(a) Except as provided in Section 25 of the Retail Installment Sales Act, relating to sellers or holders under a retail charge agreement and in subsection (c), a credit card issuer shall disclose, either on an application for a credit card or on literature accompanying the application, on or with any credit card account solicitation, and on each periodic billing statement mailed to a card holder, the following:
- (1) the annual percentage rate or rates of interest applicable to the account, or if the rate is variable, that fact, and the rate as of a specified date or the index from which the rate is determined;
- (2) the annualized membership and/or participation fee or charge, if any;
- (3) the grace period, which is defined as the period within which any credit extended under such credit plan must be repaid to avoid incurring an interest charge represented in terms of an annual percentage rate of interest, and if no such period is offered such fact shall be clearly stated;
- (4) transaction fees, if assessed, for the use of the credit card account, including, but not limited to a late payment charge, minimum finance charge and over the limit charge. The term "solicitation" means written material mailed or any other solicitation in a written form which constitutes an application for, or a written offer which allows a person to open a credit card account without completing an application. Information required to be disclosed under item (2) of subsection (a) of this Section may be disclosed on literature accompanying the periodic billing statement.