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4. You agree to pay a non-refundable annual membership
fee of $15.00 in consideration of the issuance of your
Card and the establishment of your credit limit. The
fee will be added to your purchase balance. The fee
will be effective April 1, 1981. * * *2
CLOSING THE ACCOUNT. Except where specific notice is
required by law, we can close your Account at any time
by phoning you or by writing you at the address shown
on our records. If you want to close your Account, you
must give us notice in writing. * * *
The agreement urges cardholders to read and retain a copy of
the agreement because “when you use your Account, you’ve agreed
to the terms in this agreement.”
The agreement also states that the cardholder may use the
card to buy goods and services wherever the card is honored and
to get cash advances in various ways; that petitioner will send a
periodic statement to the cardholder; that the cardholder should
notify petitioner if the card is lost or stolen; that the
cardholder may be liable for misuse of his or her card up to $50;
that the cardholder has certain rights under the Fair Credit
2 Similarly, petitioner’s cardholder agreement and Truth-in-
Lending Disclosure, effective September 1984, provided in part as
follows:
OTHER CHARGES. * * *
4. You agree to pay a non-refundable annual membership
fee of $15.00 in consideration of the issuance of your
Card and the establishment of your credit limit. The
membership fee will be charged on your Periodic
Statement each year in the month in which you opened
your account. For Commercial Accounts the annual
membership fee will be $36.00.
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Last modified: May 25, 2011