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Cardmember Agreement FAQs

  • Cardmember Agreement FAQs

    Full details can be found in your Cardmember Agreement that was mailed with your card.

     

    How do I request a copy of my Cardmember Agreement?

    1. Log in to Online Banking.
    2. Select your credit card account.
    3. Click “Request a Cardmember Agreement” on the left under “Take Action.”
    4. Follow the instructions to submit your request.

    Or call Cardmember Service with the number on the back of your card.

    Your Agreement will be mailed to you within 7-10 business days.

    Can I view an example of a Cardmember Agreement?

    You can view examples of Cardmember Agreements here. For your card’s specific details, please review the Cardmember Agreement mailed with your card.

    What do I have to pay and when?

    We will send your monthly billing statement to the address listed on your account. You agree to pay all authorized transactions on the bill, including interest and fees. You agree to pay us for all transactions that we allow over your credit limit. You must pay at least the minimum payment by the due date stated on each bill.

    How is the minimum payment due calculated?

    Personal Cards:
    Your minimum due is 1% of your Statement Balance or $30 (whichever is greater) + Late Fee + Account Fees + Interest Charges + any amount over the Credit Limit/Revolve Line of Credit. Account Fees could include an annual fee among other account fees. If the resulting Minimum Payment is greater than $30, the total is then rounded to the next highest dollar not to exceed the New Balance.

    Business Cards:
    Your minimum due is 1% of your Statement Balance or $10 (whichever is greater) + Late Fee + Account Fees + Interest Charges + an amount over the Credit Limit. Account Fees could include an annual fee among other account fees. If the resulting Minimum Payment is greater than $10, the total is then rounded to the next highest dollar not to exceed the New Balance.

    Business Charge Card:
    This type of card requires that the total balance be paid each month by the due date.

    Company & Community Credit Cards:
    Please refer to your Cardmember Agreement or call our Cardmember Service team.

    How are payments applied to balances?

    Personal Cards:
    For personal cards, we apply the minimum payment to balances with the lowest APR (Annual Percentage Rate) first and any amount above the minimum payment is applied in the order of highest to lowest APR balances.

    Business Cards:
    For business cards, we apply payments to balances with the lowest APRs (Annual Percentage Rates) first before balances with higher APRs.

    If you have any questions, please review your Cardmember Agreement or call Cardmember Service.

    What if I pay late?

    If you don’t pay at least the minimum payment by the due date, you’ll be charged a late payment fee. In addition, you will be in default and you may be subject to interest rate increases.

    How is interested calculated?

    We calculate interest using the daily balance method with compounding. This means that interest compounds daily.

    You have a 24- to 30-day interest-free period for Purchases provided you have paid your previous balance in full by the Payment Due Date shown on your monthly billing statement. In order to avoid additional INTEREST CHARGES on Purchases, you must pay your new balance in full by the Payment Due Date shown on the front of your monthly billing statement. There is no interest-free period for transactions that post to the Account as Advances or Balance Transfers except as provided in any Offer Materials. Those transactions are subject to interest from the date they post to the Account until the date they are paid in full.

    What types of charges could I see and what is the cost to me?

    You may use your card for purchases, cash advances, or balance transfers. Each type of charge will have its own balance. Each balance may have a separate interest rate. See your Cardmember Agreement for your account rate information or contact Cardmember Service.

    Examples of Charges:  
    APR Interest Rate on Purchases Prime Rate + XX%
    APR Interest Rate on Balance Transfers Prime Rate + XX%
    Balance Transfer Fee (per transaction) Up to 4% depending on credit card program and offer
    APR Interest Rate on Cash Advances Prime Rate + XX%
    Cash Advance Fee (per transaction) Up to 5% depending on credit card program and offer
    APR Penalty Interest Rate Prime Rate + XX%
    Minimum Interest Charge Not less than $2 (if you are charged interest)
    Foreign Transaction Fee Varies by product

    Introductory Interest Rates are disclosed within your Cardmember Agreement.

    Examples of common fees:
    Annual Fee (if applicable on your account)
    Late Payment Fee
    Overlimit Fee
    Returned Payment Fee

    APR equals Annual Percentage Rate:
    Your APRs are variable. They increase or decrease with the prime rate. Each billing period, we apply APRs based on the prime rate published the day before the end of that billing period. To determine your APRs, we add the Prime Rate to a pre-determined percentage. There are different percentages for purchases, balance transfers and cash advances. These percentages vary by card program and are based on each customer’s credit risk. Prime Rate is the annual percentage rate determined by the Federal Reserve Board as the annual percentage rate charged to ‘financial institutions’ to borrow Federal Reserve money. The Federal Reserve Board can change the ‘Prime Rate’ at any time.

    For example, if the current Prime Rate is 3.25% and your APR for purchases is Prime Rate + 11.9%, then your APR would be 15.24%.

    See your Cardmember Agreement for full detailed information related to fees and interest.

    Can U.S. Bank change the Cardmember Agreement?

    We can change some of your rates and other terms in accordance with the law. This table shows some examples of possible changes we can make to your account.

    cardmember agreement chart

    How are billing and other disputes handled?

    If your bill has an error or a transaction you did not authorize, please notify us right away. You have up to 60 days from when the billing statement was mailed to you to notify us. Notification instruction can always be found on your statement. If we find no error after investigating the transaction, you will owe us the original amount plus applicable interest and fees. The Billing Rights Notice in your Cardmember Agreement further explains your rights.

    Learn More

    What is the privacy policy?

    We respect your privacy and safeguard your information. The U.S. Bancorp family of financial service providers pledges to protect your privacy by adhering to the practices described in our Privacy Pledge. This pledge includes what information we collect, how we safeguard that information, how we use it and what information we may share with our affiliates.

    Learn More

    What are some common financial terms?

    Please review our Glossary of Financial Terms to see the definitions for common credit card terminology.