respect  to  Purchases 

when  you  do  not  have  to  pay  interest  on  those 

Purchases. See Section 5 of the Agreement which 

explains  how  a  Grace  Period  may  apply  to  your 

Account.

Late Payment

A Late Payment is your failure to make at least the 

Minimum 
Payment 
(also referred 
to by us as 
the Minimum 
Monthly 
Payment)

Notify Us

Minimum Payment so that it reaches us by or before 

the time and Due Date on your Bill.

Refer  to  Section  7  of  the  Agreement  for  the 

definition and calculation of the Minimum Payment. 

We  also  list  your  Minimum  Payment  amount  on 

your Bill.

Call  us  at  the  phone  number  provided  on  your 

Bill or the back of your Card, or write to us at the 

appropriate  address  indicated  on  your  Bill  (note 

there are multiple addresses on your Bill and you 

must  choose  the  address  appropriate  to  your 

reason for contacting us).

Prime Rate

This  is  the  U.S.  Prime  Rate  published  in  the 

Wall  Street  Journal.  If  the  Wall  Street  Journal  no 

longer publishes a prime rate, we will use a similar 

published rate that we choose.

24

25

Default

You are in Default on the Account if: 

1.  You  do  not  make  at 

least 

the  Minimum  

    Payment when it is due; or 

2. You have exceeded one or more of your credit  

    limits; or 

    processed; or 

    information; or 

    Agreement; or 

3.  A  payment  you  make  is  rejected  or  cannot  be  

4.  You  provide  us  false,  misleading,  or  fraudulent  

5.  You  fail  to  comply  with  any  term  of  the  

6.  You  are  bankrupt,  or  insolvency  proceedings  

    are filed against you; or 

7.  We  believe  you  may  be  unwilling  or  unable  to  

    pay your debts on time; or 

8.  You  die  or  are  legally  declared  incompetent  or  

    incapacitated; or 

9.  We  become  aware  that  you  are  using  your  

    Card for illegal or fraudulent purposes.

Due Date

•  The  Due  Date  is  the  date  by  which  we  must 
receive your payment in order for it to be on time. 

Your Bill lists the Due Date. 

•  Your  Due  Date  will  always  fall  on  the  same 
calendar day of the month. It will be at least 21 
days  from  the  date  that  we  send  you  the  Bill, 
and at least 25 days from the end of your most 

recently ended Billing Period. 

•  To  be  on  time,  we  must  receive  your  payment 
on  or  before  the  Due  Date  and  by  the  time 
stated  on  your  Bill.  If  the  Bill  does  not  state  a 
time, then your payment is on time if we receive 
it by 5 pm on the Due Date. The 5 pm deadline is 
measured in the time zone in which we receive 
the payment, which may not be your time zone. 
If we do not receive or accept payments by mail 
on the Due Date, your payment will be on time 
if it is received by the next day that we accept or 

• 

receive payments by mail.

Foreign 
Transaction

Grace Period

•  A  Foreign  Transaction  is  a  Purchase  and/
or  Cash  Advance  that  you  either  (i)  make  in  a 
foreign  currency,  or  (ii)  make  outside  of  the 
United States or its territories, even if made in 
U.S. dollars. 

•  Transactions  you  initiate  in  the  United  States 
through  the  internet  may  be  considered  made 
outside  the  United  Sates  if  the  merchant 
is  located  outside  of  the  United  Sates,  and 
therefore  may  be  considered  a  Foreign 
Transaction. 

•  Regardless of the above language, Key will not 
treat  as  a  Foreign  Transaction  any  transaction 
that is both (i) made in Canadian dollars or U.S. 
dollars,  and  (ii)  made  with  a  merchant  whose 
business is located in Canada and/or the United 
States or the territories of the United States. 
•  Foreign  Transactions  may  be  assessed  a 
Foreign  Transaction  Fee  as  set  forth  in  the 
Rates and Fees Table. 

•  Mastercard 

International  (“Mastercard”)  will 
convert  foreign  currency  transactions  using 
a  government-mandated  or  wholesale  rate  in 
effect on the processing date (which may differ 
from the rate on the date of your transaction or 
the posting date). The rate used may differ from 
the rate that Mastercard actually receives.

A  Grace  Period  exists  with  respect  to  Purchases 
when  you  do  not  have  to  pay  interest  on  those 
Purchases. See Section 5 of the Agreement which 
explains  how  a  Grace  Period  may  apply  to  your 
Account.

Late Payment

A Late Payment is your failure to make at least the 
Minimum Payment so that it reaches us by or before 
the time and Due Date on your Bill.

Minimum 
Payment 
(also referred 
to by us as 
the Minimum 
Monthly 
Payment)

Notify Us

Prime Rate

Refer  to  Section  7  of  the  Agreement  for  the 
definition and calculation of the Minimum Payment. 
We  also  list  your  Minimum  Payment  amount  on 
your Bill.

Call  us  at  the  phone  number  provided  on  your 
Bill or the back of your Card, or write to us at the 
appropriate  address  indicated  on  your  Bill  (note 
there are multiple addresses on your Bill and you 
must  choose  the  address  appropriate  to  your 
reason for contacting us).

This  is  the  U.S.  Prime  Rate  published  in  the 
Wall  Street  Journal.  If  the  Wall  Street  Journal  no 
longer publishes a prime rate, we will use a similar 
published rate that we choose.

24

25

Protected 
Balances

Purchases

Protected  Balances  are  amounts  owing  on  the 
Account  that  under  law  are  not  subject  to  an 
increase  in  interest  rates  or  fees.  In  general,  a 
protected  balance  includes  any  charge  incurred 
before  or  within  14  days  after  we  send  notice 
of  such  an  increase.  If  you  receive  notice  of  an 
increase in an interest rate, the notice will tell you 
the Charges to which the new rate will apply.

A Purchase is the use of your Card to buy or lease 
products or services. The purchase of cash or cash 
equivalents, like casino chips or lottery tickets, is a 
Cash Advance, not a Purchase.

Returned 
Payment

•  This is a payment that you make to us that is not 

honored by your financial institution. 

Workout 
Arrangement

This  is  a  special  arrangement  between  us  and 

you in which we agree to a temporary reduction in 

applicable  interest  rates  or  fees  in  return  for  your 

agreement to follow a defined payment schedule. 

Any such agreement will be in writing. It may provide 

that upon completion of the workout arrangement 

or upon your failure to comply with the terms of the 

workout arrangement, interest rates and fees may 

increase  up  to  the  same  terms  as  were  in  effect 

before the workout arrangement.

you, your,  
and yours

Any person who applied for the Account and any 

other  person  liable  on  the  Account  by  any  other 

means.

Standard 
Payment 
Instructions

•  Although we do not charge a Returned Payment 
fee, your financial institution may impose fees on 
you for the Returned Payment. 

•  At our discretion, we may re-submit a Returned 

Payment to your financial institution. 

You must pay your credit card Bill in a manner that 
meets all the following conditions: 

1. You must pay in U.S. Dollars; and 

2. You must not pay in cash, unless you pay at one 
of our branches; and 

3. Except for payments made pursuant to (2) above, 
your  payment  must  be  drawn  on  a  U.S.  deposit 
account, or by a cashier’s check drawn on a U.S. 
bank or a foreign bank branch in the U.S.; and 

4. You must not attach any restrictive language to 
your payment; and 

5. You must not pay from a credit account that we 
provide you, such as a check drawn on any credit 
card account that you have with us; and 

6.  If  you  make  payment  in  a  paper  form  (like  a 
check, money order, or cashier’s check), you must 
include  the  payment  coupon  from  your  statement 
OR write your credit card Account number on the 
payment. 

In addition: 

7.  If  we  decide  in  our  discretion  to  accept  a  form 
of  payment  that  does  not  meet  these  Standard 
Payment  Instructions,  we  do  not  waive  our  rights 
to  continue  to  require  payments  that  comply  with 
these instructions; and

8. If we decide in our discretion to accept a payment 
that you make to us in a foreign currency, we will 
choose the conversion rate.

we, us,  
and our

Laurel  Road,  a  brand  of  KeyBank  National 
Association, the issuer of your Account and Cards

26

27

Protected 

Balances

Purchases

Protected  Balances  are  amounts  owing  on  the 
Account  that  under  law  are  not  subject  to  an 
increase  in  interest  rates  or  fees.  In  general,  a 
protected  balance  includes  any  charge  incurred 
before  or  within  14  days  after  we  send  notice 
of  such  an  increase.  If  you  receive  notice  of  an 
increase in an interest rate, the notice will tell you 

the Charges to which the new rate will apply.

A Purchase is the use of your Card to buy or lease 
products or services. The purchase of cash or cash 
equivalents, like casino chips or lottery tickets, is a 

Cash Advance, not a Purchase.

Returned 

Payment

•  This is a payment that you make to us that is not 

honored by your financial institution. 

Workout 
Arrangement

This  is  a  special  arrangement  between  us  and 
you in which we agree to a temporary reduction in 
applicable  interest  rates  or  fees  in  return  for  your 
agreement to follow a defined payment schedule. 
Any such agreement will be in writing. It may provide 
that upon completion of the workout arrangement 
or upon your failure to comply with the terms of the 
workout arrangement, interest rates and fees may 
increase  up  to  the  same  terms  as  were  in  effect 
before the workout arrangement.

you, your,  
and yours

Any person who applied for the Account and any 
other  person  liable  on  the  Account  by  any  other 
means.

Standard 

Payment 

Instructions

•  Although we do not charge a Returned Payment 
fee, your financial institution may impose fees on 

you for the Returned Payment. 

•  At our discretion, we may re-submit a Returned 

Payment to your financial institution. 

You must pay your credit card Bill in a manner that 

meets all the following conditions: 

1. You must pay in U.S. Dollars; and 

2. You must not pay in cash, unless you pay at one 

of our branches; and 

3. Except for payments made pursuant to (2) above, 
your  payment  must  be  drawn  on  a  U.S.  deposit 
account, or by a cashier’s check drawn on a U.S. 

bank or a foreign bank branch in the U.S.; and 

4. You must not attach any restrictive language to 

your payment; and 

5. You must not pay from a credit account that we 
provide you, such as a check drawn on any credit 

card account that you have with us; and 

6.  If  you  make  payment  in  a  paper  form  (like  a 
check, money order, or cashier’s check), you must 
include  the  payment  coupon  from  your  statement 
OR write your credit card Account number on the 

payment. 

In addition: 

7.  If  we  decide  in  our  discretion  to  accept  a  form 
of  payment  that  does  not  meet  these  Standard 
Payment  Instructions,  we  do  not  waive  our  rights 
to  continue  to  require  payments  that  comply  with 

these instructions; and

8. If we decide in our discretion to accept a payment 
that you make to us in a foreign currency, we will 

choose the conversion rate.

we, us,  

and our

Laurel  Road,  a  brand  of  KeyBank  National 
Association, the issuer of your Account and Cards

26

27

Laurel Road is a brand of KeyBank, Member FDIC. ©2021 KeyCorp. 
012021CRQS-15