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JCPenney
Retail Installment
Credit Agreement
Your signature(s) (on opposite page) means that you agree to the
following
ter~s
?f this JCPenney Credit Program. Upon approval
of your apphcat1on, our Regular Charge and/or Time Payment
may be available to you. When you sign a sales slip authorizing
us to charge your purchase on Regular Charge or Time Payment,
that purchase will be governed by the applicable terms as set
forth below:
Regular Charge
and Time Payment purchases will be billed
monthly on separate statements. When either statement shows
that a payment is required, you can choose to pay either the
"'Minimum Amount Due", your entire "New Balance" or any
amount
in between, but you must do so before the "Next Billing
Date" shown on each statement.
REGULAR CHARGE PAYMENT SCHEDULE
The minimum payment you must make when purchasing on Reg–
ular Charge varies with your balance, according to the schedule
directly below:
New Balance
(less insurance premiums)
I
Minimum Payment
$11.00
or less
1
Balance
11.01-200 .................... $10
200.01-250 .................... 15
250.01-300. . . . . .. . . . . . . . . . . . . . 20
300.01-sso ..........
I. . . . . . . . . .
25
350.01-400 . ......... ,. . . . . . . . . . 30
400.01-450 . .........
1· • . . • . . . • •
35
450.01-500. . .. . . . . . . .. . . . . .. . .
40
Over
$500 ................... 1/10
of Balance
The minimum monthly payment you must make when purchasing
Time Payment eligible merchandise is based upon the Highest
outstanding Time Payment Balance you have had; the " Amount
Due" remains the same until that balance is completely paid in
·accordance with the schedule directly below.
Hichest
Minimum
I
Hichest
Minimum
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0
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0
~ym_e_nt_~=B~a=1a_nce=~-M_o_n~thl""'y~P=a~ym_e_nt
$ 19.00-90
$285.01-300
$12.00
90.01-105
5.50
300.01-315
12.50
105.01-120
6.00
315.01-330
13.00
120.01-135
6.50
330.01-345
13.50
135.01-150
7.00
345.01-360
14.00
150.01-165
7.50
360.01-375
14.50
165.01-180
8.00
375.01-405
15.00
180.01-195
8.50
405.01-420
15.50
195.01-210
9.00
420.01-435
16.00
210.01-225
9.50
435.01-450
16.50
225.01-240
10.00
450.01-465
17.00
240.01-255
10.50
465.01-495
17.50
255.01-270
11.00
495.01-510
17.75
270.01-285
11.50
510.01-525
18.25
The monthly payment of
$18.25
is increased by
$.50
for each additional
$15.00
(or fraction thereof)
of Highest New Balances over
$525
FINANCE CHARGE
not in excess of that permitted by law will
be assessed on the outstanding balance(s) from month to month.
You can avoid
FINANCE CHARGE
if we receive your payment
of the entire " New Balance" shown on each statement before
your "Next Billing Date." If you pay less than your "New Bal–
ance", we may assess
FINANCE CHARGE
for the billing
period computed by applying a monthly rate of
1.5% (ANNUAL
PERCENTAGE RATE 18%)
to your Average Daily Balance
(subject to a minimum monthly charge of
50¢
on Regular
Charge only), except that the following terms apply if you reside
in one of the states listed below ("Minimum Monthly Charge"
column applies to Regular Charge only):
State of
Monthly
Annual
Portion of Average Minimum·
Residence
Periodic
Percentage
Daily Balance
Monthly
Rate
Rate
to Which Applied
Charge
FL, (Time Payment)
----
NV, NC, ND. RI, VA
1.53
183
entire
none
IA
1.53
183
$500
or less
50c
1.253
153
over
$500
AK, AZ, CA,
1.53
183
$1,000
or less
50c
DE,SC
1.03
123
over
$1,000
FL, (Reg. Charge),
1.53
183
$500
or less
NJ, NM, NY, KS,
soc
OH, TX, WV, MA
1.03
123
over
$500
MD, MS, NE,
1.53
183
$500
or less
WI, DC
1.03
123
over
$500
none
VT
1.53
183
$500
or less
25c
1.03
123
over
$500
MO
1.53
183
$500
or fess
50c
.753
93
over
$500
PA
1.253
153
entire
50c
MN , WA
13
123
entire
50c
SD, CT*
(till 10; 1
/77)
13
123
entire
none
AR
.833
103
entire
none
CT*
(after
10/ 1/77)
1.253
123
$250
or less
none
13
153
over
$250
When more than one periodic rate is applicable in your state, the
FINANCE CHARGE
assessed on your outstanding balance(s)
will be determined by combining your Regular Charge and Time
Payment balances before applying the periodic rates. The higher
periodic rate will be applied to your Regular Charge balance first.
The Average Daily Balance is determined by
1)
starting with
any balance unpaid as of the beginning of the billing period;
2) subtracting any insurance premium due, unpaid
FINANCE
CHARGE
and credits relating to purchases previously billed;
3) adjusting the remaining amount on a daily b"asis by subtracting
any payments received, after applying the payments first to any
insurance premium due and then to any unpaid
FINANCE
CHARGE;
4) adding the daily balances for each day in the bill–
ing period and dividing their sum by the number of days in the
billing period. There is never a
FINANCE CHARGE
on any
unpaid
FINANCE CHARGE
or on a new purchase before it's
billed. Insurance premiums are billed with Regular Charge only.
If you fail to pay your obligation to us in accordance with this
Agreement ("default" is defined for Wisconsin residents in Sec–
tion
425.103
(2) (b) Wisc. Stat.), we have the right-subject to any
right you have by law to correct your default-to declare the
Regular Charge and/or Time Payment balance(s) due. If any _
balance is referred to an attorney for collection, you will pay, to
the extent permitted by law, that attorney's reasonable fees if the
attorney is not our salaried employee. (This provision for payment
of attorney's fees does not apply to residents of Alabama, Iowa,
Kansas, Maine, Nebraska, or Wisconsin.)
We have the right to limit this Credit Program and to withdraw
your credit privileges at any time without prior notice. Any charge
cards issued to you for use by you and your authorized buyer(s)
remain our property and must be surrendered at our request.
We may investigate your credit record and furnish information
concerning your credit file to consumer reporting agencies and
others who may properly receive that information.
We waive the right to any mechanics' or materialmen's lien(s) on
real property used or to be used as your principal residence.
The lay.t of the state where you live governs this Agreement.
If you move, you ·will notify us. The terms appropriate in your
new state will apply only to the purchases you make after
we receive your notice.
We can change these terms by giving you advance notice of
the change. Any new terms will apply only to purchases you
make after the effective date of the change.
If you are applying for a Joint Account, both you and your
spouse agree to be bourid by the terms of this Agreement,
and each of you agree to be jointly and severally liable for
payment of all purchases made under this Agreement.
If any of these terms is determined to be in conflict with appli–
cable law, that term shall be considered changed or omitted to
conform with that law while all other terms remain valid.
Continued on next
fnlll-
JCPenney
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