ii. The above example remains the same, as the conditions applicable to each account opened differ (or to what extent). Suppose, for example, that for the 3,000 open accounts of the credit card issuer that can only be used in the example below at Reseller A, 1,000 of the opened accounts have an effective annual purchase rate of 12 percent, 1,000 of the open accounts have an effective annual purchase rate of 15 percent, and 1,000 of the open accounts have an effective annual interest of 18 percent. The 5,000 accounts opened with credit cards that can only be used at Merchants B and related companies of Dealer B have the same effective interest rate of 15 percent. The card issuer still has only two separate private credit card plans within the meaning of section 1026.58(b)(8). Credit card accounts opened that can only be used at Merchants A do not constitute three separate private credit cards, in accordance with Section 1026.58(b)(8), even if the accounts are subject to different terms. 3. The date of determination of the qualification of the card issuer has been clarified. Whether a card issuer is eligible for the de minimis exception is determined from the last working day of each calendar quarter. For example, as of December 31, a card issuer offers three agreements to the public and has 9500 credit card accounts open. As of January 30, the card issuer still offers three deals, but has 10,100 accounts open. As of March 31, the card issuer still offers three deals, but has only 9,700 accounts open. Although the issuer had 10,100 accounts opened at the same time during the calendar quarter, the card issuer qualifies for the de minimis exception, with the number of accounts opened being less than 10,000 as of March 31.
The card issuer is therefore not required to submit to the Bureau, before 30 April, agreements in accordance with § 1026.58 (c) (1). (i) `private label credit card account` means a credit card account under a consumer credit plan opened (uninsured) using a credit card that allows purchases to be made from only one merchant or a related group of merchants; and 4) modifications are not permitted. Section 1026.58(c)(3) requires that, when an agreement previously submitted to the Bureau is amended, the card issuer must submit the entire revised agreement to the Bureau. . . .