TERMS AND CONDITIONS – FACEBANK VISA CLASSIC CREDIT CARD

Interest Rates and Interest Charges

Annual Percentage Rate (APR) for Purchases 25.00% Fixed APR when you open your account based on your creditworthiness.

Annual Percentage Rate (APR) for Cash Advances 25.00% Fixed APR

Balance Transfers 25.00% Fixed APR

Penalty Rate FACEBANK will not apply a penalty rate charge (APR) to the Credit Card product

How to Avoid Paying Interest on Purchases The due date for each payment is at least 25 days after the end of each billing cycle. No interest will be charged on Purchases in billing periods where there is no previous balance, provided the full balance of the account, including purchases made during the period, is paid or credited on or before the applicable payment due date. If you pay the full balance due, on or before the monthly payment due date, no interest will be charged on Purchases made. For Cash Advances and Balance Transfers, interest will accrue from the date the transaction is made.

For Federal Reserve Board Credit Card Recommendations To learn more about factors to consider when applying for or using a credit card, visit the Consumer Financial Protection Bureau’s page.
https://www.consumerfinance.gov/data-research/credit-card-data/

Other Charges

Membership Fee $95.00 Annual Fee, $45.00 Additional Card Fee (if applicable). The first year, the Annual Membership Fee is waived.

International Transaction Fee 3% of the amount of each transaction in dollars

Cash Advance Fee 3% of the amount of each transaction (minimum of $2, maximum of $50)

Late Payment Fee Up to $35.00 for payments received after the billing cycle closing date

How Your Balance Is Calculated We use the «average daily balance (including new purchases)» method. Please refer to your Credit Card Agreement for more details.

The information about Credit Card charges described is correct as of May 1, 2016.
This information may have changed since that date. To verify any changes to this information, you can call 1-877-979-FACE (3223), 787-705-7641, 787-749-0051, email us at [email protected], or write to us at the following address:
FACEBANK International Corp.
Metro Office Park
17 Calle 2, Suite 600
Guaynabo, P.R. 00968


IMPORTANT NOTICE – U.S. PATRIOT ACT
Section 326 of the USA PATRIOT Act came into effect on October 1, 2003. This law requires financial institutions to obtain, verify, and record information that identifies individuals who open accounts. The U.S. government enacted this law as a measure against terrorism and money laundering

When applying for an account:

  • You will be asked for your name, residential or physical address, date of birth, social security number, and any other information that will allow us to identify you with certainty.
  • You will be required to show your driver’s license or another valid government-issued photo ID.

The information collected by FACEBANK International Corp. will be kept confidential as required by the Privacy Act.

RETAIL INSTALLMENT CONTRACT – ROTATING CREDIT PLAN

The following terms and conditions will govern the use of the VISA CLASSIC credit cards (the Card) issued by FACEBANK International Corporation Puerto Rico (the Bank) by the applicant (the Cardholder), whether individually or jointly:

RETAIL INSTALLMENT CONTRACT – ROTATING CREDIT PLAN

The following terms and conditions will govern the use of the VISA CLASSIC credit cards (the Card) issued by FACEBANK International Corporation Puerto Rico (the Bank) by the applicant (the Cardholder), whether individually or jointly:

I. USE OF THE CARD


The Cardholder will use the Card to purchase or lease goods or services at establishments where the Card is accepted and to obtain cash advances from the Bank or any other bank that accepts the Card, within the limits set by the Bank or the issuing bank from time to time. The Cardholder authorizes the Bank to pay and charge to their account for all merchandise or service purchases and cash advances made with their Card, as well as the Additional Card of the same account, and agrees to pay the Bank for all those purchases and cash advances, plus any INTEREST CHARGES that may be determined and any other charges the Cardholder owes according to the terms of this contract, which amounts will be paid in full or in monthly installments in U.S. legal tender.

II. CREDIT LIMIT

The initial credit limit granted by the Bank to the Cardholder’s account will appear on the Virtual Banking screen upon confirmation that the credit card application has been completed and on the outside of the cardholder’s wallet containing the new credit card. The effective credit limit as of the monthly statement date will also appear on the statement. If the Cardholder exceeds the credit limit approved by the Bank, the Bank will have the right to charge the excess amount, close the account, cancel the Card, require its return, or take possession of the Card. Any amount in excess of the approved limit will be due immediately. The Bank will not charge fees for exceeding the authorized limit.

The Cardholder’s credit limit may be reduced by the Bank if the Cardholder fails to meet the credit parameters established by the Bank and if one of the following conditions occurs:
a. Improper management of the credit card according to the Bank’s parameters, which may include: late payment of a minimum payment, a returned check, exceeding the established credit line limit.
b. Non-use of the account for a period of 12 months.
c. Non-activation of the account.

In some cases, the credit limit of the card may not be shown through the corresponding screen in Virtual Banking.

b. Non-use of the account for a period of 12 months.
c. Non-activation of the account.

In some cases, the credit limit of the card will not be displayed on the corresponding screen in Virtual Banking.

III. CANCELLATION OF THE CARD

You may cancel your account at any time by notifying the Bank in writing. You may also cancel your Card if you do not agree with any changes made to this contract. Refer to Section XIV of this Agreement for more information.

The Card is the property of the Bank, which reserves the right to cancel or revoke your right to use it at any time, with or without cause and without prior notice. The Bank may issue you a different card at any time. You will remain responsible for paying any balance owed at the time of cancellation.

IV. MONTHLY STATEMENT


The Bank will provide the Cardholder with a Monthly Statement that will include all the information required by law.

V. INTEREST CHARGES

The INTEREST CHARGES for the “VISA CLASSIC” cards are calculated only on the principal balance for purchases of goods, services, cash advances, and balance transfers. The calculation will be made according to the rates presented below:

Goods and Services Cash Advances

Annual Percentage Rate (APR) for Purchases Monthly Periodic Rate (APR) for Cash Advances Monthly Periodic Rate for Cash Advances

25.00% APR Fijo2 1.875%4 25.00% APR Fijo2 1.875%4

APR (Annual Percentage Rate)
A. INTEREST CHARGES on purchases of goods and services:

  1. The Average Daily Balance for purchases is calculated by summing the balance due at the end of each day during the previous billing cycle and dividing that sum by the number of days in that billing cycle. The balance due at the end of each day is determined by: a) adding to the balance due from the previous day any purchase or cash advance posted on that day, and b) subtracting from the balance due the previous day any payments received or credits posted related to purchases on that day.
  2. Multiply the Average Daily Balance by the monthly periodic rate that is in effect.
    B. The Bank determines the INTEREST CHARGES you will pay for cash advances as follows:
  3. It calculates the Average Daily Balance for cash advances in the same manner as for purchases of goods and services, applying a monthly periodic rate to the Average Daily Balance.
  4. Multiply the Average Daily Balance by the monthly periodic rate that is in effect.
  5. There are no grace periods to avoid INTEREST CHARGES on cash advances obtained by the Cardholder.

C. INTEREST CHARGES will not be imposed on purchases of goods and services during the monthly billing cycle if the Cardholder pays in full on or before the payment due date on the statement. INTEREST CHARGES on cash advances will be calculated from the date the cash advance is charged to the Cardholder’s account until it is paid in full. BALANCE TRANSFERS are treated as cash advances.
D. The balance due on each day within the billing period will be determined by adding the previous day’s ending balance to any purchases, cash advances, or miscellaneous debits posted during the day, and subtracting any payments made or miscellaneous credits posted during the day.

 VI. MINIMUM PAYMENT

The Cardholder may pay the full amount or a portion of the New Balance shown on the monthly statement, but must pay at least the minimum monthly payment, which is 3.5% of the outstanding balance or $25, whichever is greater. If making monthly payments, the minimum payment will be calculated based on 3.5% of the New Balance. The Cardholder may pay the Total New Balance or any portion of it that exceeds the Minimum Monthly Payment at any time.

If the Cardholder fails to make a payment for any period of 30 days or more, the new minimum required payment will be equal to the debt balance multiplied by 3.5%, plus any previously missed minimum payments. This new amount will be considered the new required minimum payment. The Minimum Monthly Payment will be debited from the Green Account designated by the Cardholder at the time of requesting the Card. The debit will be processed on the 10th of each month or later, at the Bank’s discretion. If the Card balance is less than $25.00, the minimum payment applicable will be the total amount of the outstanding balance. The Cardholder agrees to maintain sufficient available balance in their associated checking account to cover the Minimum Monthly Payment for their credit card.

The Minimum Monthly Payment will be debited from the Green Account designated by the Cardholder at the time of requesting the Card. The debit will be processed on the 10th of each month or later, at the Bank’s discretion. If the Card balance is less than $25.00, the minimum payment applicable will be the total amount of the outstanding balance. The Cardholder agrees to maintain sufficient available balance in their associated checking account to cover the Minimum Monthly Payment for their credit card.

VII. APPLICATION OF PAYMENTS

If the Cardholder makes the Minimum Payment required on the monthly statement, such payment will be applied as follows: first to Interest Charges, and the remaining balance will be applied proportionally to the amounts owed for goods and services and cash advances, according to the New Balance for each of these categories as of the date of the monthly statement.

VIII. ANNUAL MEMBERSHIP FEE

The Cardholder is subject to the payment of an annual membership fee, as well as an annual membership fee for each additional card. The first year, the Annual Membership Fee is Free. The fees apply even if the Cardholder and/or authorized persons do not use the Card(s). Fees may change over time at the Bank’s discretion. You may cancel your Card if you do not agree with an increase in the annual fee for your card. Please refer to Section XIV of this Agreement for further details. The following membership fees apply:

Card Type

Annual Fee Additional Card Fee

VISA CLASSIC $95.00 $45.00

IX. OTHER CHARGES

For all Cards, a Late Payment Fee of up to $35.00 will be charged if the Minimum Payment required is made after the payment due date indicated on the monthly statement.

A service fee of 3% of the amount of each cash advance and balance transfer (minimum $2, maximum $20) will be charged for transactions made at ATMs and cash advances made at a bank branch, in addition to any charges applied by the ATM and/or the non-Bank branch where the advance is made. The cash advance fee also applies to cash advances credited to your FACEBANK account.

Currency Exchange Fee: A fee of 3% of the transaction amount in USD will be charged for any foreign currency transactions. All foreign currency transactions will appear on your statement in U.S. dollars. The foreign currency conversion to U.S. dollars will be made by VISA CLASSIC International using: 1- An exchange rate selected by the applicable brand from various available exchange rates in the currency market at the time your transaction is processed. The exchange rate used by the brand for this purpose may differ from the rate received by the brand itself or, 2- The exchange rate decreed by the Government for the date your transaction is processed.

These charges will be added to the goods and services balance of your account. They may change from time to time at the Bank’s discretion with prior notice.

X. LATE FEE


For the Credit Card product, there will be no Late Fee. If there is any change to this process, the Bank will provide prior notice as required by law before implementing any late fee.

XI. MONTHLY STATEMENT


The Bank will provide the Cardholder with a monthly statement through Virtual Banking, which will include, among other things, the Previous Balance, Payments, Credits, Debits, Purchases of Goods and Services, and Cash Advances made during the statement period, the Interest Charge, the Annual Percentage Rate, the Total New Balance, the Minimum Payment, and the Due Date for that payment. The Cardholder must notify the Bank in writing of any errors in the monthly statement within sixty (60) days from the date the statement is sent. A statement will not be required when: (I) the Bank has classified the account as uncollectible, (II) a legal action has been filed to collect the debt, (III) the account balance is zero with no activity during the billing period, or (IV) when, by law, the sending of such a statement is prohibited.

XII. LOST OR STOLEN CARD

If the card is lost or stolen, the Cardholder must immediately notify the Bank by calling the following numbers: 1-(877)929-FACE (3223) or (787)705-7642 during business hours (outside of these hours, the call will be transferred to our VIP service center). The Cardholder must complete and submit any forms or reports required by the Bank. If the Card is used by an unauthorized person, the Cardholder may be liable for an amount not exceeding $50.00 unless the Cardholder has notified the Bank of the loss, theft, or unauthorized use of the Card prior to any purchase or advance.

XIII. DENIAL OF THE CARD

The Bank will not be responsible if a purchase or cash advance is not authorized by the Bank or a third party, even if the Cardholder has available credit. The Bank may limit the number of approved purchases or cash advances during a day. If the Bank detects unusual or suspicious activity on your account, it may temporarily suspend your credit until the legitimacy of the transaction is verified. The Bank may approve purchases or cash advances that exceed your credit limit without waiving its rights under this Agreement.

XIV. JOINT ACCOUNTS


Each Cardholder will be jointly and severally responsible to the Bank for the full payment of purchases and cash advances made under the credit plan. Each Cardholder will have the authority to give instructions to the Bank regarding the management of the account and agrees to release and indemnify the Bank from any liability for damages, losses, or expenses arising as a result of any action taken by the Bank in compliance with the instructions given by any of the Cardholders. Notwithstanding the above, the Bank may require the presence and signature of all Cardholders to process certain instructions or requests, including but not limited to (I) requests for increases or decreases in the credit limit, (II) issuance of additional cards, and (III) changes to the account address for the credit plan

XV. DEFAULT


You will be in default of this Agreement if you fail to make any payment on time, if you file for bankruptcy, or if you exceed your credit limit without authorization from the Bank. In the event of default, the Bank may demand the full payment of the outstanding balance. If we need to refer the obligation for collection through legal means, you may also incur legal fees and attorney’s fees, as well as any other amounts authorized by law.

XVI. AMENDMENTS

The Interest Charges, Periodic Rates, and other terms and conditions contained in this agreement may be modified by the Bank at any time, with prior notice of at least 45 days before the effective date of the amendment. This notice will be provided when the change is adverse to the Cardholder.

XVII. MISCELLANEOUS PROVISIONS

The Cardholder will always be jointly responsible for the use of the issued Cards and the corresponding Interest Charges. The Bank’s failure to exercise any right under this agreement will not constitute a waiver of that right. If any clause or part of a clause of this agreement is declared null by a court, or becomes ineffective due to legal or regulatory provisions, the remaining provisions of this agreement will not be affected and will continue in full force. The use of the Card implies that you agree to the terms and conditions of this agreement. This agreement will be interpreted under the laws of the Commonwealth of Puerto Rico.

XVIII. YOUR BILLING RIGHTS


This notice contains important information regarding your rights and our responsibilities under the «Fair Credit Billing Act.» Notify us in case of errors or doubts about your statement. If you believe your statement contains incorrect information or if you need more information about a transaction, please send us an email at [email protected] or mail us (on a separate sheet) to the address provided on your statement, as soon as possible. You must notify us no later than sixty (60) days from the date you receive the first statement on which the error or disputed issue appeared. You may call us, but by doing so, we will not be obligated to investigate your claim, and any consequences resulting from not submitting your claim in writing within the required time frame may become your responsibility. In your email or letter, include the following information: your name and account number, the amount being disputed or unrecognized, and briefly describe the situation, if possible. If you need more information, describe the item you have doubts about.

XIX. YOUR RIGHTS AND OUR RESPONSIBILITIES AFTER RECEIVING YOUR WRITTEN NOTIFICATION

We must acknowledge receipt of your email or letter within no more than 5 business days. Additionally, we will be issuing a provisional credit within ten days from the day we receive your written claim. Within a maximum of ninety days, we must conclude your claim and be able to provide you with details regarding our resolution. After receiving your letter, we must not attempt to collect any amount you have disputed, nor will we report delinquency on the funds you have disputed. We may continue to bill you for the amount you are questioning, including interest charges, and we may apply any amount owed to your credit line. You are not required to pay any disputed amount while we are investigating; however, you are obligated to pay the portions of your bill that are not in dispute. If we determine that your claim is valid, you will not have to pay the disputed amount or any other charge or fee related to the disputed portion of your bill. If we determine that your claim is not valid, you must pay the disputed amount, the interest charges, and the fees related to the disputed amount. In this case, we will send you a statement for the amount owed and the due date. If you do not pay the amount we believe to be owed, we may report your case as delinquent. If you receive our explanation and are not satisfied, you must send an email to [email protected] within the next 10 days informing us of your dissatisfaction. In this case, we cannot report you as delinquent unless we also report that you disputed your bill. We must inform you of the name of anyone to whom we report your delinquency and let those organizations know when a satisfactory arrangement has been made between us. If we fail to follow these rules, we will not be able to collect the first $50 of the disputed amount, even if it is determined that the bill was correct.

XX. SPECIAL RULES FOR CREDIT CARD PURCHASES


If you have a problem with the quality of products or services purchased with your credit card, and you have made a good faith effort to resolve the issue with the seller, you may have the right not to pay the remaining balance related to those products and services. To exercise this right, the following conditions must be met:

You made the purchase in the state where you reside, or within 100 miles of your postal address, and the purchase price must have been greater than $50 (Note: none of these conditions apply if your purchase was made from an offer sent by the Bank or if the Bank owns the business that sold you the goods or services, you used your credit card for the purchase (purchases made with cash advances from an ATM are excluded, you have not yet paid the full amount of the purchase.

If the above criteria are met, you may write to us at the address provided above. While the Bank is investigating, the same rules discussed above will apply to the disputed amount. After completing the investigation, the Bank will notify you of its decision, and if it is determined that you owe an amount and do not pay it, the Bank may report you as delinquent.

XXI. GUARANTEE


The Cardholder under this Agreement agrees and accepts the establishment of a Certificate of Deposit as collateral for the described product (Credit Card) at Face-Bank International Corporation (hereinafter referred to as the «Bank») and its affiliates. This guarantee secures all present and future debts or obligations that the Cardholder may owe to the Bank and/or its affiliates through the Credit Card product. The Cardholder agrees that the Certificate of Deposit (Guarantee) may be converted into negotiable instruments, authorizing the Bank to liquidate the corresponding certificates and retain possession of them in the event of default under this agreement. The Cardholder further agrees to sign any documents necessary or convenient for the perfection of the guarantee established herein. The agreements, contracts, and/or transactions between the Bank and the Cardholder under which this guarantee is established as security for the product shall be considered part of this Agreement. The Cardholder agrees that this Agreement is governed by the laws of the Commonwealth of Puerto Rico.

NOTICE TO THE ASSIGNEE


The Assignee who receives or acquires this RETAIL CONTRACT, INSTALLMENT PLAN, or a promissory note related to it, shall be subject to the same conditions as any claim or defense that the buyer may raise against the seller. The Assignee of the Contract shall have the right to present against the seller all claims and defenses that the buyer may raise against the seller concerning the goods or services.

IMPORTANT INFORMATION ABOUT PROCEDURES TO OPEN A NEW ACCOUNT


To assist the government in the fight against terrorism and money laundering activities, federal laws require every financial institution to obtain, verify, and maintain information that identifies each person who opens an account. What does this mean for you? When you open an account, we will ask for your name, address, date of birth, and any other information we may need to identify you. We may also request to see your driver’s license or any other document that can identify you.

NOTICE TO THE CARDHOLDER

Do not sign this Contract without reading it or if it contains blank spaces. You have the right to a copy of this Contract. Under current law, you have the right to pay the full amount owed in advance. Additionally, you have the right to cancel the Revolving Account Plan for the use of the Credit Card if, within fifteen (15) days of receiving the agreement and without having used the Card, you notify in writing the FACEBANK Card Division, via email at [email protected]. In such case, the annual membership fee will be reversed.

By accepting and using the Card, you agree and likewise request that your statements be made available electronically through the use of FACEBANK’s Virtual Banking. You also waive your right to receive a physical copy of your monthly statement by regular mail. The only responsibility of the institution will be to notify you electronically of the availability of said statement within 30 days of its issuance. The failure to receive a physical statement by regular mail does not relieve you of your obligation to make your monthly payment in accordance with the provisions of this contract in Clause No. VI – Minimum Payment, nor invalidate any other clause. This clause survives the termination of the contract.

Additionally, to all of the above mentioned, in case I have received the card as a pre-approval from the bank without having made a credit application, I agree to take full responsibility for all charges made on this credit card once it is used for the first time by me. At that moment, I accept all the terms, conditions, and obligations that may be associated with the use of this card, and I assume responsibility for all charges from that date forward.
If I do not agree, I commit to returning the card obtained to the bank as soon as possible.

PERSONAL GUARANTEE


I, hereinafter referred to as the “Guarantor,” unconditionally guarantee to FACE BANK INTERNATIONAL CORPORATION, located at 17 Calle 2 Ste 600, Guaynabo, PR 00968-1745, hereinafter referred to as the “Creditor,” that under the terms and conditions outlined in this guarantee agreement, the Guarantor is willing to guarantee the debts incurred by the related debtors, such as the primary cardholder and additional cardholders (Applicable for both business and personal cards), limited to debts incurred through the use of the FACE BANK INTL CORP. VISA CLASSIC Credit Cards. In the event of a delay of 90 or more calendar days in the payment of any of the cards covered under this guarantee, the Creditor will initiate collection efforts against the Guarantor and may utilize the funds the Guarantor holds in any type of product with the Creditor.

FACEBANK International Corporation
Metro Office Park
17 Calle 2, Suite 600
Guaynabo, P.R. 00968
Tel. 787-749-0051
Fax. 787-749-0053

Credit Card Division
Tel. 1-877-929-FACE (3223) or 787-705-7642

Last Update: April 2025