Credit card providers sometimes include a copy of the 'general conditions'
-- typically a small leaflet -- of their credit card when they post customers
a paper copy of their monthly statement.
(Pictured: A copy of the general conditions of a credit card; Royal Bank
So, what information is typically included in a copy of the 'general conditions'
of a credit card? The following information is usually to be found:
- Cards: Will provide information about how the card is issued (sent to
the customer), the PIN number for the card, and how keep security details
- Card transactions: Will explain foreign currency transactions, credit
limits, money transfers on the Internet, balance transfers, and recurring
- Charges and tax: Will usually direct the customer to check the Charges
Tariff leaflet (sometimes sent each month with the general conditions leaflet).
- Statements: Will explain how monthly statements can be sent to the card
owner, either through the postal service, or digitally (email, Internet).
- Lost or stolen cards: Explains the procedure for dealing with a lost or
stolen card, providing a telephone number to send in a report.
- Payments: Explains how payments are applied to an account, such as minimum
contractual payments, installment plan fees, and if a payment exceeds the
- Ending or restricting the use of a card: The action a card provider will
take if they believe a customer has broken the credit card agreement they
- Changes to a credit card agreement: The card provider will explain the
changes they can make to the credit card agreement as they see fit; such
as changing the interest rate.
- Contact details and communication: Will explain how the card provider
will contact the card owner -- post, email (Internet), secure messages via
Internet banking, mobile apps, text messages etc.
- Disclosure of information: The card provider will explain how they may
give information about the card owner when transferring the debt (balance)
of the account.
- Waiver: Explains how the card owner may waive their rights at one time,
but may not waive their rights in the future.
- Customer information: Provides information about how the card provider
collects and processes financial and personal information about the card
- Installment plans: Will explain how an installment plan can be offered
to customers -- to pay off big transactions -- and how the installment plan
will be managed.
- Regulatory and governing law information: Options the card owner has to
make complaints, such as the Financial Ombudsman, the Financial Conduct
Authority and the European Commission's online dispute resolution platform.
- How to contact the card provider: the customer services telephone number
and postal address will be provided.
While the 'general conditions' leaflet -- provided by credit card providers
-- will differ via each financial institution, it will typically include the
information listed above, because the leaflet is aiming to give a general
overview of how to use and manage a credit card. While the information may
be technical in places, it is usually a fairly easy read, and gives a good
summary that new card owner would benefit from acquainting themselves with.