Barrer v. Chase Bank USA, N.A.

O’SCANNLAIN, Circuit Judge:

We must decide whether a credit card company violates the Truth in Lending Act when it fails to disclose potential risk factors that allow it to raise a cardholder’s Annual Percentage Rate.

I

A

Walter and Cheryl Barrer held a credit card account with Chase.1 The Barrers received and accepted the Cardmember Agreement (“the Agreement”) governing their relationship at the relevant time in late 2004. In February 2005, Chase mailed to the Barrers a Change in Terms Notice (“the Notice”), which purported to amend the terms of the Agreement, in particular to increase the…