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Credit Card and Company Contracts

1) Did you know that you likely cannot sue your credit card company? Over the past 36 months you probably received an enclosure in one of your credit card bills (or a separate mailing) that was a change in the terms of your account. One of the provisions added a requirement that all complaints you have with the card issuer must be resolved through binding arbitration. The other provision stated that if you used your card after receipt of the change in terms that constituted your acceptance of the new terms.

What do you think about modifying a contract in this manner?

2) If you were buying a business, other than the price and the basic elements necessary to form a contract, what terms or conditions would you want included in the purchase agreement?

Solution Preview

As an individual consumer, I certainly do not agree with the idea that it is a requirement to go through an arbitrator to negotiate the specifics of my contract with respective credit card company. First and foremost, I am of the mindset that the use of arbitration seems to be a ploy to limit and even discourage consumers from ...

Solution Summary

This solution of 229 words explains the contractual issues with the credit card company with examples and why such rules are in place. It also discusses additional terms or conditions in a purchase agreement.