Janet Kennedy has received a letter in the mail from BISA International, a credit card firm. The letter describes the card as follows:
"This card is yours for only a small annual fee that is billed to your account. There is an annual percentage rate finance charge of 16.5%. There may be other charges for some transactions. There are no late fees, but there will be a charge for going over your credit limit."

Which of the following statements is true?

Question

Janet Kennedy has received a letter in the mail from BISA International, a credit card firm. The letter describes the card as follows: ​
"This card is yours for only a small annual fee that is billed to your account. There is an annual percentage rate finance charge of 16.5%. There may be other charges for some transactions. There are no late fees, but there will be a charge for going over your credit limit."
​
Which of the following statements is true?

Quizplus · Accepted Answer

The letter is missing several items of disclosure required under Regulation Z for credit card solicitation, such as the method of calculating the balance, the grace period, and any other fees that may apply.

Janet Kennedy Has Received a Letter in the Mail from BISA