Optimum

Credit Terms & Conditions

Regulatory Notice

These credit terms are governed by the Truth in Lending Act (TILA) and Regulation Z. All rates, fees, and terms are subject to change with proper notice as required by federal law.

Effective Date: January 1, 2025 | Version 2.1

1. ANNUAL PERCENTAGE RATE (APR) AND INTEREST

0% APR Forever Program

Purchase APR: 0.00% Annual Percentage Rate applies to all purchases made with your Optimum Store Card at participating merchants with no expiration date.

Program Maintenance Requirements:

  • • Account must remain current (no payments more than 29 days past due)
  • • Account balance must not exceed credit limit for more than 10 days
  • • No more than two returned payments in any 12-month period
  • • Account must be used at least once every 12 months

Important: If account falls out of good standing, standard APR of 29.99% may apply to future purchases until good standing is restored for 6 consecutive months.

2. FEES AND CHARGES

Fee TypeAmountWhen AppliedMaximum Frequency
Late Payment FeeFirst: $29
Subsequent: $39		When minimum payment not received by due dateOnce per billing cycle
Over-Limit Fee$35When balance exceeds credit limitOnce per billing cycle
Returned Payment Fee$29When payment is returned by bankPer returned item
Expedited Card Fee$15For rush delivery of replacement cardsPer request
Paper Statement Fee$5For mailed paper statements (optional)Monthly
Phone Payment Fee$10For expedited phone paymentsPer transaction

3. CREDIT LIMITS AND ACCOUNT TERMS

3.1 Initial Credit Limits

Personal Card

  • • Minimum: $300
  • • Maximum: $7,500
  • • Average: $1,200
  • • Based on individual creditworthiness

Business Card

  • • Minimum: $500
  • • Maximum: $50,000
  • • Average: $5,000
  • • Based on business and personal credit

3.2 Credit Limit Management

  • Automatic Reviews: Credit limits reviewed every 6 months for increases
  • Requested Increases: Available after 6 months of account history
  • Temporary Increases: Available for large purchases with approval
  • Decreases: May occur due to credit deterioration or inactivity
  • Over-Limit Protection: Optional service to authorize transactions exceeding limit

4. PAYMENT TERMS AND BILLING

4.1 Minimum Payment Calculation

Your minimum payment is the greater of:

  • $25 (minimum amount)
  • 2% of your statement balance
  • Any past due amount plus current over-limit amount
  • Any fees and interest charges

4.2 Payment Processing and Timing

Payment MethodProcessing TimeCutoff TimeFee
Online/Mobile AppSame day11:59 PM ETFree
Phone (Automated)Same day11:00 PM ETFree
Phone (Representative)Same day8:00 PM ET$10
Mail3-5 business daysN/AFree

4.3 Grace Period and Interest Calculation

Grace Period: 25 days from statement closing date to payment due date. No interest charges apply if you pay your full balance by the due date each month.

5. ACCOUNT USAGE RESTRICTIONS

5.1 Authorized Merchant Categories

Participating Partner Stores

  • • Department Stores
  • • Electronics Retailers
  • • Home Improvement
  • • Furniture Stores
  • • Sporting Goods
  • • Automotive Parts
  • • Jewelry Stores
  • • Specialty Retail
  • • Online Partner Sites
  • • Authorized Dealers

5.2 Prohibited Transactions

Not Permitted

  • • Cash advances or cash-equivalent transactions
  • • Money orders, traveler's checks, or wire transfers
  • • Gambling or lottery transactions
  • • Cryptocurrency purchases
  • • Balance transfers from other credit accounts
  • • Transactions at non-participating merchants
  • • International transactions outside the United States

6. ACCOUNT MANAGEMENT AND SERVICES

6.1 Digital Account Access

  • Online Portal: 24/7 access to account information, payments, and statements
  • Mobile App: iOS and Android apps with full account functionality
  • Text Alerts: Customizable notifications for payments, balances, and activity
  • Email Statements: Paperless statements delivered monthly
  • AutoPay: Automatic payments for minimum amount or full balance

6.2 Customer Service

Contact Options

Phone: 1-800-OPTIMUM (1-800-678-4686)

Hours: Monday-Friday 7 AM - 11 PM ET, Saturday-Sunday 8 AM - 8 PM ET

TTY: 1-800-555-0199

Email: customerservice@optimumcard.com

Live Chat: Available through website and mobile app

7. DEFAULT AND COLLECTION PROCEDURES

7.1 Delinquency Timeline

Days Past DueAction TakenImpact
1-29 daysLate fee assessed, reminder noticesAccount remains active
30-59 daysCredit bureau reporting, collection callsCredit score impact
60-89 daysAccount restrictions, payment plan optionsLimited account access
90-120 daysAccount closure, settlement offersSignificant credit damage
120+ daysCharge-off, external collection agencySevere credit impact

8. REGULATORY COMPLIANCE

8.1 Truth in Lending Disclosures

This account is subject to the Truth in Lending Act (TILA) and Regulation Z. All required disclosures are provided in your account opening materials and periodic statements.

8.2 Fair Credit Reporting Act

We report account information to major credit bureaus monthly. You have rights under the Fair Credit Reporting Act regarding the accuracy and privacy of your credit information.

Important Notices

  • • Terms subject to change with 45 days advance notice
  • • Account subject to periodic review and adjustment
  • • All fees subject to applicable state law limitations
  • • Dispute resolution subject to binding arbitration agreement

Document Version: 2.1 | Last Updated: January 1, 2025 |Effective Date: January 1, 2025