Form FR 2572 FR 2572 Report of Terms of Credit Card Plans

July 21, 2008 (DRAFT)
REPORT OF TERMS OF CREDIT CARD PLANS
As of

FR 2572
OMB No. 7100–0239
Average hours per response: 0.25
Approval expires December 31, 2008

month/day/year

1. Name of credit card plan:

This report is required by law [15 U.S.C. § 1646(b)].

(Limit to 36 characters)

2. Availability of credit card plan (enter code):
1 = National
2 = Regional
3 = One State

Institution Name

PLEASE READ INSTRUCTIONS BEFORE COMPLETING FORM

Credit card plan information by state:
Balance Range

TERMS FOR SECOND TIER

TERMS FOR THIRD TIER

Balance Range

APR

TERMS FOR FOURTH TIER

Balance Range

VARIABLE RATE
Annual
Fee

Grace
Period

Number

Dollars

(Days)

Dollars

Percent

Dollars

Percent

O

P

Q

R

S

T

U

Balance Range

From

To

APR
From

To

From

To

From

To

Percent

Dollars

Dollars

Percent

Dollars

Dollars

Percent

Dollars

Dollars

Percent

Dollars

A

B

C

D

E

F

G

H

I

J

K

State

3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.

Add contact information from page 3.

APR

APR

Index

Margin

Multiple

Dollars

(Code)*

Percent

L

M

N

Transaction Fee
for Purchases

National ...................
Regional ..................
AL ............................
AK ...........................
AZ ............................
AR ...........................
CA ...........................
CO ...........................
CT ...........................
DE ...........................
DC ...........................
FL ............................
GA ...........................
HI .............................
ID .............................
IL .............................
IN .............................
IA .............................
KS ...........................
KY ...........................
LA ............................
ME ...........................
MD ...........................
MA ...........................
MI ............................
MN ...........................

* Variable rate index codes:

1 = Prime,

2 = One-month T-bill,

3 = Three-month T-bill,

4 = Six-month T-bill,

5 = One-year T-bill,

6 = Fed Funds,

7 = Cost of Funds,

8 = Federal Reserve Discount Rate,

9 = Other.

Minimum
Finance Charge

July 21, 2008 (DRAFT)
FR 2572
Page 2 of 3

Institution Name

Balance Range

TERMS FOR SECOND TIER

APR

Balance Range
From

To

TERMS FOR FOURTH TIER

APR
From

To

VARIABLE RATE

Index

Margin

Multiple

Annual
Fee

Grace
Period

Balance Range

Balance Range

APR

State

29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.

TERMS FOR THIRD TIER

APR
From

To

From

To

Transaction Fee
for Purchases

Minimum
Finance Charge

Percent

Dollars

Dollars

Percent

Dollars

Dollars

Percent

Dollars

Dollars

Percent

Dollars

Dollars

(Code)*

Percent

Number

Dollars

(Days)

Dollars

Percent

Dollars

Percent

A

B

C

D

E

F

G

H

I

J

K

L

M

N

O

P

Q

R

S

T

U

MS ...........................
MO ..........................
MT ...........................
NE ...........................
NV ...........................
NH ...........................
NJ ............................
NM ...........................
NY ...........................
NC ...........................
ND ...........................
OH ...........................
OK ...........................
OR ...........................
PA ...........................
RI .............................
SC ...........................
SD ...........................
TN ...........................
TX ............................
UT ...........................
VT ............................
VA ...........................
WA ..........................
WV ..........................
WI ............................
WY ..........................

* Variable rate index codes:

1 = Prime,

2 = One-month T-bill,

3 = Three-month T-bill,

56. Transaction fee for cash advances:
If fee is uniform over the plan's region, identify amount:
Amount ................................................................................................................................. A.
Or if fee varies over the plan's region, identify range:
Minimum amount ................................................................................................................. C.
Maximum amount ................................................................................................................ E.

4 = Six-month T-bill,
Dollars

Percent

B.
D.
F.

5 = One-year T-bill,

6 = Fed Funds,

7 = Cost of Funds,

8 = Federal Reserve Discount Rate,

9 = Other.

July 21, 2008 (DRAFT)
FR 2572
Page 3 of 3

Institution Name

57. Late Payment fee:
If fee is uniform over the plan's region, identify amount:
Amount ................................................................................................................................. A.
Or if fee varies over the plan's region, identify range:
Minimum amount ................................................................................................................. C.
Maximum amount ................................................................................................................ E.

59. Balance computation method (enter code):
1 = Average daily balance including new purchases;
4 = Two-cycle average daily balance excluding new purchases;
7 = Other—please describe (limit to 752 characters).

Dollars

Percent

B.
D.
F.

58. Over the credit limit fee:
If fee is uniform over the plan's region, identify amount:
Amount ................................................................................................................................. A.
Or if fee varies over the plan's region, identify range:
Minimum amount ................................................................................................................. C.
Maximum amount ................................................................................................................ E.

2 = Average daily balance excluding new purchases;
5 = Adjusted balance;

60. Credit card plan enhancements automatically included in the credit card plan (enter check-mark next to each enhancement offered). (The reporting of this is optional):
2.
extension of manufacturer's warranty;
1.
rebates on purchases;
travel related discounts;
5.
4.
travel accident insurance;
8.
credit card registration;
7.
discounts on the purchases of goods or services
(other than travel related);
10.
other (do not specify).
61. Name and address to obtain credit card application (limit to 288 characters, 72 per line):

62. Telephone number for consumers with questions about credit card rates and terms (limit to 16 characters) A toll-free number is requested if available:
(
)
-

Name of contact person for Federal Reserve:
Title of contact person:
Phone number of contact person: (
)

-

E-mail of contact:__________________________________________
Authorized Signature

Move contact information to page 1.

Dollars

3 = Two-cycle average daily balance including new purchases;
6 = Previous balance;

3.
6.
9.

purchase protection/security;
automobile rental insurance;
reduced introductory interest rate available;

Percent

B.
D.
F.

July 21, 2008 (DRAFT)
REPORT OF TERMS OF CREDIT CARD PLANS—INSTRUCTIONS
Public reporting burden for this collection of information is estimated to
average 15 minutes per response, including the time to gather and maintain
data in the required form and to review instructions and complete the
information collection. Send comments regarding this burden estimate or
any other aspect of this collection of information, including suggestions for
reducing this burden, to Secretary, Board of Governors of the Federal
Reserve System, 20th and C Streets, N.W., Washington, DC 20551; and to
the Office of Management and Budget, Paperwork Reduction Project (71000239), Washington, DC 20503.

c
Rates reported should be annual percentage rates as shown in your credit
card disclosures and as specified by Regulation Z. All rates should be
reported as percentages rounded to two decimal places; for example, report
10 percent as 10.00, report 10-1/2 percent as 10.50 and report 10-7/8
percent as 10.88.
Dollar amounts should be reported as dollars and cents; for example, enter
ten dollars as 10.00, and enter fifty cents as 0.50.

The Federal Reserve may not conduct or sponsor, and an organization (or
a person) is not required to respond to, a collection of information unless it
displays a currently valid OMB control number.

Ancillary fees described in Lines 56 through Lines 58 should be reported
only as minimum charges. See examples of how to determine minimum fees
following instructions for Line 58.

PURPOSE OF THE REPORT

Print the name of your financial institution on the top left hand portion of each
page of this report.

This report collects information needed by the Federal Reserve System to
prepare a semiannual publication on the terms of credit card plans as
mandated by the Fair Credit and Charge Card Disclosure Act of 1988.

Questions regarding how to complete this form should be directed to the
Federal Reserve Bank located in your District.

SPECIFIC INSTRUCTIONS
GENERAL INSTRUCTIONS
Report information on the pricing and terms of only one consumer credit card
plan offered by your institution. The plan must be a third-party plan, such as
Visa, MasterCard, Discover, or Optima. Do not report information on a
specific retail store card plan. Use the third-party plan that had the largest
number of cards outstanding AND that was available to new customers as
of the report date. If your largest plan is an affinity group plan, you may report
information on that plan, OR you may report on the largest plan made
available to the general public (such as Visa or MasterCard that does not
require an affinity relationship).
The information request in this report is virtually identical to the information
that must be shown in credit card applications and solicitations as a result
of amendments to the Federal Reserve Board's Regulation Z (Truth in
Lending) adopted March 30, 1989, and effective April 3, 1989.
Data must be reported twice a year, as of January 31 and July 31. Completed
report forms must be sent to the Federal Reserve Bank located in your
District no later than ten business days following the report date. Information
from this survey will be made available to the public.

FR 2572
Page 1 of 3

Line 1. Name of credit card plan. Report the name of the third party credit
card plan (such as Visa, MasterCard, Discover, Optima) with the largest
number of outstanding cards. (Limit to 36 characters.)
Line 2. Availability of credit card plan. Indicate, using the appropriate
code, whether the credit card plan is offered to consumers either nationally
(all 50 states and the District of Columbia), regionally (more than one state
but not nationally), or only in one state.
Lines 3–55. Credit card plan information by state. If identical terms are
offered nationally (all 50 states and the District of Columbia), enter terms on
Line 3 only. If the card is offered nationally, but with different terms in a few
states, enter the “most common terms” in Line 3 and enter the specific terms
by state where they differ from the “most common.” If identical terms are
offered regionally, enter terms on Line 4 and circle all states in which the
plan is offered. If the card is regional but with different terms in a few states,
enter the “most common terms” in Line 4, circle the states where those terms
apply, and enter the specific terms by state where they differ from the “most
common.” If the plan is offered only in one state, indicate terms on the
appropriate state line.

Columns A–C. Annual percentage rate (APR). Report the periodic rate,
expressed as an annual rate, that is used to compute finance charges for
purxhases. If the credit card has a variable rate, indicate the rate in effect as
of the report date in Column A and complete Columns M–O as applicable.

If only one APR applies to the entire outstanding balance, regardless of the
size of the balance, complete only Column A and do not complete Columns
B–L.
If the credit card plan has tiered rates (that is, if different APRs apply to
different levels of outstanding balance), indicate the APR for the first tier (the
lowest balance tier) in Column A and report the corresponding balance
range in Columns B and C, showing dollars and cents.
If the credit card plan has more than one APR because customers are
segmented by their payment or usage practices, report the rate as a new
customer would be offered.
Insert A
If the credit card plan has an introductory interest rate that is only available
for a limited time, you may report the fact that you offer such an introductory
rate as a feature of your plan on line 60. Do not report the introductory rate
itself. Instead, report in column A the APR that would have been applied
using the current index value for variable rate plans or the ususal APR for
fixed rate plans.
Columns D–F. Terms for second tier of outstanding balance. If the credit
card plan has tiered rates, indicate the APR for the second tier in Column D
and report the corresponding balance range in Columns E and F, showing
dollars and cents. If there is no third tier, do not complete Column F.

third
Columns G–I. Terms for their tier of outstanding balance. If the plan has
a separate APR for a third balance tier, indicate the APR in Column G and
report the corresponding balance range in Columns H and I, showing dollars
and cents. If there is no fourth tier, do not complete Column I.
Columns J–L. Terms for the fourth tier of outstanding balance. If the
plan has a separate APR for the fourth balance tier, indicate the APR
in Column J and report the corresponding balance range in Columns K and
L, showing dollars and cents. If there is no fifth tier, do not complete
Column L.
NOTE: Do not report information on fifth or higher balance tiers.

July 21, 2008 (DRAFT)
REPORT OF TERMS OF CREDIT CARD PLANS—INSTRUCTIONS—Continued
Column M. Variable rate index. If the credit card plan has a variable rate,
report the code in number of the index used to set the rate:

enter the corresponding number below
1. = Prime
2. = One-month T-bill
3. = Three-month T-bill
4. = Six-month T-bill
5. = One-year T-bill
6. = Fed funds
7. = Cost of Funds
8. = Federal Reserve Discount Rate
9. = Other
Column N. Variable rate margin. Indicate the margin or spread in percentage points used to determine the finance rate. Percentage points should be
rounded to two decimal places.
Insert B
Collumn O. Variable rate multiple. If the finance rate is derived from a
multiple of the index, report the multiple used. Multiple fractions should be
rounded to two decimal places; for example, report a multiple of 1-1/2 as
1.50.
Note: If both a margin and a multiple of the index are used to determine the
finance rate, report both.
Column P. Annual fee (membership fee). The annual charge or other
periodic fee, expressed as an annualized amount, that may be imposed for
the issuance or availablility of the credit card, including any fee based on
account activity or inactivity.
Column Q. Grace period. The period of time from the end of the billing
cycle in which credit extended for purchases during that billing cycle may
be repaid without incurring a finance charge. If no grace period
exists, enter zero. A one-month grace period should be reported as
30 days.
Columns R–S. Transaction fee for purchases. Report the transaction fee
imposed for each use of the card for purchases. If the fee is a dollar amount,
indicate the amount in Column R. If it is a percentage of the purchase price,
indicate the percentage (rounded to two decimal places) in Column S. If
both, report both.
Columns T–U. Minimum finance charge. Report the minimum or fixed

FR 2572
Page 2 of 3

finance charge that could be imposed during a billing cycle. If the charge is
a dollar amount, indicate the amount in Column T. If the charge is a
percentage of the balance, indicate the percentage (rounded to two decimal
places) in Column U. If both, report both.
Note: For most institutions, the minimum finance charge is a dollar amount
only, usually less than $1.00, and there is no additional percentage charge.
In such a case, report the dollar amount, rounded to the nearest cent (for
example, report fifty cents as 0.50), and do not enter anything in Column U.
Do not report in Column U the APR.
Ancillary Fees

the APR

Insert C

Line 56. Transaction fee for cash advances. Report the transaction fee
imposed for an extension of credit for a cash advance. If this fee is uniform
over the plan's region, report on Lines 56.A and 56.B. If the fee is a fixed
dollar amount, report the minimum amount showing dollars and cents on
Line 56.A. If it is a percentage of the cash advanced, indicate the percentage
(rounded to two decimal places) on Line 56.B. If both, report the minimum
dollar amount and the percentage of the delinquent balance on Lines 57.A
and 57.B.

cash advance on Lines 56.A and 56.B.

If this fee varies over the plan's region, report the range of fees (minimum and
maximum values) charged on Lines 56.C and 56.E and Lines 56.D and 56.F,
in the same manner as described above.

late
Line 57. Late payment fee. Report the fee imposed for a last payment. If this
fee is uniform over the plan's region, report on Lines 57.A and 57.B. If the fee
is a fixed dollar amount, report the minimum amount showing dollars and
cents on Line 57.A. If it is a percentage of the outstanding amount, indicate
the percentage (rounded to two decimal places) on Line 57.B. If both, report
the minimum dollar amount and the percentage of the delinquent balance on
Lines 57.A and 57.B.

on Line 58.B. If both, report the minimum dollar amount and the percentage
over the credit limit on Lines 58.A and 58.B.
If this fee varies over the plan's region, report the range of fees (minimum and
maximum values) charged on Lines 58.C and 58.E and Lines 58.D and 58.F,
in the same manner as described above.
Examples of how to report ancillary fees:

Bold text

Institution charges the larger of the sum of 5 dollars plus 5 percent of the cash
advanced or a minimum of 10 dollars for each transaction. Report 10 dollars
as the minimum fee on Line 56.A.
Institution charges 5 percent or a minimum fee of 2 dollars (whichever is
more) for each late payment. Report 2 dollars as the minimum fee on Line
57.A.
Institution charges the smaller of the sum of 5 dollars plus 5 percent of the
amount exceeding the credit limit or a maximum of 10 dollars. Report the
minimum fee as 5 dollars on Line 58.A and 5 percent on Line 58.B.
Line 59. Balance computation method. Report the computation method
used to determine the balance on which the finance charge is computed for
purchases. The following are names and descriptions of the most common
balance computation methods. If your financial institution uses one of these
methods, simply enter the appropriate code number. Otherwise, provide a
short explanation of the method used.
Code Name of Balance Computation
1. Average daily balance including new purchases. Calculated by adding the outstanding balance (including new purchases and deducting
payments and credits) for each day in the billing cycle, and then dividing by
the number of days in the billing cycle.

If this fee varies over the plan's region, report the range of fees (minimum and
maximum values) charged on Lines 57.C and 57.E and Lines 57.D and 57.F,
in the same manner as described above.

2. Average daily balance excluding new purchases. Calculated as in
Method 1, except new purchases are excluded.

Line 58. Over the credit limit fee. Report the fee imposed for exceeding a
credit limit. If this fee is uniform over the plan's region, report on Lines 58.A
and 58.B. If the fee is a fixed dollar amount, report the minimum amount
showing dollars and cents on Line 58.A. If it is a percentage of the amount
over the credit limit, indicate the percentage (rounded to two decimal places)

3. Two-cycle average daily balance including new purchases. The sum
of the average daily balances for two billing cycles. The first balance is for
the current billing cycle, and is figured by adding the outstanding balance
(including new purchases and deducting payments and credits) for each day
in the billing cycle, and then dividing by the number of days in the billing

July 21, 2008 (DRAFT)
REPORT OF TERMS OF CREDIT CARD PLANS—INSTRUCTIONS—Continued
cycle. The second balance is for the preceding billing cycle and is figured in
the same way as the first balance.
4. Two-cycle average daily balance excluding new purchases. Calculated as in Method 3, except new purchases are excluded.
5. Adjusted balance. Calculated by deducting payments and credits made
during the billing cycle from the outstanding balance at the beginning of the
billing cycle.
6. Previous balance. The outstanding balance at the beginning of the
billing cycle.
7. Other. If “other” is selected, provide a brief explanation of the method
used. (Limit to 752 characters).
Line 60. Credit card plan enhancements. (The reporting of this item is
optional). Indicate by check-mark each of the credit card plan enhancements
listed that are automatically provided to card holders “free of charge,” that is,
without any explicit charge to the consumer. If the credit card plan offers
enhancements “free of charge” that are not listed, indicate by check-mark in
the “other” line, but do not specify what these are.
Line 61. Name and address to obtain credit card application. Provide the
name of the financial institution and the mailing address a consumer would
use to obtain a credit card application. (Limit to 288 characters, 72 per line).
Line 62. Telephone number for consumers with questions about credit
card rates and terms. Indicate the telephone number consumers may call
with questions about your credit card plan. A toll-free number is requested
if available. (Limit to 16 characters).

FR 2572
Page 3 of 3

FR 2572 draft instruction inserts

July 21, 2008

Insert A
Location - FR 2572 draft instructions, page 1 of 3, section – SPECIFIC
INSTRUCTIONS, Columns A-C, Annual percentage rate (APR)
When a range of APRs exist for new customers the midpoint of the highest and lowest
range should be reported. For example, if a bank's APRs for new customers range from
16.99% to 28.99%, Column A would be reported as 22.99%.
Insert B
Location - FR 2572 draft instructions, page 2 of 3, section – SPECIFIC
INSTRUCTIONS, Column N. Variable rate margin
When a range of margins exist the midpoint of that range should be reported. For
example, if a bank's rate margins range from 5.99% to 12.99%, Column N would be
reported as 9.49%.
Insert C
Location - FR 2572 draft instructions, page 2 of 3, section – Examples of how to
report ancillary fees:
• For each cash advance transaction, the institution charges a fee of $5 plus 5 percent of
the advance, or a minimum of $10, whichever is greater. The fee is uniform across the
plan’s region. Report the minimum, $10, on Line 56 A.
• For each late payment, the institution charges a fee of 5 percent of the outstanding
amount, or a minimum of $2, whichever is greater. The fee is uniform across the
plan’s region. Report the minimum, $2, on Line 57 A.
• For each transaction that exceeds the credit limit, the institution charges a fee of $5
plus 5 percent of the amount exceeding the limit, up to a maximum of 10 dollars. The
fee is uniform across the plan’s region. Report the minimum, $5 plus 5 percent on
Line 58 A and Line 58 B, respectively.
• For each cash advance transaction, an institution charges a fee of 2 percent of the
advance, up to a maximum of $10, but no minimum fee exists. The fee is uniform
across the plan’s region. Report as the minimum fee, 2 percent, on Line 56 A.