The Cardholder Agreement for the World of Westgate Mastercard® is changing.
Prior to this change, all programs shared a general cardholder agreement. Moving forward, we have drafted Application Terms and Conditions unique to each program.
Here’s what you need to know:
Smaller minimum payments due. The minimum payment amounts will be reduced from $40 or 3% of the outstanding balance (plus interest owed and fees) to $25 or 1% of the outstanding balance (plus interest owed and fees). This makes it easier for cardholders to meet the minimum payment on a monthly basis to keep their account in good standing.
The way we apply interest is changing. Previously, APR (annual percentage rate) interest on all balances that were unpaid in the previous billing cycle was applied once a month at the end of the statement. We’ve changed this process to add interest to the carried balance daily. This allows you to have more visibility into the interest as it compounds in real time, rather than only seeing it at the end of the month.
Fees for first returned payments are no longer automatically waived. We’re removing language from the previous Cardholder Agreement that offered auto waiving fees of cardholders’ first returned payment.
These changes will take effect in your Cardholder Agreement on February 26, 2024.
If you have any questions, please contact us by phone at (888) 693-1683 or email us at support@imprint.co