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arbitration... how long ago did it start?


cjtx
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how long ago did it start being a common trend in credit card contracts?

Cap One is suing me and they included a copy of my "original contract" with their complaint.

My account is from 1995 and the alleged "original contract" is dated 2002 and includes an arbitration clause.

I don't remember for sure, but I doubt there were arbitration clauses back in 1995. Does anybody know if Cap One included arbitration clauses back then?

Thanks

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No, I'm pretty sure it was MBNA that first starting doing arbitration in like 2000 or so. But...what MBNA did, and I'm sure the others followed suit...they slipped the arbitration into one of their Modifications to Terms and Conditions that show up occasionally in your monthly bill. Those TOC's say that if you use the card after such and such a date, you agree to be bound by the new terms.

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