Retail Installment Agreement Revolving Accounts Plan for  
Visa Secured of Banco Popular 

Interest Rates and Interest Charges 

Annual Percentage Rate (APR) for 
Purchases 

1.99% introductory APR1 for the first 6 months.  

After that, your Standard APR will be from 22.74%.  This APR will vary with the market 
based on the Prime Rate. 

APR for Balance Transfers 

0% introductory APR1 and 0 payment from the transfer date for 12 months and $0 balance transfer 
       fee. Applies to transfers made within the first 90 days from account opening. Requires 
       cancellation of the credit card from which the balance is transferred.   

After that, your Standard APR will be from 22.74%. This APR will vary with the market based 
on the Prime Rate. 

APR for Cash Advances 

24.24% 

This Standard APR will vary with the market based on the Prime Rate. 

Penalty APR and When it Applies 

29.99%2 

This APR may be applied to your account if you miss a required minimum payment for a period 
of sixty (60) consecutive days from its due date. 

How Long Will the Penalty APR Apply?: If your APRs are increased for this reason, the 
Penalty Rate will remain in effect until the account becomes current and 6 consecutive required 
minimum payments are received on or before the payment due date. 

Your payment due date is at least 25 days after the close of each billing cycle.  Interest 
charges will not be imposed on purchases on those billing cycles where the New Balance is 
paid in full on or before the payment due date for two consecutive billing cycles, or if the only 
balance owed relates to offers that specify that is not required to pay the balance in full for a 
determined specific period of time.  If you do not pay the New Balance in full on or before the 
payment due date for two consecutive billing cycles, you will not obtain a grace period on 
purchases.  Interest on cash advances, balance transfers to other institutions and convenience 
checks will be calculated from the date that the transaction occurred. 
To learn more about factors to consider when applying for or using a credit card, visit the 
website of the Consumer Financial Protection Bureau at 
http://www.consumerfinance.gov/learnmore 

$40 Annual Fee 
$10 Additional Card Fee (if applicable) 

2% of the amount of each transaction (minimum $2; maximum $10) 

2% of the amount of each transfer (minimum $2; maximum $10) 

Paying Interest 

For Credit Card Tips from the  
Consumer Financial Protection 
Bureau 

Fees 

Annual Fee 

Transaction Fees 

   •  Cash Advances and  
       Convenience Checks 
   •  Balance Transfers 

   •  Foreign Transaction 

1% of each transaction in U.S. dollars for Visa 

Penalty Fees 
   •  Returned Payment 

   •  Late Payment 

Up to $10 

Up to $35 

How We Will Calculate Your Balance:  We use a method called "average daily balance (including new purchases)". Please refer to your 
Agreement for more details. 

Loss of Introductory APR:  We may end your introductory APR and apply the Purchases Standard APR if you close your account or if 
you miss a payment. 
Billing Rights:  Information on your rights to dispute transactions and how to exercise those rights is provided in your account agreement.  

1 The corresponding Daily Periodic Rate for the Introductory APR is 0.0055%. 
2 The corresponding Daily Periodic Rate for the Penalty APR is 0.0822% 

ACCOUNT 
Taking into consideration the credit granted by Banco Popular of Puerto Rico (Bank) under this account, you (meaning each person 
who signs this Agreement as purchaser) bind yourself to pay to the Bank the total price of all purchases and cash advances (includes 
balance transfers from other institutions and convenience checks) made on this account, as well as the INTEREST CHARGES agreed 
upon  under  the  terms  and  conditions  of  this  Agreement.  The  card  may  be  used  to  purchase  merchandise  and  services  in  those 
establishments where the Card is accepted, and to obtain cash advances from the Bank or any other bank that accepts the Cards, 
subject to the limits established from time to time by the Bank.  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CREDIT LIMIT 
You agree that the Bank will establish the maximum amount that can be deposited in the Collateral Account. The purchases and cash 
advances that you charge to this revolving account as defined under this Agreement, shall, at no time, exceed the amount deposited in 
your Collateral Account which, at the same time, will be your credit limit. Upon receipt of your Card, you will be informed of your credit 
limit which will appear in each monthly Account Statement as defined herein. You agree that the Bank may, from time to time, change 
the maximum amount that can be deposited in the Collateral Account, or your credit limit. Should you exceed your credit limit; the Bank 
will  have  the  right  to  cancel  the  Card,  require  its  return  or  forfeit  the  Card,  close  the  account  and  collect  the  balance  due  in  your 
revolving account against the amount deposited in your Collateral Account. Any amount due, in excess of your authorized credit limit, 
shall be payable immediately. Your minimum payment shall include all excess over your authorized credit limit. Any amount deposited 
in the Collateral Account in excess of the maximum that, from time to time, the Bank may establish for said deposits, will be reimbursed 
within 45 days from the date on which the change became effective. The Bank may approve purchases or cash advances which cause 
the balance to exceed your credit limit without waiving any of its rights under this Agreement. 

INTEREST CHARGES APPLICABLE 
The  INTEREST  CHARGES  will  be  computed  on  the  principal  balance  only.  You  will  pay  a  monthly  INTEREST  CHARGE  on  the 
balance of your account for the billing period. This INTEREST CHARGE will be variable and can change for each billing period. The 
INTEREST CHARGE for purchases, balance transfers from other institutions and convenience checks will be determined by adding the 
value  of  the  United  States  Prime  Rate,  published  in  The  Wall  Street  Journal  (Prime  Rate)  to  a  margin.  This  is  equivalent  to  the 
STANDARD  ANNUAL  PERCENTAGE  RATE  (Standard  APR).  The  Standard  APR  for Purchases  and  Balance  Transfers  from  other 
institutions will be 22.74% with a corresponding Daily Periodic Rate of 0.0623%. The Standard APR for Cash Advances will be 24.24% 
with a corresponding Daily Periodic Rate of 0.0664%. To determine the corresponding Daily Periodic Rate, the Standard APR must be 
divided by 365 and rounded up not exceeding the limits allowed by law. For each billing period, the INTEREST CHARGE and the APR 
will be based on the Prime Rate current three business days prior to your account statement closing date. In the event that The Wall 
Street Journal is not published within any time period, the “LA TIMES” will be used as reference. An increase of the Prime Rate could 
represent an increase in the Standard APR and in the minimum monthly payment. Any change in your INTEREST CHARGE will apply 
to  the  Balance  in  your  account  and  to  new  transactions  during  the  billing  period.    The  INTEREST  CHARGE  is  determined  by 
multiplying the Average Daily Balance by the Daily Periodic Rate and by the number of days in the billing cycle. The Average Daily 
Balance is obtained by taking into account the initial balance for each day of the billing period, subtracting the payments and credits, 
and adding the purchases. Then all the daily balances within the billing period are added and the said total is divided by the number of 
days included within the billing period.  

ANNUAL FEE 
If applicable, the Annual Fee will be reflected on your first Account Statement after the first Card is issued and subsequently on each 
anniversary of the issuance of the first Card. Please refer to the section “Annual Fee” in the table included. 

MINIMUM MONTHLY PAYMENT  
The monthly minimum payment will be determined using the Outstanding Balance. In addition, the minimum monthly payment shall 
include the total amount in excess of your authorized credit limit.  For balances from $0.01 to $24.99 the Minimum Payment will be the 
Outstanding Balance.  For Balances of $25 and over the Minimum Payment will  be 2% of the Outstanding Balance or  the Finance 
Charges + $10 or a fixed amount of $25, whichever is higher.   

PAYMENT APPLICATION 
If you pay the required minimum payment of the monthly Account Statement, said payment shall be applied in the following way: first to 
INTEREST  CHARGES and the remaining amount shall be applied first to the debt resulting from purchases and cash advances, with 
the lowest APR and then to the debt with the higher APR in ascending order. Consequently, the debt with the higher APR will not be 
reduced, until the debt with the lower APR is paid in full. If you pay an amount in excess of the minimum required payment the excess 
will be applied to the most onerous debt. Electronic, telephone and mailed payments are credited on the same day if they are received 
by 5:00 p.m. Monday through Friday (excluding holidays).  Mailed payments shall be received at the address indicated on your Account 
Statement, made with a check drawn against the Bank, and accompanied with the payment stub. It will be also processed the same 
date if the payment is made through a Banco Popular branch in Puerto Rico or Virgin Islands during business hours in cash, or by 
check  drawn  against  the  Bank.  Credit  of  other  payments  that  do  not  meet  these  requirements  may  be  delayed  five  business  days 
during which interests will not accrue. 

MONTHLY ACCOUNT STATEMENT 
The Bank shall mail to you a monthly Account Statement at the end of each billing period. In each Account Statement, the following 
entries  will  be  shown,  as  applicable:  new  balance,  minimum  payment  due,  payment  due  date,  credit  limit,  available  credit,  days  in 
billing cycle, Late Payment Warning, Minimum Payment Warning, previous balance, payments, interest charged, fees charged, other 
credits,  debits,  purchases,  balance  transfers  from  other  institutions,  convenience  checks  and  cash  advances  made  within  the  said 
period, year to date totals for fees and interest charged, interest charge calculation by balance type and the Annual Percentage Rate, 
You  must  notify  the  Bank, in writing,  of any error  in the  Account  Statement,  within  sixty (60)  days,  following  the  date on  which the 
statement was mailed. 

FEES 
Currency Conversion Fee- Transactions made in foreign currency will be billed to you in U.S. dollars.  The currency conversion fees for 
international transactions into a U.S. dollar amount will be performed by Visa International (the “Association”) using: a) A rate selected 
by  the  applicable  Association  from  the  range of  rates  available in  wholesale currency markets  for  the  applicable  central  processing 
date. The rate may vary from the rate received by the applicable Association, itself, or b)The government mandated rate in effect for 
the applicable central processing date. The Association will apply a Currency Conversion Fee to the transaction amount for any credit 
card transaction made in a foreign currency.  Please refer to the “Fees” section in the table included. 

CREDIT LINE AVAILABILITY HOLD 
The Bank may apply the Credit Line Availability Hold to your account if your payment is returned due to insufficient funds or returned 
check.  The Hold will delay for a 10 day period the availability on the credit line for an amount equal to the payment made.  The Hold 

 
 
 
 
 
 
 
will be in effect on each billing cycle during the following six (6) billing cycles after the payment reversal event.  Such Hold will apply 
regardless of the payment method. 

INSTALLMENT PLAN 
Installment Plan enables you to perform a cash advance from your credit line allowing you to determine the repayment period for that 
balance.  The amount requested for the Installment Plan will be subject to your credit line availability. This offer is only available for 
repayment terms of twelve (12), twenty-four (24), thirty-six (36), forty-eight (48) or sixty (60) months.  The APR, INTEREST CHARGES 
and  Monthly  Minimum  Payment,  of  your  Installment  Plan  may  vary  for  each  billing  cycle.    The  APR  for  your  Installment  Plan  is 
equivalent to your Standard APR for purchases, which is determined by adding the Prime Rate published in the Wall Street Journal to a 
margin. The minimum monthly payment of your Installment Plan will be included in the minimum monthly payment due of your account 
during the term of your offer. You will be responsible to pay the total minimum monthly payment amount as established in your account 
statement.  The INTEREST CHARGES will be calculated based on Average Daily Balance.  To pay in full your Installment Plan please 
contact the Credit Card Service Department in order to obtain the total balance owed.  Installment Plan is not available for  accounts 
under  Penalty  Rate  and  no  grace  period  applies.    If  you  do  not  comply  with  the  minimum  monthly  payments  of  your  installment 
loan, the Late Fee will apply as established in the Credit Cards Agreement.  The unpaid amount of the Installment Plan in the minimum 
monthly payment requested will be transferred to the Balance Transfers section. If Penalty Pricing applies to your account, the balance 
pertaining to Installment Plan will remain subject to the Purchase Standard APR and the corresponding term of Installment Plan will not 
change. To request an Installment Plan you may contact customer service at 787-758-0505 or 1-800-981-9505. 

NONCOMPLIANCE 
You  will  be  in  default  if  you do  not  pay  an  installment  on time  or  file  for  bankruptcy.  In  the  event  of  noncompliance,  the  Bank  can 
demand immediate payment of the full balance.  If the Bank has to refer collection of the balance to an attorney, you may have to pay 
legal and attorney’s fees, plus court costs and any other fees allowed by law. 

JOINT ACCOUNTS 
You shall be jointly and severally liable for the total payment of the purchases and cash advances made with your Card. The Bank can 
require the appearance and signature of all the purchasers to process certain instructions or requests which include, but are not limited 
to, a (1) request for increase or reduction in the credit limit, (2) the issuance of additional Card, and (3) change of address to which the 
Account Statement of your Cards is mailed. You agree to release and indemnify the Bank of all responsibility due to damages, losses, 
or expenses that arise as a result of any action executed by the Bank in compliance with the instructions given by any of you. 

COLLATERAL ACCOUNT 
The Secured Card requires you to have a deposit as a collateral for this Card.  The Collateral Account will serve as a guarantee for 
whatever debts and liabilities you contract with your Card.  You will deposit an amount that shall be no less than $500 nor greater than 
$5,000.   This  Collateral  Account  does  not  pay  interest.   You  will  be  able  to  make  additional  deposits  up  to  the  maximum  amount 
allowed.  Once the Card is issued, no withdrawals from the Collateral Account will be accepted.  The amount deposited in the Collateral 
Account will be used to settle payment on any debt or liability contracted through the use of the Card in the event of noncompliance, 
with the terms and conditions established hereafter or when same is canceled by you or by the date on which the Card is canceled. 

NOTICE OF ASSIGNMNET 
Through this assignment document you bind yourself to surrender and transfer to the Bank the Collateral Account as a guarantee of 
whatever debts and liabilities are contracted by means the Card.  You authorized the Bank to debit against the Collateral Account any 
amount that may be past due and that may be demanded or required under the terms of the present Agreement, plus interest charges, 
penalties, costs, expenses, disbursements, and legal fees where applicable. 

DENIAL OF CREDIT 
The Bank is not responsible if a purchase or cash advance on your account is not approved either by the Bank or by a third party, even 
if you have sufficient credit available. The Bank may limit the number of purchases or cash advances which may be approved in one 
day. If the Bank detects unusual or suspicious activity on your account, it may temporarily suspend your credit privileges until it can 
verify that the transaction is legitimate.  

LOST OR STOLEN CARDS 
If the Card is lost or stolen, or if you suspect that someone could be using it without your authorization, you must immediately notify the 
Bank and complete and submit those forms or reports that the Bank requires you to. In the event of loss, theft, or possible unauthorized 
use  of  the  Card,  you  will  not  be  responsible  for  these  fraudulent  transactions.  To  notify  the  Bank  of  the  loss,  theft,  or  possible 
unauthorized use of the Card, please call 787-758-0505 or 1-800-981-9505. 

AMENDMENTS 
You agree that the Bank may change the terms contained in this Agreement, on the condition that the Bank gives proper notification in 
writing no less than forty five (45) days prior to the effective date of the amendment and the Bank complies with applicable Laws and 
regulations  in  effect.  If  you  do  not  agree  with  the  amendments  notified  and  desire  to  cancel  the  Agreement,  you  must  notify  your 
decision and will continue to pay the balances owed at the interest rate in effect at the time the changes were notified. 

CANCELLATION 
You may cancel your account at any time by calling the Bank using the following numbers: 787-758-0505 or toll  free at 1-800-981-
9505. The Bank could require written notification and the return of the Card to the Bank, cut in half. The Card is property of the Bank 
and it reserves the right to cancel or suspend your right to use it anytime, with or without cause and without previous notice to you. You 
will  remain  responsible  for  payment  of  any  balance  owed  at  the  time  of  cancellation.  If  at  the  time  of  cancellation  you  have  an 
outstanding balance with a special offer, the regular terms in effect at the time will apply to your outstanding balance. 

MISCELLANEOUS PROVISIONS 
Failure on the part of the Bank to exercise any right under this Agreement shall not constitute a waiver of said rights. If any clause or 
part of a clause of this Agreement is declared null by a Court or is left without effect by legal or regulatory provisions, the rest of the 
provisions in this Agreement will not be affected and shall continue to be in effect. You understand and agree that the Account cannot 

 
 
 
 
 
 
 
 
 
 
be used for commercial purposes. The Bank reserves the right to convert your account, at its discretion, to any other revolving account 
of  the  Bank  at  any  moment,  subject  to  your  meeting  the  established  credit  criteria  for  the  new  account.  You  have  no  obligation  to 
accept this Card, nor will you be held responsible for any charges, unless you choose to accept it. Use of this Card shall constitute its 
acceptance. If you choose not to accept this Card, you should not use it and notify the Bank within fifteen (15) days after receiving this 
Agreement.  To  notify  that  you  do  not  wish  to  accept  this  Card,  please  call  787-758-0505  or  1-800-981-9505.  Life,  disability  or 
involuntary unemployment insurance coverage is optional and is not a requirement or condition to extend credit. This Agreement shall 
be interpreted under the Laws of the Commonwealth of Puerto Rico. 

YOUR BILLING RIGHTS: 
Keep this Document for Future Use.  This notice tells you about your rights and our responsibilities under the Fair Credit 
Billing Act. 

What to Do If You Find a Mistake on Your Statement 
If  you  think  there  is  an  error  on  your  statement,  write  to  us  at:  BANCO  POPULAR  DE  PUERTO  RICO,  División  de  Productos  de 
Tarjetas, PO Box 363228, San Juan, Puerto Rico 00936-3228 or by e-mail: custserv@bppr.com.   

In your letter, give us the following information: 

  Account information: Your name and account number. 
  Dollar amount: The dollar amount of the suspected error. 
  Description of problem: If you think there is an error on your bill, describe what you believe is wrong and why you believe it is a 

mistake. 

You must contact us: 

  Within 60 days after the error appeared on your statement. 
  At least 3 business days before an automated payment is scheduled, if you want to stop payment on the amount you think is 

wrong. 

You must notify us of any potential errors in writing. You may call us, but if you do we are not required to investigate any potential 
errors and you may have to pay the amount in question. 

What Will Happen After We Receive Your Letter 
When we receive your letter, we must do two things: 

1.  Within 30 days of receiving your letter, we must tell you that we received your letter. We will also tell you if we have already 

corrected the error. 

2.  Within 90 days of receiving your letter, we must either correct the error or explain to you why we believe the bill is correct. 

While we investigate whether or not there has been an error: 

  We cannot try to collect the amount in question, or report you as delinquent on that amount. 
  The charge in question may remain on your statement, and we may continue to charge you interest on that amount. 
  While you do not have to pay the amount in question, you are responsible for the remainder of your balance. 
  We can apply any unpaid amount against your credit limit. 

After we finish our investigation, one of two things will happen: 

 
 

If we made a mistake: You will not have to pay the amount in question or any interest or other fees related to that amount. 
If we do not believe there was a mistake: You will have to pay the amount in question, along with applicable interest and fees. 
We will send you a statement of the amount you owe and the date payment is due. We may then report you as delinquent if 
you do not pay the amount we think you owe.  

If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days telling us that you still refuse to 
pay. If you do so, we cannot report you as delinquent without also reporting that you are questioning your bill. We must tell you the 
name of anyone to whom we reported you as delinquent, and we must let those organizations know when the matter has been 
settled between us. If we do not follow all of the rules above, you do not have to pay the first $50 of the amount you question even 
if your bill is correct. 

Your Rights If You Are Dissatisfied With Your Credit Card Purchases 
If you are dissatisfied with the goods or services that you have purchased with your credit card, and you have tried in good  faith to 
correct the problem with the merchant, you may have the right not to pay the remaining amount due on the purchase. To use this right, 
all of the following must be true: 

1.  The purchase must have been made in your home state or within 100 miles of your current mailing address, and the purchase 
price must have been more than $50. (Note: Neither of these are necessary if your purchase was based on an advertisement 
we mailed to you, or if we own the company that sold you the goods or services.) 

2.  You must have used your credit card for the purchase. Purchases made with cash advances from an ATM or with a check that 

accesses your credit card account do not qualify. 
3.  You must not yet have fully paid for the purchase. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If all of the criteria above are met and you are still dissatisfied with the purchase, contact us at custserv@bppr.com or in writing at: 

BANCO POPULAR DE PUERTO RICO 
División de Productos de Tarjetas 
PO BOX 363228  
San Juan, Puerto Rico 00936-3228 

While we investigate, the same rules apply to the disputed amount as discussed above.  After we finish our investigation, we 
will tell you our decision. At that point, if we think you owe an amount and you do not pay, we may report you as delinquent.