Billing Cycle: The period of time reflected on a Statement. The length of this period may vary but is typically approximately thirty (30) days. Your Account will have a Billing Cycle even if no Statement is required.
Consumer Credit Card Terms and Disclosures: This disclosure document provides rates, costs, and fees information for the Account and is included in your new credit card mailer.
Card: Each and every Truist Consumer Credit Card including physical credit card(s), 16-digit number(s) linked to the Account, virtual card(s), or any other evolutionary device(s) that you or an Authorized User can use to access the Account to obtain credit.
Card Association Network: A network of merchants, issuing banks, and acquiring banks that process payment cards in relation to Transactions. Visa USA Inc. ('Visa') and Mastercard International Incorporated ('Mastercard') are examples of established Card Association Networks.
Cardholder: Any individual who is identified by the Account Holder to be issued a Card associated with the Account and is thereby expressly authorized to use that Card and the Account to make Transactions.
Cash Advance: A loan using the Account to obtain cash or things we consider cash-equivalents (e.g., wire transfers, cryptocurrency, travelers' checks, ATM withdrawals, overdraft protection, money orders, foreign currency, lottery tickets, or gambling chips or wagers). Truist does not determine the Merchant Category Codes (MCC) assigned to cash-equivalent Transactions; the respective Card Association Networks do. Truist is dependent on the MCC codes provided by the applicable Card Association Networks when determining whether a Transaction is a Cash Advance; certain Transactions, including the purchase of quasi-cash items and peer-to-peer transfers, may also be categorized by the Card Association Network using a Cash Advance MCC.
Convenience Check: This is a check that Truist may provide to you. The check can be used to access the Account to make a Transaction.
Credit Limit: This is the total dollar amount of credit we assign to the Account for you to access to make Transactions associated with the Account.
Default: Any failure by you to maintain the payment obligations related to the Agreement/the Account or any failure by you to comply with the terms of the Agreement. See also 'When the Account is in Default' section.
Due Date: The date by which Truist must receive at least the Minimum Payment on a Statement for the payment to be deemed on time. Truist must receive your payment by 11:59 pm ET on the Due Date stated in your Statement. Your Due Date will occur on the same calendar day of each month. It will be at least 21 days after the date Truist mails your Statement and at least 25 days after the end of your most recently concluded Billing Cycle.
Good Standing: This generally means that the Account is not in Default and you are in full compliance with the terms of the Agreement; the Bank, using its sole and absolute discretion, determines whether the Account is in Good Standing.
Grace Period: The time period during which you may avoid paying interest on
Purchases. There is no Grace Period for Balance Transfers, Cash Advances, or overdraft protection transfers.
Late Payment: When you fail to make a payment to Truist by the Due Date in an amount that is at least that of the Minimum Payment.
Minimum Payment: This is the lowest amount you must pay each month to help keep the Account in Good Standing; this payment amount is reflected on the Statement for the Account.
New Balance: The total amount owed for the Account, including all Transactions, Balances, accrued fees, interest charges, and other amounts associated with and due on the Account as of the closing date on a given Statement.
Purchase: Credit that Truist extends to you when you, a Cardholder, or an Authorized User use a Card or the Account to purchase goods, labor, insurance, or services at or through participating merchants.
Statement: The document Truist typically sends (or makes available online) to you at the end of a Billing Cycle; we may not be required to send or make available to you a Statement for every Billing Cycle. The Statement includes the Transactions, fees, and interest charges that occurred during that Billing Cycle; the total Balance that you owe the Bank; the Minimum Payment that must be paid; the Due Date for the Minimum Payment; and other important information related to the Account.
Transaction: This refers to an authorization request, Purchase, Balance Transfer, Cash Advance, overdraft protection transfer, cash-equivalent Transactions, deposit, payment, refund, account inquiry, or other transaction that is or was: (i) initiated using your Card or the Account and (ii) processed (or submitted for processing) via a Card Association Network.
