Credit Card Policy
This Credit Card Policy is for a bank, credit union, fintech company, or other financial institution to address credit cards and related products, underwriting, and related lending operations of the organization. In general, an organization’s Credit Card Program offers its customers one of the most universally accepted and convenient payment methods that is used by millions of consumers and merchants worldwide as a routine means of payment for a variety of products and services.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Definitions – Topic 3
- Product Definition – Topic 4
- Risk Management – Topic 5
- Program Administration – Topic 6
- Scoring Model Standards – Topic 7
- Marketing and Underwriting Standards – Topic 8
- Account Management – Topic 9
- Collection, Workout and Forbearance Standards – Topic 10
- Purchased Credit Card Relationships – Topic 11
- Allowance for Credit Losses – Topic 12
- Profit Analysis – Topic 13
- Debt Cancellation Contracts and Debt Suspension Agreements – Topic 14
- Audit Policy – Topic 15
- Staff Training – Topic 16
- Retention of Documentation – Topic 17
Recent updates to this product:
03/18/24 Update
Eliminate and/or modify references to the term “Troubled Debt Restructuring” (TDR) with a “Borrower Experiencing Financial Difficulty.”
06/01/23 Update
Eliminate references to allowance for lease and loan losses (ALLL) which was replaced by current expected credit losses (CECL).
This Credit Card Policy (approximately 51 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
Product Update Protection Plan
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