Credit cards can be very convenient, but it’s important to keep in mind that when you apply for a credit card, you are entering into a contract. Like any contract, it is legally binding and gives each party certain rights and responsibilities. There are rules that federally regulated financial institutions have to follow to make it easier for you to understand the terms of your credit card contract. This publication will give you a brief overview of some of those rules. Note: In this publication, the term “credit card issuer” refers to a federally regulated financial institution.