Tandym Account Opening Disclosures Issued by Celtic Bank
Tandym is not a bank. Credit is issued by Celtic Bank. This Account Opening Disclosures document, including any changes to it, contains the terms of your agreement with Tandym and Celtic Bank.
How Do You Calculate My Balance? We use a method called Daily Balance (including new transactions). See “How Do You Calculate The Interest Charge?” section below.
What Are My Billing Rights? Information on your rights to dispute transactions and how to exercise those rights is provided in the “Your Billing Rights” section in the enclosed Additional Disclosures.
Are There Any Other Penalty Fees Associated With This Product That Are Not Listed In The Box Above? No. There are no additional Penalty Fees associated with this product.
What Should I Put For Total Annual Income? You may include personal income, which is income you have earned, including full-time, part-time, or seasonal jobs, self-employment, interest or dividends, retirement, and public assistance. You may also include shared income, which is money from somebody else that is regularly deposited into your individual account or into a joint account that person shares with you. If you are 21 or over, you may also include somebody else’s income that is regularly used to pay your expenses. Alimony, child support or separate maintenance income need not be included unless relied upon for credit. You may include the annual amount that you have available to spend from your assets.
Can You Change My APRs? While a late payment won’t cause your APR to increase, in the future, we may increase your APRs if market conditions change. If we increase your APRs for any reason other than an increase in the Prime Rate, the new APRs will apply only to new transactions you make after we notify you of the change in writing.
Can You Change My Account Terms? We can change the terms of your account as permitted by law. When required, we will send you notice before doing so.
How Do You Calculate My Variable Rates? Your variable rates may change when the Prime Rate changes. We calculate variable rates by adding a percentage to the Prime Rate published in The Wall Street Journal on the 25th day of December, March, June and September. If the Journal is not published on that day, then see the immediately preceding edition. Variable rates on the following segment(s) will be updated quarterly and will take effect on the first day of your January, April, July and October billing periods: Non-introductory Purchase APR: Prime plus 21.99%. Any increase in the Prime Rate may increase your Interest Charges and your Minimum Payment.
How Do You Determine My Credit Line? Line management at Tandym utilizes a “No Preset Spending Limit” model. This means your purchasing power adjusts with your use of the Product, your payment history, credit record and financial resources known to us, and other factors. Charges are approved based on a variety of factors, including your account history, credit history, and personal resources.
What Are The Daily Periodic Rates Used To Calculate My Interest? The daily periodic rate for your Purchase APR is 0.08353%, See “How Do You Calculate The Interest Charge?” section in the enclosed Additional Disclosures.
How Do You Calculate My Minimum Payment? Your total minimum payment is calculated as follows:
The greater of:
1. $29.
OR
2. The sum of:
a. The following amounts:
i. Any past due amounts; PLUS
ii. 3% of the principal balance; PLUS
iii. Any fees unpaid (fees charged, net of payments towards fees) in the current billing cycle; PLUS
iv. Any interest unpaid (interest charged, net of payments towards interest) in the current billing cycle.
Your total minimum payment will never be more than your new balance; if your balance is less than $29, your minimum payment will be equal to your balance. If your account charges off, the entire balance is due immediately.
THINGS YOU SHOULD KNOW ABOUT THE TANDYM REWARDS PROGRAM
How do I earn rewards? You will earn reward points at each merchant you shop at when using your Tandym-powered payment product at checkout. The rate at which you earn reward points will vary depending on the terms set forth by each merchant for their respective program(s). Regardless of merchant, reward points will be earned on net purchases (i.e., purchases minus any credits or returns) only.
Will my rewards ever expire? Your rewards may expire depending on the terms set forth by each merchant for their respective program(s). If your Tandym account is closed, you will lose any rewards you have not redeemed.
Is there a limit to the amount of rewards I can earn? There is no cap to the amount of rewards you can earn on purchases.
How do I redeem my awards? The rewards that you earn at any given merchant may only be used for future purchases at that specific merchant. Rewards are eligible to be redeemed at the time of checkout when using your Tandym-powered payment product. If you have more reward points available than are necessary to complete the transaction, you will keep the excess rewards. If you have fewer reward points available than are necessary to complete the transaction, you will be required to satisfy the difference using your Tandym-powered payment product.
Is my account eligible to transfer rewards? Your account may be eligible to transfer rewards. You may be able to transfer your rewards between certain Tandym accounts, and between certain merchant program(s) within a given Tandym account. Not all rewards products are eligible for transfer.
Full terms and details of the rewards program will be available in your Customer Agreement upon approval.
ADDITIONAL DISCLOSURES & TERMS AND CONDITIONS
I understand that I am not eligible for this offer if:
- My application is received after this offer expires, is incomplete, unreadable, inaccurate or cannot be verified.
- My address is not in one of the following locations: the 50 United States, Washington, D.C., or a U.S. military location.
- My address is a correctional institution.
- My monthly income (my disclosed total annual income divided by 12) doesn't exceed my monthly rent/mortgage payment by at least $425, or Tandym otherwise determines that I am unable to make my monthly payments.
- I am under 18 or do not have a valid Social Security Number or Individual Taxpayer Identification Number.
- I have applied for a Tandym product 2 or more times in the last 30 days.
- I have a past due Tandym account.
- I am over my credit line on a Tandym account.
- I have had a Tandym account that has charged off within the past year.
- I have a non-discharged bankruptcy (one that is still unresolved).
- I have implemented a credit security freeze or credit lock with one or more of the credit bureaus, which prevents Tandym from accessing my credit report.
With respect to this account, I understand that:
- I am not obligated to accept the product or pay any fee or charge unless I use this product.
- Even if I am otherwise eligible for this offer, approval is based upon satisfying Tandym’s credit standards.
- Tandym may contact me to obtain or confirm application information.
- I am providing my application information to Tandym, Inc. and their affiliates.
- I am authorizing Tandym to check my consumer report information and to verify my employment, income, and/or other application information with third parties.
- If I am approved, Tandym may contact me regarding my Product and Account as described in my Tandym Customer Agreement. For example, when I give Tandym my mobile telephone number, I agree to receive messages from Tandym and their authorized agents, including prerecorded and text messages. I also consent to receive calls through an automatic telephone dialer (auto dialer).
- I will receive the Tandym Customer Agreement. I am bound by its terms and all future revisions.
- This offer is nontransferable.
- This product is intended primarily for consumer use.
THINGS YOU SHOULD KNOW ABOUT THIS PRODUCT
How Do You Apply My Payment? We apply your payments first to fees, then to interest charges, and then to principal balances.
For the portion of your payment applied to principal, we first apply payments up to your minimum payment first to the balance with the lowest APR (including 0% APR), and then to balances with higher APRs. We apply any part of your payment exceeding your minimum payment to the balance with the highest APR, and then to balances with lower APRs.
How to Avoid Paying Interest on Purchases? If you pay your statement’s “New Balance” in full by the due date each month, we will not charge interest on any new transactions that post to the purchase balance. If you have been paying your account in full without interest charges, but fail to pay your next “New Balance” in full, we will charge interest on the unpaid balance. From time to time, we may give you offers that allow you to pay less than the total balance and avoid interest charges to new transactions that post to your purchase balance. If we do, we will provide details in the specific offer.
How Is The Interest Charge Determined? Interest charges accrue from the 1) date of the transaction, 2) date the transaction is processed or 3) first day of the billing period. Interest accrues daily on every unpaid amount until it is paid in full. Any interest that has accrued during a billing period will post to your Account at the end of the billing period and will appear on your next Statement. This means you may owe Interest Charges even if you pay the entire “New Balance” one month, but did not do so the previous month. For example, even if a customer pays their balance in full on a February 26th due date, interest would continue to accrue on the balance from February 2nd (the start of the Billing Cycle) through February 26th, and will appear on their next Statement. Once you start accruing Interest Charges, you generally must pay your New Balance in full for two consecutive Billing Cycles before Interest Charges stop being posted to your Statement. Interest Charges are added to the proper segment of your account. However, we reserve the right to not assess Interest Charges.
How Do You Calculate The Interest Charge? We use a method called Daily Balance (including new transactions). Under this method, we apply the daily periodic rate to your daily balance for each day in the billing cycle.
1. To get the daily balance, we take the day’s beginning balance and add in new transactions made that day. If any fees were incurred that day, we add those to the balance as well. We then subtract any payments and credits for that segment as of that day. The result is the daily balance for each segment.
2. To get the daily interest, we multiply the daily balance by the applicable daily periodic rate.
3. To get the beginning balance for the next day, we add the daily interest from step 2 to the daily balance from step 1.
4. To get the interest charge for the billing cycle, we add all the daily interest amounts that were accumulated during the billing cycle. NOTE: Due to rounding, this calculation may vary from the interest charge actually assessed.
If your account is in an interest free-period (also known as Grace Period), interest is not charged on new purchases. Your account is in an interest-free period if you paid the most recent Statement Balance by the due date and time or if your current statement started with a $0 balance. You can regain the benefit of the interest-free period by paying your Current Balance in full.
Are Unauthorized Use Or $0 Fraud Liability Claims Subject To Investigation And Verification? Yes.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
Tandym's bank partners require us to collect and verify personal information about you in order to comply with federal laws designed to prevent the illicit use of financial products. Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
MILITARY LENDING ACT NOTICE
Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account).
To hear this same disclosure and a general description of your payment obligations for this account, please call us toll-free at: 1-888-874-4889.
During any period in which the Military Lending Act (“the Act”) applies to you, no provision of your Customer Agreement that is inconsistent with the Act shall apply and your Customer Agreement shall be interpreted to comply with the Act.
REGIONAL DISCLOSURE INFORMATION
California Residents: A married applicant may apply for a separate Account. As required by law, you are hereby notified that a negative credit reporting reflecting on your credit record may be submitted to a Consumer Reporting Agency if you fail to fulfill the terms of your credit obligations. After credit approval, each applicant shall have the right to use the Account up to the limit of the Account. Each applicant may be liable for amounts extended under the plan to any joint applicant.
Delaware Residents: Service charges not in excess of those permitted by law will be charged on the outstanding Account balances from month to month.
Kentucky Residents: You may pay the unpaid balance of your Account in whole or in part at any time.
Ohio Residents: The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
New York and Vermont Residents: Tandym may obtain your credit reports, for any legitimate purpose associated with the account or the application or request for an account, including but not limited to reviewing, modifying, renewing and collecting on your account. On your request, you will be informed if such a report was ordered. If so, you will be given the name and address of the consumer reporting agency furnishing the report. New York residents may contact the New York State Department of Financial Services by telephone or visit its website for free information on comparative credit card rates, fees and grace periods. New York State Department of Financial Services: 1-877-226-5697 or http://www.dfs.ny.gov.
Wisconsin Residents: No provision of any marital property agreement, unilateral statement, or court order applying to marital property will adversely affect a creditor’s interests unless, prior to the time credit is granted, the creditor is furnished with a copy of the agreement, statement or court order, or has actual knowledge of the provision. If the credit card for which you are applying is granted, you will notify the Bank if you have a spouse who needs to receive notification that credit has been extended to you.
ARBITRATION PROVISION
PLEASE READ CAREFULLY: This Arbitration Provision (the "Provision") waives any right to file claims in court, other than a small claims court, or to participate in a class action or other consolidated proceeding.
ACCOUNT HOLDERS COVERED BY THE MILITARY LENDING ACT. Notwithstanding any other provision of this Customer Agreement, if you are a "covered borrower" under the Military Lending Act, as defined in at 32 CFR § 232.3(g), the Arbitration Provision does not apply to you.
Unless you opt out of this Provision in the manner set forth below in subpart (P), any claim that arises out of or in any way relates to the Customer Agreement, your Account, or this Provision (the "Claim(s)") shall be resolved exclusively by binding bilateral arbitration in accord with the following:
a) This Provision is contained in a contract evidencing interstate commerce and is governed by the Federal Arbitration Act, 9 U.S.C. Sections 1-16.
b) Arbitration in accordance with this Provision shall be conducted by the American Arbitration Association ("AAA") by a single arbitrator (the "Arbitrator") using the applicable rules and procedures established by the AAA for expedited consumer arbitration. To the extent any of the AAA's rules and procedures contradict the express terms of the Provision, the Provision shall control and the contradictory portions of the AAA's rules and procedures shall not apply.
c) The Arbitrator shall enforce the Applicable Law in the Customer Agreement and shall honor applicable statutes of limitations and claims of privilege. The Arbitrator may award any relief available under Applicable Law, provided that the Arbitrator is not authorized to award punitive or other damages not measured by the prevailing party's actual damages.
d) You or we may choose to have a hearing, appear at any hearing by phone or other electronic means, and/or be represented by counsel. Any in-person arbitration hearing or proceeding shall be held in the same city as the U.S. District Court closest to your billing address unless you and we agree otherwise.
e) The Arbitrator has no authority to conduct class, joint, private attorney general or consolidated arbitration proceedings on any Claim, and may award relief only on an individual basis. If you assert a Claim against us, we can choose to arbitrate. Claims brought as part of a class action, or any other representative action can be arbitrated only on an individual basis. If arbitration is chosen by any party, neither you nor we may pursue a Claim as part of a class action or other representative action. Claims of two (2) or more persons may not be combined in the same arbitration.
f) Except as may be required by law, neither a party nor its representatives may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of all parties. No arbitration award involving the parties will have any preclusive effect as to issues or claims in any dispute involving anyone who is not a party to the arbitration, nor will an arbitration award in prior disputes involving other parties have preclusive effect in an arbitration between the parties to this Provision.
g) Regardless of who asserts any Claims, we shall advance your portion of the arbitration filing and hearing fees. If we prevail in arbitration, the Arbitrator may require you to reimburse us for any filing and hearing fees that we advanced on your behalf provided that the total filing and hearing fees paid by you shall not exceed the court costs you would have paid in a comparable state court action. This subpart (g) shall not affect attorney's fees or costs, including witness or expert witness' fees or costs. You shall be responsible for your own attorney's fees and costs.
h) If permitted by Applicable Law, the Arbitrator may award reasonable attorney's fees and costs to the party who substantially prevails in arbitration. In the event the AAA or its rules and procedures are unavailable for any reason, you or we may ask a court to appoint a substitute Arbitrator to arbitrate under comparable rules and procedures. The unavailability of the AAA or its rules and procedures shall not render the Provision unenforceable.
i) The Provision covers any Claim arising out of or in any way relating to the Provision itself. All issues of arbitrability must be arbitrated, including but not limited to whether the Provision is enforceable or applicable.
j) The Provision remains in full force and effect unless you opt out of the Provision in accordance with subpart (p) or you and we otherwise agree in writing to set the Provision aside. The Provision survives, for example but without limitation, the cancellation or termination of the Customer Agreement or your Account, the satisfaction of any obligations under the Customer Agreement or your Account, the transfer, sale, or assignment of the Customer Agreement or your Account or any rights under either, and the bankruptcy of any party.
k) Each of the following persons or entities is an intended beneficiary of the Provision and may enforce the Provision in full with respect to any claims between such persons or entities on the one hand and you on the other hand that arise out of or in any way relate to the Customer Agreement or the Provision: Continental Finance and any of its or our past, present, and future employees, agents, principals, representatives, directors, officers, shareholders, governors, managers, members, parent companies, subsidiaries, affiliated entities, partners, licensees, attorneys, predecessors, successors, joint venturers, contractors, assigns, designees, servicers, and "service providers" (defined as any third party providing us or any of the foregoing entities or persons any goods or services that arise out of or in any way relate to the Customer Agreement or the Provision).
l) The Provision may be enforced by or against any person or entity purporting to bring Claims on your behalf, including but not limited to any agent, representative, guardian, or trustee. The Provision may also be enforced by or against any person or entity who acquires any right or interest that, but for the transfer of the right or interest, would have belonged to us or an intended beneficiary of the Provision.
m) You and we shall retain the right to bring in the small claims court for the county of your residence any claims that are within the small claims court's jurisdiction. Any appeal or other review of a small claims court judgment or order shall be undertaken exclusively by arbitration in accordance with the Provision.
n) If any part of the Provision is found unenforceable, subject to any rights to judicial and/or appellate review the offending part shall be severed and the balance of the Provision shall remain in effect and shall be construed in light of the express intent of you and us to resolve all claims on a bilateral basis in binding arbitration, except that: (A) if all or any portion of subpart (e) is declared invalid in a proceeding between you and us, without in any way impairing the right to appeal such decision, this entire Provision (other than this sentence) shall be null and void in such proceeding; and (B) if a claim is brought seeking public injunctive relief and a court determines that the restrictions in subpart (e) or elsewhere in this Provision prohibiting the arbitrator from awarding relief on behalf of third parties are unenforceable with respect to such claim (and that determination becomes final after all appeals have been exhausted), the claim for public injunctive relief will be determined in court and any individual claims seeking monetary relief will be arbitrated. In such a case the parties will request that the court stay the claim for public injunctive relief until the arbitration award pertaining to individual relief has been entered in court.
o) You may opt out of this Provision by sending written notice to us of your decision to opt out. Notice must be sent by United States Postal Certified Mail, Return Receipt Requested, to the following address:
Tandym 1500 N. Halsted Street
2nd Floor
Chicago, IL 60642.
The notice must be postmarked no later than 30 days after the date of your Customer Agreement. You must retain proof of receipt. Your opt out notice must state that you reject the arbitration Provision and include your name, address, Account number and personal signature. No one else may sign the opt out notice. Your opt out notice will not apply to the arbitration provision(s) governing any other account(s) that you have or had with us. Your decision to opt out will not affect our decision to continue to extend credit to you under the Customer Agreement.
YOUR BILLING RIGHTS: KEEP THIS DOCUMENT FOR FUTURE USE
This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act.
What To Do If You Find A Mistake On Your Statement: If you think there is an error on your statement, write to us at:
Email: support@bytandym.com
Phone: 1-888-874-4889
Mail:
Tandym
1720 W Division St
ATTN: Tandym
Chicago, IL 60622
In your letter, give us the following information:
- Account information: Your name and account number.
- Dollar amount: The dollar amount of the suspected error.
- Description of problem: If you think there is an error on your bill, describe what you believe is wrong and why you believe it is a mistake.
You must contact us:
- Within 60 days after the error appeared on your statement.
- At least 3 business days before an automated payment is scheduled, if you want to stop payment on the amount you think is wrong.
What Will Happen After We Receive Your Letter
When we receive your letter, we must do two things:
- Within 30 days of receiving your letter, we must tell you that we received your letter. We will also tell you if we have already corrected the error.
- Within 90 days of receiving your letter, we must either correct the error or explain to you why we believe the bill is correct.
While we investigate whether or not there has been an error:
- We cannot try to collect the amount in question, or report you as delinquent on that amount.
- The charge in question may remain on your statement, and we may continue to charge you interest on that amount.
- While you do not have to pay the amount in question, you are responsible for the remainder of your balance.
- We can apply any unpaid amount against your credit limit.
After we finish our investigation, one of two things will happen:
- If we made a mistake: You will not have to pay the amount in question or any interest or other fees related to that amount.
- If we do not believe there was a mistake: You will have to pay the amount in question, along with applicable interest and fees. We will send you a statement of the amount you owe and the date payment is due. We may then report you as delinquent if you do not pay the amount we think you owe.
If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days telling us that you still refuse to pay. If you do so, we cannot report you as delinquent without also reporting that you are questioning your bill. We must tell you the name of anyone to whom we reported you as delinquent, and we must let those organizations know when the matter has been settled between us.
If we do not follow all of the rules above, you do not have to pay the first $50 of the amount you question even if your bill is correct.
Your Rights If You Are Dissatisfied With Your Credit Card Purchases
If you are dissatisfied with the goods or services that you have purchased with your credit card, and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount due on the purchase.
To use this right, all of the following must be true:
- The purchase must have been made in your home state or within 100 miles of your current mailing address, and the purchase price must have been more than $50. (Note: Neither of these are necessary if your purchase was based on an advertisement we mailed to you, or if we own the company that sold you the goods or services.)
- You must have used your credit card for the purchase. Purchases made with cash advances from an ATM or with a check that accesses your credit card account do not qualify.
- You must not yet have fully paid for the purchase.
If all of the criteria above are met and you are still dissatisfied with the purchase, contact us in writing or electronically at:
Email: support@bytandym.com
Phone: 1-888-874-4889
Mail:
Tandym
1720 W Division St
ATTN: Tandym
Chicago, IL 60622
While we investigate, the same rules apply to the disputed amount as discussed above. After we finish our investigation, we will tell you our decision. At that point, if we think you owe an amount and you do not pay, we may report you as delinquent.
The Card Issuer:
Tandym loan products are issued by Celtic Bank