FIA Cardservices N.A., the company which administers Amplify's credit card program, has recently made a change in its business practices. Here is a brief summary of the change:

 

Annual Percentage Rate: As a result of a change in our business practices, your Annual Percentage Rate(s) will use a variable rate formula based on the U.S. Prime Rate.  If the Prime Rate changes, your APR(s) will vary accordingly.  Based on the Prime Rate as of May 31, 2009, this amendment will not result in a change in your APR(s) at this time. Going forward, any change in the Prime Rate after May 31, 2009 will cause a corresponding change in your APR(s) at that time.

 

The company has sent cardholders a notice of amendment to the credit card agreement, which appears below. If you have questions regarding this change, please contact FIA by calling the toll-free number on the back of your credit card. To manage your account online, visit www.fiacardservices.com.

 

Change to Your Credit Card Agreement - June 2009

Please read this document carefully and keep it with your Credit Card Agreement.  Except as amended below, the terms of your Credit Card Agreement remain in effect.  If there is a conflict, the terms in this Amendment will prevail. 

 

ANNUAL PERCENTAGE RATE AMENDMENT

What Is Happening:
All standard Annual Percentage Rates (APRs) will be variable rates that will change each month with the Prime Rate. The Prime Rate will be selected at the end of each month, and will be applied to all balances in the same billing cycle as when selected.  Variable default rates will also use the variable rate formula disclosed below if a Default Rate is applied to your account after the effective date of this amendment.  These changes do not affect any promotional rates that may apply to your account.

 

Amendment to Your Credit Card Agreement:

Effective on the first day following your statement Closing Date in [month] 2009:                                                                                                                                      

• The Standard Rate for new and outstanding Balance Transfer balances will use the Variable Rate formula with a margin of X.XX percentage points.  As of May 31, 2009, the index used to calculate your variable rates was 3.25 percentage points, resulting in a variable corresponding ANNUAL PERCENTAGE RATE of XX.XX% (Daily Periodic Rate of 0.XXXXXX%). Prior to this amendment, the non-promotional APR for Balance Transfer balances was not a variable APR.
• The Standard Rate for new and outstanding Cash Advance balances will use the Variable Rate formula with a margin of X.XX percentage points.  As of May 31, 2009, the index used to calculate your variable rates was 3.25 percentage points, resulting in a variable corresponding ANNUAL PERCENTAGE RATE of XX.XX% (Daily Periodic Rate of 0.XXXXXX%). Prior to this amendment, the non-promotional APR for Cash Advance balances was not a variable APR.
• The Standard Rate for new and outstanding Purchase balances will use the Variable Rate formula with a margin of X.XX percentage points.  As of May 31, 2009, the index used to calculate your variable rates was 3.25 percentage points, resulting in a variable corresponding ANNUAL PERCENTAGE RATE of XX.XX% (Daily Periodic Rate of 0.XXXXXX%). Prior to this amendment, the non-promotional APR for Purchase balances was not a variable APR.

How Your Variable Rates Will Be Calculated:

We will use the following variable rate formula for variable standard rates, and for variable default rates if a Default Rate is applied to your account after the effective date of this amendment.  All variable rates are calculated by adding together an index and a margin.

 

This index is the highest U.S. Prime Rate as published in the “Money Rates” section of The Wall Street Journal on the last publication day of each month. The index used to calculate the variable rate described above is 3.25% and was published on May 31, 2009. 

 

An increase or decrease in the index will cause a corresponding increase or decrease in your variable rates on the first day of your billing cycle that begins in the same month in which the index is published.  An increase in the index means that you will pay higher periodic rate finance charges and have a higher Total Minimum Payment Due.  If The Wall Street Journal does not publish the U. S. Prime Rate, or if it changes the definition of the U.S. Prime Rate, we may, in our sole discretion, substitute another index.

 

We are making the Amendment in this Notice primarily because of a change in our business practices. 

 

EQUAL CREDIT OPPORTUNITY ACT NOTICE

 

The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this bank is the Office of the Comptroller of the Currency, Customer Assistance Group, 1301 McKinney Street, Suite 3450, Houston, TX 77010-9050.