Definitions:
The words you, your and yours mean the applicant, joint applicant and
persons authorized to use the account. The words we, us and our mean
Trans Canada Credit Corporation, The word Seller refers to the retailer
from whom you purchase goods or obtain services in accordance with the
terms of this agreement.
Account: In consideration of our granting you credit on this Account ("Account"),
you promise to pay us for all purchases made by you or others you allowed
to use your Account plus any finance charge and any other charges that
may be assessed as provided in this agreement. This Account can be used
to purchase and lease goods and servicesfrom the Seller and
the Account may be used to transfer amounts due on an account with the
seller.
Terms of Payments: We will send you a statement after the end of each monthly billing
cycle in which there is a balance due, called "New Balance"
on your statement. You promise that within 25 days after the billing
date shown on your statement you will pay at least the minimum payment
called for in this agreement plus any amount that is past due. Payments
are not considered made and are not credited to your account until received
by us at the location given in your monthly statement as the location
at which payments may be made. The monthly billing cycle covered by
each statement will be approximately 30 days.
When Credit Charge is Imposed: The credit charge on a transaction begins on the day after the close
of the billing cycle in which the transaction is posted to your account.
Since your billing statement is prepared as of the close of the billing
cycle, there is no date by which the new balance shown on a statement
can be paid to avoid credit charges on the new balance.
Finance Charge: We will figure the finance charge on your Account by applying the
Annual Percentage Rate of 28.9% calculated and payable monthly to the
"average daily balance" of your Account, (excluding current
transactions). The deemed reinvestment principle does not apply. To
get the "average daily balance" we take the beginning balance
of your Account each day and subtract any payments or credits. This
gives us the daily balance. Then we add all the daily balances for the
billing cycle together (credit balances are not included) and divide
the total by the number of days in the billing cycle. This gives us
the "average daily balance". A table of representative finance
charges is set forth below. Finance charges shall become principal,
for the purposes of calculating finance charges in the next billing
cycle.
Minimum Monthly Payment: Your minimum monthly payment will be 1/36th of the highest unpaid
balance of your account, rounded to the nearest $1.00 or $25.00 whichever
is greater. The minimum monthly payment will only change if subsequent
purchases increase the unpaid balance to an amount requiring a higher
minimum payment. A table of representative minimum monthly payments
is set forth below. You may at any time pay the entire unpaid balance
or any portion thereof.
Credit Limit: We will set a "credit limit" on your Account. This limitwill appear on your monthly billing statement. The Account may not
be used to purchase goods or services which will exceed the limit. If
you, or others, do exceed the limit, we may cancel the agreement and
declare the entire balance due. This means you will have to immediately
pay the cost of all goods and services not yet paid for plus any credit
charge which applies.
Security: In the province of Ontario, Manitoba, Saskatchewan, Alberta, Nova
Scotia, British Columbia, Prince Edward Island, New Brunswick and Newfoundland
you grant to us a purchase money security interest to the extent permitted
by law in any goods sold under this agreement until full payment for
the goods has been made. You agree that any goods sold under this agreement
will remain personal property and will not become a fixture even if
attached to real property. If the minimum monthly payment, or any other
amounts due under this agreement are not made on time, the goods may
be repossessed, to the extent permitted by law.
Use of Account: You promise that all purchases made from the Seller on your Account
will be primarily for personal, family, or household purposes.
Change of Terms: We may change the rates and other terms of this agreement as permitted
by law. We will notify you in writing before the change occurs. A change
in the terms of this Account may apply to the unpaid balance existing
on the effective date of the change.
Cancellation of the Account: We at our sole discretion may cancel this agreement and declare
the entire balance due and payable, but the cancellation will in no
way affect your liability to us on credit previously given.
Limit of Liability: We will not be responsible if the Seller refuses to accept any purchase
of goods or services on your Account. Any dispute between you and the
Seller shall be settled by you and the Seller. To the extent required
by law, you will pay for the charged items even though a dispute exists.
Default: You will be in default if
you fail to make any minimum monthly payment when due
you become insolvent
you break any term of this agreement, or
you refuse to accept the change of any term of your agreement.
If you are in default, we have the right after notice of default has
been given and you have failed to cure this default,to:
demand you pay the entire unpaid balance on your account immediately;
start a lawsuit to collect the balance; and / or
take any other actions permitted by law; and / or
immediately take possession of the goods under the appropriate
provincial legislation.
If any amount becomes due in default and is referred to for collection
to an attorney, you agree to pay such fees of the attorney, and court
costs allowed by law. You also agree to pay interest on judgment at
the annual percentage rate in effect for your account at the time
of default.
Delay in enforcement: We may waive or delay enforcing any of our rights without losing
them. We may waive or delay enforcing our rights against one of you
without waiving as to the other.
Preferred Customer Cards: We may send you preferred customer cards to identify you as our
preferred customer. These cards always belong to us, and are not to
be used to debit your Account. If we ask, you will return all cards
that you have received.
Dishonoured Cheque: You agree to pay us the amount of $20.00 as damages in respect of
each payment of yours which is dishonoured. This amount will be added
to the Account balance and may be varied under the terms of the agreement
only in a manner permitted by the law of your province of residence.
Assignment: We may sell or assign all or part of the balance of your account
to another person or entity from time to time without prior notice.
Loss or Stolen Preferred Credit Card: In the event your card is lost or stolen, you agree to notify us
promptly by telephone to the customer service number shown on your statement.
You shall not be liable for any unauthorized use of your preferred customer
card after such notification. Your liability for unauthorized use of
the preferred customer card prior to such notification shall be limited
to $50.00.
Credit Information: You promise that any credit information furnished to us is true
and complete and understand that this information will be relied on
by us in establishing your Account and extending credit on your Account.
We have the right to investigate your credit, employment and income
records, and have the right to verify your credit references and to
report the way you pay this account to credit bureaus and other interested
parties.
Special Terms If a sales invoice indicates that special terms apply to the purchase,
the following terms and conditions apply:
Sub Account Established. A sales invoice subject to special terms modifies the terms
of this agreement to establish a sub-account or sub-accounts for
the purchases listed on the special terms sales invoice. A sub-account
is part of your Account, and all the terms of this agreement apply
to the purchases listed on a special terms sales invoice except
those terms that are charged by the special terms sales invoice.
A sub-account is part of your Account, but the credit charge
and minimum payment for a sub-account are handled separately from
your regular account and from other sub-accounts. The charges made
to this agreement by a special terms sales invoice apply only to
the purchases listed on the special terms sales. Items that are
purchased under the same terms and that have special terms beginning
in the same billing cycle may be included in the same sub-account,
even if they were purchased on different sales invoices. Items that
have special terms beginning in different billing cycles may be
in different sub accounts, even if they were purchased on the same
sales invoice.
Length of Special Terms. The special terms for an item listed on a special terms
sales invoice begin on the date of the sales invoice unless the
item is not available for pick-up or delivery. The special terms
begin when the item is available for pick-up or delivery. The special
terms last for the number of monthly billing cycles indicated on
the sales invoice or until the date indicated on the sales invoice,
subject to our rights under the paragraph headed "Transfer
to Regular Account". If the special terms sales invoice says
the special terms will last for a certain number of months, it means
that number of monthly billing cycles. If a special terms sales
invoice does not include how long the special terms last, then they
last until the sub-account is paid, subject to our rights under
the paragraph headed "Transfer to Regular Account."
Transfer to Regular Account.
Your "regular account" is the part of your Account
subject to the regular terms of this agreement. The unpaid balance
of a sub-account containing an item on a special terms invoice will
be transferred to your regular account at the end of the special
terms after all credit charges are figured but before the minimum
payment is figured. We may, at our option, transfer the unpaid balance
(and the accumulated credit charge, if applicable) of a sub-account
containing an item on special terms sales invoice to your regular
account any time you fail to make any required payment on your Account
when due. When the unpaid balance of a sub-account is transferred
to your regular account, the special terms end, and the unpaid balance
(and accumulated credit charge, if applicable) will be subject to
all the terms of your regular account, without modification.
Interest Terms
A special terms invoice will indicate that one of the following
interest terms applies:
No Interest - If a special terms sales invoice says there
is no interest, it means that there is no credit charge on the sub-account
containing the items sold on the invoice until the special terms
end. You may avoid credit charges on a "no interest" sub-account
by paying the balance of the sub-account in full before the special
terms end.
No Interest Option - If a special terms sales invoice says
there is a no interest option, it means that we figure the credit
charge on the sub-account containing the items sold on the invoice
the same way as for your regular account, but we do not add the
credit charge to the balance of the sub-account. Instead, the credit
charge is added to the total of the credit charges for the sub-account
for prior months. This amount is called the accumulated credit charge.
If the sub-account is not paid in full before the special terms
end, the balance of the sub-account and the accumulated credit charge
will be transferred to your regular account. The credit charge on
a purchase in a "no interest option" sub-account begins
on the date the transaction is posted to your Account. You may avoid
credit charges on a purchase in a "no interest option"
sub-account by paying the sub-account in full before the special
terms end.
Special Rate - If a special terms sales invoice shows a special
rate, it means that the daily periodic rate and corresponding annual
percentage rate shown on the invoice will be used to figure the
credit charge for the sub-account instead of the regular monthly
periodic rate and regular annual percentage rate.
Regular Rate - If a special terms sales invoice says the
rate is the regular rate, it means that annual percentage rate used
in figuring the credit charge and corresponding annual percentage
rate are the same as used for your regular account.
Minimum Payment. A special terms sales invoice will indicate that one of the
following payment terms applies. You may pay all or part of the
balance of a sub-account at any time. Payment of more than the minimum
payment, but less than the unpaid balance, will not relieve you
of the obligation to make at least the minimum payment in any future
billing cycle.
No Payment - If a special terms sales invoice says there
are no payments, it means there are no payments required for a sub-account
containing an item on the sales invoice until the special terms
end.
Payment in Full - If a special terms sales invoice says that
payment in full is required during the special terms, it means the
minimum monthly payment for a sub-account containing an item listed
on the sales invoice is the amount required to pay the sub-account
in full in equal monthly payments during the special terms, rounded
to the next higher dollar.
Regular Payments - If a special terms sales invoice says
that regular payments are required, it means that the minimum monthly
payment for a sub-account containing an item on the sales invoice
will be figured the same way as for your regular account except
that the payment will be rounded to the next higher dollar and the
smallest minimum payment will be $1.00 instead of the amount used
for your regular account, and the minimum payment for the sub-account
will not change after the first billing cycle.
Application of Payments. If you pay an amount less than or equal to the total minimum
payment in any billing cycle, or if you pay more than the minimum
payment and do not tell us how to apply the extra payment, the payment
will be applied first to unpaid credit charges on your regular account,
then to unpaid credit charges on your sub-accounts in the order
in which they were established. If any payment is left after doing
this, it will be applied first to the unpaid minimum payments on
your sub-accounts in the order in which they were established. If
any of the payment is left after doing this, it will be applied
first to the unpaid balance of your regular account, then to the
unpaid balance of your sub-accounts in the order in which they were
established. These rules do not apply for the purposes of determining
whether an item is subject to our security interest. For that purpose,
the terms of your regular account or the requirement of law apply.
