Report of Terms of Credit Card Plans

FR 2572
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REPORT OF TERMS OF CREDIT CARD PLANS—INSTRUCTIONS
Public reporting burden for this collection of information is estimated to average 15 minutes per response, including the time to gather and maintain data
in the required form and to review instructions and complete the information
collection. Send comments regarding this burden estimate or any other aspect
of this collection of information, including suggestions for reducing this burden,
to Consumer Financial Protection Bureau (Attention: PRA Office), 1700 G
Street, NW, Washington, DC 20552 and to the Office of Management and
Budget, Paperwork Reduction Project (3170-0001), Washington, DC
20503.
The Consumer Financial Protection Bureau may not conduct or sponsor,
and an organization (or a person) is not required to respond to, a
collection of information unless it displays a currently valid OMB control
number.
PURPOSE OF THE REPORT
This report collects information needed by the Consumer Financial
Protection Bureau to prepare a semiannual publication on the terms of
credit card plans as man- dated by the Fair Credit and Charge Card
Disclosure Act of 1988.

GENERAL INSTRUCTIONS
Report information on the pricing and terms of only one consumer credit card
plan offered by your institution. The plan must be a third-party plan, such as
Visa, MasterCard, Discover, or Optima. Do not report information on a specific
retail store card plan. Use the third-party plan that had the largest number of
cards outstanding AND that was available to new customers as of the report
date. If your largest plan is an affinity group plan, you may report information
on that plan, OR you may report on the largest plan made available to the
general public (such as Visa or MasterCard that does not require an affinity
relationship).
The information request in this report is virtually identical to the information
that must be shown in credit card applications and solicitations as a result of
amendments to the Federal Reserve Board's Regulation Z (Truth in Lending)
adopted March 30, 1989, and effective April 3, 1989.
Data must be reported twice a year, as of January 31 and July 31. Completed
report forms must be sent to the Consumer Financial Protection Bureau no
later than ten business days following the report date. Information from
this survey will be made available to the public.

Rates reported should be annual percentage rates as shown in your credit card
disclosures and as specified by Regulation Z. All rates should be reported as
percentages rounded to two decimal places; for example, report 10 percent as

expressed as an annual rate, that is used to compute finance charges for
purchases. If the credit card has a variable rate, indicate the rate in effect as
of the report date in Column A and complete Columns M–O as applicable.

10.00, report 10-1/2 percent as 10.50 and report 10-7/8 percent as 10.88.
Dollar amounts should be reported as dollars and cents; for example, enter
ten dollars as 10.00, and enter fifty cents as 0.50.
Ancillary fees described in Lines 56 through Lines 58 should be reported
only as minimum charges. See examples of how to determine minimum fees
following instructions for Line 58.
Print the name of your financial institution on the top left hand portion of each
page of this report.
Questions regarding how to complete this form should be directed to the
Consumer Financial Protection Bureau.

If only one APR applies to the entire outstanding balance, regardless of the
size of the balance, complete only Column A and do not complete Columns
B–L.
If the credit card plan has tiered rates (that is, if different APRs apply to different levels of outstanding balance), indicate the APR for the first tier (the
lowest balance tier) in Column A and report the corresponding balance range
in Columns B and C, showing dollars and cents.
If the credit card plan has more than one APR because customers are segmented by their payment or usage practices, report the rate a new customer
would be offered. When a range of APRs exist for new customers the midpoint of the highest and lowest range should be reported. For example, if a
bank's APRs for new customers range from 16.99% to 28.99%, Column A
would be reported as 22.99%.

SPECIFIC INSTRUCTIONS
Line 1. Name of credit card plan. Report the name of the third party credit
card plan (such as Visa, MasterCard, Discover, Optima) with the largest
number of outstanding cards. (Limit to 36 characters.)
Line 2. Availability of credit card plan. Indicate, using the appropriate code,
whether the credit card plan is offered to consumers either nationally (all 50
states and the District of Columbia), regionally (more than one state but not
nationally), or only in one state.
Lines 3–55. Credit card plan information by state. If identical terms are
offered nationally (all 50 states and the District of Columbia), enter terms
on Line 3 only. If the card is offered nationally, but with different terms in a
few states, enter the “most common terms” in Line 3 and enter the specific
terms by state where they differ from the “most common.” If identical terms
are offered regionally, enter terms on Line 4 and put an “X” to the right of the
names of all states in which the plan is offered. If the card is regional but with
different terms in a few states, enter the “most common terms” in Line 4, put
an “X” to the right of the names of the states where those terms apply, and
enter the specific terms by state where they differ from the “most common.”
If the plan is offered only in one state, indicate terms on the appropriate
state line.
Columns A–C. Annual percentage rate (APR). Report the periodic rate,

If the credit card plan has an introductory interest rate that is only available
for a limited time, you may report the fact that you offer such an introductory
rate as a feature of your plan on line 60. Do not report the introductory rate
itself. Instead, report in column A the APR that would have been applied using the current index value for variable rate plans or the usual APR for fixed
rate plans.
Columns D–F. Terms for second tier of outstanding balance. If the credit
card plan has tiered rates, indicate the APR for the second tier in Column D
and report the corresponding balance range in Columns E and F, showing
dollars and cents. If there is no third tier, do not complete Column F.
Columns G–I. Terms for third tier of outstanding balance. If the plan has
a separate APR for a third balance tier, indicate the APR in Column G and
report the corresponding balance range in Columns H and I, showing dollars
and cents. If there is no fourth tier, do not complete Column I.
Columns J–L. Terms for fourth tier of outstanding balance. If the
plan has a separate APR for the fourth balance tier, indicate the
APR in Column J and report the corresponding balance range in
Columns K and L, showing dollars and cents. If there is no fifth tier, do
not complete Column L.
NOTE: Do not report information on fifth or higher balance tiers.

FR 2572
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REPORT OF TERMS OF CREDIT CARD PLANS—INSTRUCTIONS—Continued
Column M. Variable rate index. If the credit card plan has a variable rate,
enter the corresponding number below of the index used to set the rate:
1
2
3
4
5
6
7
8
9

= Prime
= One-month T-bill
= Three-month T-bill
= Six-month T-bill
= One-year T-bill
= Fed funds
= Cost of Funds
= Federal Reserve Discount Rate
= Other

Columns T–U. Minimum finance charge. Report the minimum or
fixed finance charge that could be imposed during a billing cycle. If the
charge is a dollar amount, indicate the amount in Column T. If the charge is a
percentage of the balance, indicate the percentage (rounded to two
decimal places) in Column U. If both, report both.
Note: For most institutions, the minimum finance charge is a dollar amount
only, usually less than $1.00, and there is no additional percentage charge.
In such a case, report the dollar amount, rounded to the nearest cent (for
example, report fifty cents as 0.50), and do not enter anything in Column U.
Do not report the APR in Column U.
Ancillary Fees

Column N. Variable rate margin. Indicate the margin or spread in percentage points used to determine the finance rate. Percentage points should be
rounded to two decimal places. When a range of margins exist the midpoint
of that range should be reported. For example, if a bank's rate margins range
from 5.99% to 12.99%, Column N would be reported as 9.49%.
Column O. Variable rate multiple. If the finance rate is derived from a multiple
of the index, report the multiple used. Multiple fractions should be rounded to
two decimal places; for example, report a multiple of 1-1/2 as 1.50.
Note: If both a margin and a multiple of the index are used to determine the
finance rate, report both.
Column P. Annual fee (membership fee). The annual charge or other periodic fee, expressed as an annualized amount, that may be imposed for the
issuance or availability of the credit card, including any fee based on account
activity or inactivity.
Column Q. Grace period. The period of time from the end of the billing
cycle in which credit extended for purchases during that billing cycle may
be repaid without incurring a finance charge. If no grace period
exists, enter zero. A one-month grace period should be reported
as
30 days.
Columns R–S. Transaction fee for purchases. Report the transaction fee
imposed for each use of the card for purchases. If the fee is a dollar amount,
indicate the amount in Column R. If it is a percentage of the purchase price,
indicate the percentage (rounded to two decimal places) in Column S. If both,
report both.

Line 56. Transaction fee for cash advances. Report the transaction fee
imposed for an extension of credit for a cash advance. If this fee is uniform
over the plan's region, report on Lines 56.A and 56.B. If the fee is a fixed dollar
amount, report the minimum amount showing dollars and cents on Line 56.A.
If it is a percentage of the cash advanced, indicate the percentage (rounded to
two decimal places) on Line 56.B. If both, report the minimum dollar amount
and the percentage of the cash advance on Lines 56.A and 56.B.
If this fee varies over the plan's region, report the range of fees (minimum
and maximum values) charged on Lines 56.C and 56.E and Lines 56.D and
56.F, in the same manner as described above.
Line 57. Late payment fee. Report the fee imposed for a late payment. If
this fee is uniform over the plan's region, report on Lines 57.A and 57.B. If the
fee is a fixed dollar amount, report the minimum amount showing dollars and
cents on Line 57.A. If it is a percentage of the outstanding amount, indicate
the percentage (rounded to two decimal places) on Line 57.B. If both, report
the minimum dollar amount and the percentage of the delinquent balance on
Lines 57.A and 57.B.
If this fee varies over the plan's region, report the range of fees (minimum
and maximum values) charged on Lines 57.C and 57.E and Lines 57.D and
57.F, in the same manner as described above.
Line 58. Over the credit limit fee. Report the fee imposed for exceeding a
credit limit. If this fee is uniform over the plan's region, report on Lines 58.A
and 58.B. If the fee is a fixed dollar amount, report the minimum amount
showing dollars and cents on Line 58.A. If it is a percentage of the amount
over the credit limit, indicate the percentage (rounded to two decimal places)

on Line 58.B. If both, report the minimum dollar amount and the percentage
over the credit limit on Lines 58.A and 58.B.
If this fee varies over the plan's region, report the range of fees (minimum
and maximum values) charged on Lines 58.C and 58.E and Lines 58.D and
58.F, in the same manner as described above.
Examples of how to report ancillary fees:
•
For each cash advance transaction, the institution charges a fee of $5
plus 5 percent of the advance, or a minimum of $10, whichever is greater.
The fee is uniform across the plan’s region. Report the minimum, $10, on
Line 56 A.
•

For each late payment, the institution charges a fee of 5 percent of the
outstanding amount, or a minimum of $2, whichever is greater. The fee is
uniform across the plan’s region. Report the minimum, $2, on Line 57 A.

•

For each transaction that exceeds the credit limit, the institution charges
a fee of $5 plus 5 percent of the amount exceeding the limit, up to a maximum of 10 dollars. The fee is uniform across the plan’s region. Report the
minimum, $5 plus 5 percent on Line 58 A and Line 58 B, respectively.

•

For each cash advance transaction, an institution charges a fee of 2 percent of the advance, up to a maximum of $10, but no minimum fee exists.
The fee is uniform across the plan’s region. Report as the minimum fee,
2 percent, on Line 56 A.

Line 59. Balance computation method. Report the computation method
used to determine the balance on which the finance charge is computed for
purchases. The following are names and descriptions of the most common
balance computation methods. If your financial institution uses one of these
methods, simply enter the appropriate code number. Otherwise, provide a
short explanation of the method used.
Code Name of Balance Computation
1. Average daily balance including new purchases. Calculated by adding
the outstanding balance (including new purchases and deducting payments
and credits) for each day in the billing cycle, and then dividing by the number
of days in the billing cycle.
2. Average daily balance excluding new purchases. Calculated as
in Method 1, except new purchases are excluded.

REPORT OF TERMS OF CREDIT CARD PLANS—INSTRUCTIONS—Continued
3. Two-cycle average daily balance including new purchases. The sum
of the average daily balances for two billing cycles. The first balance is for
the current billing cycle, and is figured by adding the outstanding balance
(including new purchases and deducting payments and credits) for
each day in the billing cycle, and then dividing by the number of days in the
billing cycle. The second balance is for the preceding billing cycle and is
figured in the same way as the first balance.
4. Two-cycle average daily balance excluding new purchases. Calculated
as in Method 3, except new purchases are excluded.
5. Adjusted balance. Calculated by deducting payments and credits made
during the billing cycle from the outstanding balance at the beginning of the
billing cycle.
6. Previous balance. The outstanding balance at the beginning of the billing
cycle.
7. Other. If “other” is selected, provide a brief explanation of the method
used. (Limit to 752 characters).
Line 60. Credit card plan enhancements. (The reporting of this item is
optional). Indicate by ’X” each of the credit card plan enhancements listed
that are automatically provided to card holders “free of charge,” that is,
without any explicit charge to the consumer. If the credit card plan offers
enhancements “free of charge” that are not listed, indicate by ”X” in the
“other” line, but do not specify what these are.
Line 61. Name and address to obtain credit card application. Provide the
name of the financial institution and the mailing address a consumer would use
to obtain a credit card application. (Limit to 288 characters).
Line 62. Telephone number for consumers with questions about credit
card rates and terms. Indicate the telephone number consumers may call
with questions about your credit card plan. A toll-free number is requested
if available. (Limit to 10 characters, enter only numbers).

FR 2572
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