Subject to sections 44-1205 and 44-6002, if applicable, a creditor may establish the contracted interest rate for a credit card account through either of the following:

Terms Used In Arizona Laws 44-7805

  • Credit card: means any card, plate or other single credit device that may be used from time to time to obtain credit and shall include a charge card, courtesy card, identification card or account number that may be used to access a line of credit to purchase goods or services. See Arizona Laws 44-7801
  • Creditor: means the person, business, financial institution or commercial enterprise that owns the credit card account. See Arizona Laws 44-7801
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Issuer: means a financial institution or an authorized agent of a financial institution that issues a credit card. See Arizona Laws 44-7801

1. Terms and conditions that contain a stated or variable interest rate.

2. A billing statement generated by the issuer that contains a stated or variable interest rate.

 

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