Limitations on increasing annual percentage rates, fees, and charges.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) (i) Prior to the commencement of that period, the card issuer disclosed in writing to the consumer, in a clear and conspicuous manner, the length of the period and the annual percentage rate, fee, or charge that would apply after expiration of the period; and (ii) Upon expiration of the specified period: (A) The card issuer must not apply an annual percentage rate, fee, or charge to transactions that occurred prior to the period that exceeds the annual percentage rate, fee, or charge that applied to those transactions prior to the period; (B) If the disclosures required by paragraph (b)(1)(i) of this section are provided pursuant to § 226.9(c), the card issuer must not apply an annual percentage rate, fee, or charge to transactions that occurred within 14 days after provision of the notice that exceeds the annual percentage rate, fee, or charge that applied to that category of transactions prior to provision of the notice; and (C) The card issuer must not apply an annual percentage rate, fee, or charge to transactions that occurred during the period that exceeds the increased annual percentage rate, fee, or charge (2) (i) The annual percentage rate varies according to an index that is not under the card issuer's control and is available to the general public; and (ii) The increase in the annual percentage rate is due to an increase in the index. (3) (i) If a card issuer discloses an increased annual percentage rate, fee, or charge pursuant to § 226.9(b), the card

official document · source cfr-2024 · id 12:§ 226.55