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MontgomeryWard Charg-all Retail Installment Credit Agreement
The terms of this agreement apply in Minnesota.
If
you live in another state, a copy
of the proper agreement for your state
will
be sent to you.
Iagree to the following terms regarding all purchases made
by me or by anyone else with my permission on my Mont–
gomery Ward "Charg-all" credit card account:
1. Payment Schedule
For all purchases made on my "Charg-all" account, I have
the choice of paying in full, or making partial payments of at
least
$12
per month as described on the following sched–
ule. My payment must be received by Wards Credit Depart–
ment within 30 days after the billing date shown on my
monthly statement.
\M:Jrds Charg-all Monthly Payment Chart
Highat Account
Minimum Monthly
Highest Account
Minimum Monthly
Balan..
Pavment
Balan..
Pavment
Under $12.00
Peyinfull
$330.01 to $370.00
$18.00
$12.01 to$200.00
$12.00
$370.01 to $410.00
$19.00
$200.01 to $220.00
$13.00
$410.01 to $440.00
$20.00
$220.01 to $240.00
$14.00
$440.01 to $470.00
$21.00
$240.01 to $260.00
$15.00
$470.01 to $500.00
$22.00
$260.01 to $290.00
$16.00
Over $500.00
1123
of
highest
$290.01 to $330.00
$17.00
account balance
Iunderstand that my monthly payment schedule, adjusted to the next highest dollar, will
be based on the highest balance reached on my account. rather than on my current
account balance.
2. Finance Charges
I agree to pay a
finance charge
on the average daily bal–
ance of my account at a periodic rate of
1
%%
per month
(annual percentage rate of 16%).
My "average daily bal–
ance" is the sum of the amounts I owe on each day of the
billing period divided by the number of days in the billing
period. The amount I owe on each day is the amount I owed
on the previous day inclu,ding unpaid
finance charges,
minus any payments or credits made to my account that
day, excluding my current month's charges.
I agree to pay a minimum
finance charge
of 50¢ on bal–
ances in my account between
$1.00
and
$37
.87.
If the new balance shown on my monthly statement is
paid in full (using the sum of my payments and the credits
issued by Wards) before my next billing date, I will pay no
finance charge
on that new balance. If the balance on my
account at the end of any billing period is less than
$1.00,
there will be no
finance charge
added to my account dur–
ing the following billing period.
3. Security Interest
Except for motor vehicle purchases, Wards will retain a
purchase money security interest as permitted by law in
each consumer goods purchased under this agreement un–
til the consumer goods and related
finance charges
are
paid in full. Wards will not claim a security interest or other
lien on any other property. Wards will not claim a security
interest in the real estate that is my principal residence.
4. Responsibility for Payment
I agree to pay for purchases charged to my account by me
or by any person authorized by me. If an authorized user
signs this agreement, any such user will be obligated to pay
the entire balance if I do not.
320
WARDS
s
5. Application of Payments to Purchases
Payments will be applied first to unpaid insurance pre–
miums, second to unpaid
finance charges,
and then to
purchases in the order of purchase.
6. Collection
If I do not make payments according to the schedule in
paragraph 1, Wards may require me to pay my full balance
immediately. If Wards hires an attorney to collect my bal–
ance, I will pay reasonable attorney's fees and court costs
as permitted by law.
7. Limitation or Termination of my Account
Wards has the right to close my account if I do not make
my minimum account payments on time. If my account is
closed, I will be required to pay the amount I owe Wards,
and I will return my Charg-all credit card to Wards. I agree
that Wards will place a limit on the amount of credit avail–
able to me and may raise or lower that limit at any time.
8. Changes in the Terms of my Account
Wards may change the terms of this agreement at any
time. I will be notified in advance of any such changes as
required by law. Any change in terms will be applied to my
existing balance and future purchases. I agree that if I
change my residence to another state, where Wards credit
terms differ from those contained in this agreement, the
credit terms used by Wards in that state will then apply to
my existing balance and subsequent purchases.
9. Credit Reports
I agree that Wards may obtain information about me
from credit reporting agencies and other creditors, as per–
mitted by law. Wards credit information regarding me will
be used for Wards own credit operations and for forward–
ing information about my account to credit reporting agen–
cies and other creditors.
10. Special Merchandise and Service Offers
All otthe information which is or which becomes a part of
your credit file regarding me may be used for selective
offerings of merchandise and services sponsored by you or
your affiliates.
11. NOTICES TO THE BUYER
A. Do not sign this agreement before you read it or
if it contains any blank spaces. B. You are entitled to a
completely filled-in copy of this credit agreement.
Keep it to protect your legal rights. C. You may pay
the full balance on your account at any time. D. See
1981 Fall Book, p-age 581 for important information
about your rights to dispute billing errors.
12. NOTICE REQUIRED BY FEDERAL REGULATION:
"NOTICE: Any holder of this consumer credit con–
tract is subject to all claims and defenses which the
debtor could assert against the seller of the goods or
services obtained pursuant hereto or with the pro–
ceeds hereof. Recovery hereunder by the debtor shall
not exceed amounts paid by the debtor hereunder."
I agree to the terms of Wards "Charg-all" Agree–
ment and I have been given or will be mailed a com–
pleted copy of this agreement.