Chase Credit Card Adequate Explanation

Key Points About Your Credit Agreement

Is the Chase credit card right for you?

• We want you to be sure that this credit card meets your needs before you get one. Please consider the Pre-Contract Credit Information we've provided, and the points set out below.
• If you'd like any more information or have any questions about the agreement, you can contact us via the Chase app anytime or call us on 0800 376 3333.

What should you know about the Chase Credit Card?

• You can use the account up to the credit limit to make a purchase, withdraw cash or make a cash-related payment.
• The Chase credit card doesn’t offer a balance transfer option at the moment.
• The Chase credit card is only available to Chase UK current account holders. You will need to keep your Chase current account open whilst you have a Chase credit card account. Payments must be made to your Chase credit card from your Chase current account.
• Different interest rates apply to different transactions you might make and charges may also apply, including default charges (where you’ve broken the agreement).  There is no interest-free period for cash withdrawals. We don’t charge interest on default charges. All interest rates and charges are set out in your Agreement.
• We can change interest rates and charges. We may, for example, need to increase rates due to the risk of lending to you. We’ll tell you about any change and how it will affect you at least 30 days before we make the change, unless the change isn’t to your disadvantage, in which case we’ll let you know at least 7 days before the change. If you don't want to accept an interest rate increase, you can close the account and pay off the amount you owe at the unchanged rate – if you tell us within 60 days of us notifying you about the change.
• If you’re eligible for an introductory or promotional rate on purchases, the interest-free or reduced-interest period will last for the period and at the rate set out in your Agreement, after which the standard rate will apply. You’ll lose any introductory or promotional rate if you’re late making your minimum payment in any month or go over your credit limit.
• We’ll give you a statement each month showing the minimum payment you’ll need to pay that month.  But we may not give you a statement if you don’t need to make a payment.

How we work out the amount of your minimum payment:

It’ll be the highest amount from the two options below:

• Rounded up to the nearest pound, the total amount of:
• interest added to the account since your last statement; plus
• any fees and charges added to the account; plus 
• 2.5% of the rest of the amount you owe (excluding any transactions we are investigating).
• £5.

The amount you owe will be shown in your monthly statement. If you owe less than £5 you’ll need to pay the full amount. So, if you owe £3.50, that’ll be your minimum payment.

• If you don’t make your minimum payment on time or go over your credit limit, the total cost of your borrowing will increase. You also might incur default charges, as well as additional interest for late payments, missed payments or under payments. Unless you have a 0% promotional rate of interest, it will take longer to pay off your outstanding balance and will cost you more if you only make your minimum payment each month.
• In addition, if you repeatedly fail to pay minimum payments on time or go over your credit limit, we can take action that could have serious consequences for you.  For example, we may:
  • require that you repay the amount you owe immediately:
  • disclose information about you and the way you’ve used your account to credit reference agencies (which may make it more difficult or expensive for you to borrow in future);
  • restrict access to credit on the account or other accounts you have with us;
  • take legal action to recover what you owe us (which could include asking a court to order that, if a property you own is sold for any reason, some of the sale proceeds are used to repay the amount and that you pay our legal costs); and
  • require you to pay our reasonable costs and expenses for taking action to obtain payment, including legal costs.
• The account may not be right for you if you want more certainty about the amount you borrow or repay. Depending how you use the account, there may be cheaper ways to borrow – for example, if you intend to borrow a large amount and repay it over a long period.

What can you do if you change your mind?

• You can withdraw from this agreement (without giving any reason) by giving us written notice or calling within 14 days, starting from the day after your account is opened.
• You must repay the amount you have borrowed within 30 days, starting the day after you tell us that you want to withdraw, with interest at the relevant rate or rates up to the date you repay. If you ask us, we can tell you how much interest is payable per day. You can repay through the Chase App or by calling 0800 376 3333.