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Credit Card Responsibility Agreement

Credit Card Responsibility Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Credit Card Responsibility Agreement

"I need a Credit Card Responsibility Agreement for a new premium credit card product launching in March 2025, compliant with UAE banking regulations and including sections on digital banking features and premium cardholder benefits."

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Document background
The Credit Card Responsibility Agreement serves as the foundational legal document for credit card issuance and usage in the United Arab Emirates. This document is essential when a financial institution issues a credit card to a customer, establishing the contractual relationship between the card issuer and the cardholder. It must comply with UAE Federal Law No. 14 of 2018, Central Bank regulations, and consumer protection laws, while potentially incorporating Islamic banking principles where applicable. The agreement covers crucial aspects such as credit limits, payment obligations, fees and charges, security requirements, and cardholder responsibilities, ensuring transparent disclosure of terms as mandated by UAE banking regulations.
Suggested Sections

1. Parties: Identification of the credit card issuer (bank/financial institution) and the cardholder

2. Background: Context of the agreement and the credit card service being offered

3. Definitions: Definitions of key terms used throughout the agreement

4. Card Issuance and Activation: Terms and conditions for card issuance, activation procedures, and ownership of the card

5. Use of the Card: Rules and conditions for card usage, including authorized transactions and prohibited activities

6. Credit Limit: Terms regarding credit limit determination, revisions, and overLimit conditions

7. Fees and Charges: Detailed breakdown of all applicable fees, charges, and interest rates

8. Billing and Payment: Payment obligations, billing cycles, minimum payment requirements, and payment methods

9. Security and Loss Prevention: Cardholder responsibilities for card security, PIN protection, and loss reporting procedures

10. Default and Consequences: Events of default and their consequences, including suspension or termination of the card

11. Amendments and Termination: Terms for modification of agreement and procedures for termination by either party

12. Privacy and Data Protection: Handling of personal information and data protection measures

13. Governing Law and Jurisdiction: Applicable UAE laws and jurisdiction for dispute resolution

Optional Sections

1. Supplementary Cards: Terms for additional cards issued under the primary account, used when supplementary cards are offered

2. Rewards Program: Terms of any rewards, cashback, or loyalty program, included if the card offers such benefits

3. Balance Transfer: Terms and conditions for balance transfer facilities, if this feature is offered

4. Insurance Benefits: Details of any insurance coverage provided with the card, if applicable

5. Shariah Compliance: Additional terms ensuring compliance with Islamic banking principles, required for Islamic credit cards

6. Digital Services: Terms for online banking, mobile apps, and digital statements, if such services are provided

7. International Usage: Additional terms for international transactions and foreign currency conversions, if international usage is permitted

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed list of all applicable fees, charges, and interest rates

2. Schedule 2 - Credit Limit and Payment Terms: Specific credit limit, payment requirements, and billing cycle details

3. Schedule 3 - Card Benefits and Features: List of card-specific benefits, rewards, and special features

4. Appendix A - Required Documents: List of documents required for card application and verification

5. Appendix B - Contact Information: Emergency contact numbers, customer service details, and reporting procedures

6. Appendix C - Digital Banking Terms: Terms specific to online and mobile banking services

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

































Clauses






























Relevant Industries

Banking & Financial Services

Financial Technology

Retail Banking

Islamic Banking

Payment Services

Consumer Finance

E-commerce

Digital Banking

Relevant Teams

Legal

Compliance

Risk Management

Product Development

Customer Service

Operations

Retail Banking

Islamic Banking

Consumer Banking

Collections

Credit Analysis

Cards Business

Relevant Roles

Legal Counsel

Compliance Officer

Credit Card Product Manager

Risk Manager

Customer Service Manager

Operations Manager

Banking Operations Officer

Retail Banking Manager

Islamic Banking Specialist

Consumer Banking Officer

Collections Manager

Credit Analysis Manager

Financial Services Director

Cards Business Head

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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