temporary annual percentage rate of interest
(6) Additional notice concerning “introductory rates” (A) In general Except as provided in subparagraph (B), an application or solicitation to open a credit card account and all promotional materials accompanying such application or solicitation for which a disclosure is required under paragraph (1), and that offers a temporary annual percentage rate of interest, shall— (i) use the term “introductory” in immediate proximity to each listing of the temporary annual percentage rate applicable to such account, which term shall appear clearly and conspicuously; (ii) if the annual percentage rate of interest that will apply after the end of the temporary rate period will be a fixed rate, state in a clear and conspicuous manner in a prominent location closely proximate to the first listing of the temporary annual percentage rate (other than a listing of the temporary annual percentage rate in the tabular format described in section 1632(c) of this title ), the time period in which the introductory period will end and the annual percentage rate that will apply after the end of the introductory period; and (iii) if the annual percentage rate that will apply after the end of the temporary rate period will vary in accordance with an index, state in a clear and conspicuous manner in a prominent location closely proximate to the first listing of the temporary annual percentage rate (other than a listing in the tabular format prescribed by section 1632(c) of this title ), the time period in which the introductory period will end and the rate that will apply after that, based on an annual percentage rate that was in effect within 60 days before the date of mailing the application or solicitation. (B) Exception Clauses (ii) and (iii) of subparagraph (A) do not apply with respect to any listing of a temporary annual percentage rate on an envelope or other enclosure in which an application or solicitation to open a credit card account is mailed. (C) Conditions for introductory rates An application or solicitation to open a credit card account for which a disclosure is required under paragraph (1), and that offers a temporary annual percentage rate of interest shall, if that rate of interest is revocable under any circumstance or upon any event, clearly and conspicuously disclose, in a prominent manner on or with such application or solicitation— (i) a general description of the circumstances that may result in the revocation of the temporary annual percentage rate; and (ii) if the annual percentage rate that will apply upon the revocation of the temporary annual percentage rate— (I) will be a fixed rate, the annual percentage rate that will apply upon the revocation of the temporary annual percentage rate; or (II) will vary in accordance with an index, the rate that will apply after the temporary rate, based on an annual percentage rate that was in effect within 60 days before the date of mailing the application or solicitation. (D) Definitions In this paragraph— (i) the terms “temporary annual percentage rate of interest” and “temporary annual percentage rate” mean any rate of interest applicable to a credit card account for an introductory period of less than 1 year, if that rate is less than an annual percentage rate that was in effect within 60 days before the date of mailing the application or solicitation; and (ii) the term “introductory period” means the maximum time period for which the temporary annual percentage rate may be applicable. (E) Relation to other disclosure requirements Nothing in this paragraph may be construed to supersede subsection (a) of section 1632 of this title , or any disclosure required by paragraph (1) or any other provision of this subsection.