October 1, 2012
Mr. Michael Chatham
329 Sycamore Street
Pikeville, KY 41615
Dear Mr. Chatham:
Subject: Changing the World Bank Credit Card Agreement
We are changing your World Bank Credit Card Agreement. These changes will be effective for all billing periods on or after February 3.
* We are increasing your variable APR (annual percentage rate) for purchases. Your APR will be identical to the U.S. prime rate plus 10.99 percent with a minimum APR of 16.99 percent. * If you default on your card agreement, by not making the minimum payment when due, or making a payment that is not honored, your APRs may automatically increase to the default APR. * The default APR will take effect on the first day of the billing period in which you default. If you are able to meet the terms of all card agreement for the billing period, we will try to lower the APR for new purchases and cash advances.
To Opt Out
To opt out of these changes, call or write us by March 31. It is essential for you to include your name, address, and account number in the letter. Should you decide to opt out of these changes, you may use your account under the current terms until the end of your current membership year or the expiration date on your card. We will close your account at that time, and you must repay the balance under the current terms.
Please take advantage of your World Card revolving line of credit and all the benefit and services we offer you.