82ad790e_and_Merchant_Services_Glossary__Definition
[Term] Card Member agreement [Definition] 
The card member agreement provides the terms and conditions of a credit card account. Federal law as a consumer disclosure requires this agreement. It also represents a binding agreement between card issuers and their customers. It must include the annual percentage rate, the monthly minimum payment formula, annual fees and dispute resolution processes. Changes in the cardholder agreement can be made, with written advance notice, at any time by the issuer. Cardholders have the right to cancel their cards if they do not accept such changes in terms, and pay off existing balances under the previous account terms in such instances.
Credit Card Processing and Merchant Services Glossary
Definition