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Contract – Credit Card Agreement – Applicable Version — Interest Rate

Citibank, South Dakota, N.A. v. Graudin (Lawyers Weekly No. 11-16-1070, 8 pp.) (Linda M. McGee, J.) Appealed from Nash County District Court. (Pell C. Cooper, J.) N.C. App. Unpub. Click here for the full-text opinion.

Holding: Where the defendant-cardholder contends the interest rates charged by the plaintiff-credit card company exceeded those authorized by defendant’s original 1995 credit card agreement with plaintiff’s predecessor in interest, defendant has disputed the amount owed to plaintiff.

We reverse summary judgment for plaintiff. Remanded.

There is a genuine issue of material fact as to whether defendant received notice of the changed terms in his credit card agreement in order for the new interest rates to be applicable. It is possible that the interest rate provision in the 2007 agreement was also present in the 1995 agreement. However, the record does not contain the 1995 agreement. Therefore, we are unable to make a determination regarding this issue.

Thus, we reverse the trial court’s order granting summary judgment to plaintiff and remand to the trial court for additional proceedings, including a determination of (1) which agreement is applicable to defendant’s use of his credit card and (2) whether the interest rates charged by plaintiff are proper under the applicable agreement.

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