Skip to content
BOL Conferences
Thread Options
#2232694 - 03/10/20 03:42 PM Credit Card Annual Fee-Set Month to Charge
Likes to Comply Offline
Diamond Poster
Joined: Nov 2008
Posts: 1,107
In the mountains
I won't get in to the particulars of why management is seeking to do what follows in the example, but just need to know if there is any compliance issue in doing so as long as it is clearly disclosed.

The annual fee charged for the credit card is $25. The annual fee is charged at the time the credit card is opened by prorating the cost through November. Then the annual fee is always assessed in December of each year for the life of the card.

So if I get the card in November, I will pay $2.08 prorated annual fee, then in the next month I will pay $25, then $25 annually in December thereafter.

Is it ok to do this?
_________________________
Always learning something new...

Return to Top
Lending Compliance
#2232696 - 03/10/20 03:47 PM Re: Credit Card Annual Fee-Set Month to Charge Likes to Comply
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
As long as it is properly disclosed - sure.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z