Paul Jacobson

I recently came across a set of terms and conditions applicable to a personal credit card.  When I read through them I was shocked to see what is contained in these documents.  This document contained a provision that stated that the bank in question had the right to close the account, demand repayment of the outstanding balance and return of the credit card as and when it wished.  Furthermore, it also did not have to furnish reasons for this action.

Often people agree to terms like these without even reading them.  It is not sufficient to subsequently claim ignorance if you fall foul of provisions of an agreement you don't feel the need to read at the time.  When I commented on these provisions to a client of mine, she pointed out that customers of the banks and other institutions that use standard terms and conditions often don't have a choice.  If you want a credit card you have to agree to the bank's terms and conditions.  My recommendation is that you take the time to read the fineprint on these documents and at least know where you stand.

Tags: terms and conditions, credit card application, let the buyer beware