Customers Bank credit interest rates and terms and conditions FAQs

The Credit Cardholder Agreement states the terms and conditions of a credit card account and represents a binding agreement between you and Customers Bank. The Credit Cardmember Agreement also presents the annual percentage rate, the monthly minimum payment formula, annual fees, and dispute resolution processes. Customers Bank Cardholder Agreement.

APR stands for Annual Percentage Rate. APR is the cost of credit expressed as an annual percentage.

We calculate the variable rate by adding a margin to the Prime Rate published in The Wall Street Journal. Margins are calculated based on each person’s credit history and credentials.

The Prime Rate is a benchmark interest rate used by Customers Bank and most other banks to set rates on consumer loan products, such as credit cards. The Prime Rate is based upon, and generally changes with, the Federal Reserve’s Fed Funds Rate. You can find the current Prime Rate in the money rates column of The Wall Street Journal. If your credit card or any other loan has a variable APR based on the Prime Rate, whenever the Prime Rate changes, the variable APR on your account will likely change with it.

An interest charge is the amount assessed when you pay a portion of the balance, rather than immediately paying the balance in full. Refer to the Cardholder Agreement for more information.

Accountholders can reduce the amount of interest charged by paying the balance in full to avoid interest charges. Making payments for more than the minimum due each month can reduce the amount of interest. If you pay your statement’s “New Balance” in full by the due date, you will not be charged interest on any new transactions that post to the Purchase Balance. If you have been paying your account in full with no interest charges, but then do not pay your next “New Balance” in full, you will be charged interest on the portion of the balance that you did not pay. Note that you will pay interest on cash advance when you withdraw cash against your credit.

The Periodic Rate is a rate of interest charge that may be imposed by a creditor on a balance for a day, week, month, or any subdivision of a year.

You can view the annual percentage rate (APR) for your account by viewing your Customers Bank Credit Mastercard statement. Accountholders can view their statements and disclosures online via the Customers Bank Credit Card App.

If the Federal Reserve’s actions lower the Fed Funds Rate, both the Prime Rate and your credit card account’s APR may go down as well.

Your minimum payment includes billed interest charges. So, if the Prime Rate changes, your variable APR changes, and by extension your interest charges and your minimum payment may also change with it.

Your cash advance credit limit is the amount of money on your credit card that is currently available for you to use for bank cash advance transactions. The cash advance credit limit is the amount from your credit limit available for cash advances. Generally, cash advance credit line availability consists of ATM cash Advances and Over the Counter (OTC) Cash Advances. The daily limit for ATM Cash Advance is $525. The daily limit for Over the Counter (OTC) Cash Advance is 20% of your credit limit with a maximum withdrawal of $2500. The daily limits are subject to your Credit Limit available for cash credit line availability which can be viewed on your statement or App.  You will need to set up a 4-digit PIN (Personal Identification Number) on the app to obtain a cash advance.

You can view your cash credit limit on your statement, online on your credit card’s account summary page on the Customers Bank Credit Card App or by calling Customers Bank Credit Customer Service at (866) 405-0824.

If you exceed your cash advance credit limit you will not be able to make any additional bank cash advance transactions until you have paid your balance below the cash credit line availability.

No, we do not offer convenience checks with your credit card account.

Credit balance refunds can be requested via email, mail, or over the phone. They cannot be made via the Customers Bank Credit Card App. Credit balance refunds will be issued via ACH to the bank account that you have linked to your credit card account. If no bank account is linked, a check will be issued to you. See your Cardholder Agreement for more information on this topic.

You can access a copy of legal disclosures several ways:

During the Application process:

• Within the Customers Bank Credit Card app on your smart device, share the disclosures to your printer, if you have that option established, or share the disclosure to your email address to print via your computer.

For Android Users only: For Android Users only: within the disclosure, the share option or download option is contained within the three bullets at the upper right corner of your screen. Tap the bullets to expand the selection and make your choice.

After the application process:

• Within the Customers Bank Credit Card app on your smart device, go to your profile and scroll down to the “Other” section and select “Legal”. Select the disclosure(s) you would like to print and share the disclosure(s) to your printer, if you have that option established, or share to your email address to print via your computer.
• Go to the Customers Bank webpage: https://www.customersbank.com/disclosures select the disclosure(s) you want to print and select the printer associated with your computer.
• Emailing [email protected] and request copies free of charge.
• Call Customer Service at 1-866-405-0824 and request copies free of charge.